Australia-based exploration company Corazon Mining (ASX:CZN) has encountered ‘high-grade’ lithium (Li2O) mineralisation following rock sampling activities at its Miriam Nickel Sulphide Project in Western Australia.
The company says it discovered the lithium within a verified spodumene bearing pegmatite encountered during a field-mapping program being undertaken across the project.
Corazon reports that assays returned from laboratory analysis have confirmed the presence of ‘high-grade’ lithium between 1.01% and 1.85% Li2O, and has also validated the company’s initial findings.
Rock samples sent for analysis have an estimated spodumene content up to about 30% and were gathered from a weathered pegmatite about 800m to the west-northwest of the pegmatite, with ‘strong’ visible spodumene and good lithium results.
These samples also demonstrate elevated lithium assays, which share similarities to the weathered samples of the spodumene bearing pegmatite, and are greater than expected from barren pegmatites, potentially supporting the prospectivity of the project to host additional lithium-bearing pegmatites.
Corazon Mining also notes it plans to undertake detailed exploration to confirm the extent of the lithium mineralisation within the project area, in conjunction with an ‘aggressive’ nickel sulphide exploration program.
It is expected this work will also include the testing of unweathered pegmatite(s) with shallow drilling.
As of 9am AWST Corazon Mining’s share price has increased by 40%.
Corazon Mining is an ASX-listed exploration company focused on developing its Lynn Lake Project into a long-life nickel sulphide producer on the doorstep of North American and European markets, which are hungry for quality, Class-1 nickel.
The company’s Miriam project is situated about 10km south-southwest of the township of Coolgardie in Western Australia’s Eastern Goldfields region, and covers a total land area of about 6km by 1.5km. The project comprises 5 prospecting licence applications which, along with all other associated tenements, are in application status, and in the process of being granted to Corazon.
Other projects within Corazon Mining’s arsenal include the Lynn Lake project in Canada, as well as the Mt Gilmore Project in NSW.
Images: Corazon Mining Ltd
