Australian-based exploration company Corazon Mining (ASX:CZN) reports it has secured an Australian Government Innovation Connections Grant to aid in its advancement and assessment of the Mt Gilmore Copper-Gold-Cobalt Project in New South Wales (NSW).
The government funding comes following completion of the initial phase of an ongoing geochemical testwork program that the company is undertaking with the University of Tasmania’s (UTAS), Centre of Ore Deposit and Earth Sciences (CODES).
Results from the initial phase of the program confirmed that the Mt Gilmore tenement is host to key geochemical characteristics specific to large porphyry copper-gold deposits.
It is reported that funding has been awarded on a co-funding basis, with CODES receiving a total of $100,000, including $50,000 from the government grant and another $50,000 provided by Corazon.
funding has been awarded on a co-funding basis, with CODES receiving a total of $100,000, including $50,000 from the government grant and another $50,000 provided by Corazon
The second phase of the program is currently underway and is designed to expand on the first phase of studies and deliver more accurate targeting to support the planning of exploration drilling at the project.
Corazon Mining also notes that surface anomalism for metals at the project is recognised as the surface expression of a large hydrothermal system of more than 20km in strike.
This anomaly has the potential to be associated with mineralised intrusive rocks, presenting an ‘exciting’ exploration undertaking for the company.
Corazon Mining is an ASX-listed resource company that holds exploration projects within Australia and Canada. The company’s Mt Gilmore tenement is located about 35km from Grafton in northeastern NSW, and is situated on a regionally substantive hydrothermal system that is considered prospective for ‘extensive’ copper, cobalt, silver and gold anomalism.
The project was acquired by the company in 2016, with Corazon currently owning an 80% interest in all associated project tenements.
With the securing of Government funding achieved, Corazon Mining announces that detailed mineral geochemical analysis is being undertaken over a much broader area of the project.
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