Corazon Mining Ltd (ASX:CZN) has made a substantial upgrade to the JORC resource at its Lynn Lake Nickel Copper Cobalt Project in Canada.
The new resource is 15.3 million tonnes grading 0.72% nickel, 0.34% copper, 0.034% cobalt for 110,300 tonnes of nickel, 51,400 tonnes of copper and 5,200 tonnes of cobalt.
The new resource estimate represents more than a 60% increase in total tonnes and a 35% increase in nickel and copper metal.
Notably, cobalt has been included in Lynn Lake resource estimate for the first time, adding significant value.
Upgrade from 5 deposits, 11 other deposits to be assessed
This resource upgrade comes from only five deposits at the Lynn Lake Project with 11 other deposits yet to be assessed.
This provides significant further resource upgrade potential at Lynn Lake.
Corazon’s managing director Brett Smith said: “This resource represents a huge improvement in quality from the previous work and, along with the first modern metallurgical test work which is currently underway, will give us a very clear indication of Lynn Lake’s value and what is needed for the redevelopment of the Mining Centre.”
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The upgraded resource also includes a high-grade section of 5.2 million tonnes at 1.00% nickel, 0.41% copper and 0.044% cobalt.
Resource update lays foundations for studies
Lynn Lake’s updated resource provides an excellent foundation upon which to base mining and development studies.
These studies are expected to be undertaken subsequent to detailed metallurgical test work, which is currently in progress and scheduled for completion by the end of this year.
The Lynn Lake deposits provide the opportunity for mining using large tonnage, low-cost methods.
The historically mined grades at the A Plug were 0.86% nickel and 0.44% copper with the higher-grade EL Plug being mined at 2.50% nickel and 1.15% copper.
The new resource grades are consistent with this tenor of mineralisation