Corazon Mining Ltd (ASX:CZN) will begin a new campaign of exploration drilling at its wholly-owned Lynn Lake Nickel-Copper-Cobalt Sulphide Project in Manitoba Province, Canada.
The drill rig is on site and access is being prepared, with drilling to begin later this month.
CZN’s ownership of the project is the first time Lynn Lake has been under the control of one company since the mine closure in 1976.
Lynn Lake hosts a large JORC nickel-copper-cobalt resource and presents Corazon with a major development opportunity that is becoming increasingly prospective due to recent increases in the value of both nickel and cobalt metals.
Corazon’s exploration at Lynn Lake is focused on the Fraser Lake Complex (FLC), a large metal rich mafic intrusive body about five kilometres from the historical Lynn Lake Mining Centre.
Lynn Lake Project - MobileMT survey magnetic susceptibility inversion depth slice at 50m below surface - over a GeoTem total-field regional aeromagnetic image, with the area of the gravity high target outlined.
Drilling to start this month
CZN will begin its new phase of drilling in March.
The program will test discrete pipe-like bodies (pipes) within the FLC. Geophysically these dense bodies are very similar to the spatially related ultramafic intrusives and massive sulphide deposits within the Mining Centre.
Recently completed detailed aerial gravity geophysics over the FLC highlighted numerous pipes that are yet to be drill-tested.
Read: Corazon Mining begins 2022 massive sulphide quest with fresh exploration at Lynn Lake Project
These features can also be seen within the magnetic data and appear to come together to form a large body at depth within the centre of the FLC.
The potential for massive sulfide deposits to exist in close association with ultramafic lithologies within the extremely mineralised FLC, is a priority exploration focus for Corazon.
The geophysical characteristics of the FLC pipes are most similar to the EL Deposit within the Mining Centre, a vertical intrusive mafic pipe of about 300 metres in diameter, with an internal core of massive sulphide breccia and ultramafic rocks of between 80 and 120 metres in diameter.
The EL Deposit was mined to only 200 metres below surface, producing around 1.9 million tonnes of ore at 2.4% nickel and 1.15% copper.
The initial target for drilling has a coincident VTEM (aerial electromagnetic survey) B-Field Tau conductor located at the centre of the gravitational high.
Initial drill target – pipe-like gravity high.
The drill hole for this anomaly is planned to test the VTEM conductor at surface and the densest part of the pipe, at about 500 metres below surface.
This target is adjacent to the Matrix Trend (induced polarisation chargeability high anomaly) where drilling by Corazon has intersected strong nickel-copper-cobalt sulphide mineralisation.
Raising $10.7 million
Corazon is raising up to $10.7 million to assist with its exploration programs via a shareholder entitlement offer.
Eligible shareholders can acquire new shares at $0.03/share through a one-for-one non-renounceable pro-rata rights issue to raise the money before costs.
The entitlement offer opened on March 17 2022 and is currently scheduled to close on 4 April 2022.