Corazon Mining begins next nickel sulphide drilling phase at Lynn Lake
Proactive Investors
Published Mar 26, 2024 10:06
Updated Mar 26, 2024 10:30
Corazon Mining begins next nickel sulphide drilling phase at Lynn Lake
The next phase of exploration drilling is underway at Fraser Lake Complex (FLC) — the main exploration play of Corazon Mining Ltd (ASX:CZN, OTC:CRZNF) at its Lynn Lake nickel-copper-cobalt sulphide project in Manitoba, Canada.
Drilling is testing the highest priority nickel sulphide targets defined by a recent 3D induced polarisation (IP) and magnetotelluric (MT) survey — methods shown to directly detect sulphide mineralisation.
The IP-MT survey successfully identified intrusion-hosted magmatic nickel-copper sulphide and has defined multiple untested anomalies. The survey defined three high-priority conductive anomalies (MTC-1, MTC-2 and MTC-3), which represent immediate drill targets.
These high-priority targets include previously undetected 'pipe-like' anomalies that exhibit high-value nickel in surface geochemistry, which are immediately adjacent to extensive drill-defined low-grade mineralisation.
So far, only one of the three targets (MTC-3) has been drilled. This drilling, in mid-2023, intersected nickel and copper sulphide mineralisation at the core of an ultramafic intrusion of about 30 metres in diameter, validating the effectiveness and accuracy of the IP and MT program in identifying sulphide mineralisation.
Current drilling is testing various features of the highest priority geophysical anomaly MTC-1 — an anomaly defined by a pipe-like MT conducive feature, surrounded by an IP chargeability high.
Two holes are proposed as an initial test of MTC-1. These holes will target the core of the MT conductive trend and an IP chargeability high feature immediately to the northeast.
Corazon expects this two-hole diamond core program to be completed in April. Results will be released when available, and follow-up drilling will be planned, subject to results.
Fraser Lake Complex
The FLC is about five kilometres south of the historical Lynn Lake Mining Centre and is Corazon’s principal exploration focus at the project, where it is exploring for significant, new nickel sulphide deposits.
The FLC hosts a large magmatic sulphide system, of around six kilometres by three kilometres, which has been subject to wide-spaced drilling over a small portion of the system (around 1.5 by 1.5 kilometres) by Corazon to date.
It exhibits low-grade sulphide mineralisation over an extensive area, comparable in size to the Lynn Lake Mining Centre, which produced 206,200 tonnes of nickel and 107,600 tonnes of copper in a 24-year period before it closed in 1976.
The company has progressively refined its drill targeting approach, adopting new and innovative geophysical techniques that have substantially enhanced its exploration model at the FLC.
Lynn Lake Project – Interpreted geology and 3D DCIP and MT survey area defined.
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