Corazon Mining Limited (ASX: CZN) has announced a highly positive update on the drilling at its Lynn Lake Nickel-Copper-Cobalt Sulphide Mining Centre Project in Canada.
The company reported that excellent high-grade assay results were returned from the first two holes of a seven-hole drill program completed at the Lynn Lake Project.
CZN said that the mineralised intervals returned include 37m @ 1.71%Ni, 0.68%Cu, 0.05%Co from 10 metres including 21.05m @ 2.47%Ni, 0.66%Cu, 0.07%Co from 24.4 metres (LL2019-02); and 7m @ 0.62%Ni, 0.37%Cu, 0.02%Co from 16.4 metres (LL2019-01).
Corazon said that the results highlight the presence of exceptional near-surface mineralisation around Lynn Lake’s existing resources and historic mines.
The company reported that the remaining assay results are expected this month and said that the results will define the potential to add to Lynn Lake’s significant resource base
Lynn Lake project
Corazon’s 100%-owned Lynn Lake Nickel-Copper-Cobalt Sulphide Mining Centre is located in Canada. The current total Resource Estimate includes just six deposits within the Mining Centre.
The current Resource includes 16.3Mt @ 0.72% Ni, 0.33% Cu, 0.033% Co (Indicated and Inferred, at 0.5% Ni cut-off), for total contained metal of 116,800t Ni, 54,300t Cu, 5,300t Co; with 5.4Mt @ 0.99 Ni, 0.41% Cu, 0.043% Co (Indicated and Inferred, 0.7% Ni Cut-off) of high-grade material.
The Lynn Lake style of mineralisation is typical of mafic/ultramafic intrusive (igneous) magmatic sulphide systems, hosting sulphides varying in concentrations from massive to weakly disseminated, commonly decreasing in content away from the intrusive centre or structural control.
Drilling at Lynn Lake
The company had recently commenced exploration work at Lynn Lake, that focused on defining additional areas of mineralisation with the potential to add to the Project’s significant existing resource base.
Priority targets for the drilling program at Lynn Lake include near-surface mineralisation; areas on-trend from historical mines; and areas adjacent to existing resources.
7 holes drilled
CZN said that a total of seven holes were completed for approximately 1,122 metres of diamond core drilling. This drilling mostly targeted the A Orebody and E Orebody areas. The company said that several other near surface deposits within the large Mining Centre are yet to be considered for drill testing.
The A Orebody was mined underground between 1953 and 1965, producing 4.8 million tonnes at 1.07% nickel and 0.55% copper (cobalt not reported). While the massive suphide crown-pillar was mined to surface, it was expected that good mineralisation existed where historical infrastructure restricted surface mining.
The company reported that the latest phase of drilling tested near surface expressions of mined areas that operated continuously for 24 years at an average grade of 1.02% nickel and 0.54% copper.
High-grade results from two drill holes
The company reported that holes LL2019-01 and LL2019-02 targeted areas around the A Orebody, historically covered with infrastructure from the “A-Shaft” and processing plant area within the Lynn Lake Mining Centre.
The company said that the area being targeted with drilling at the A Orebody is approximately 80 metres by 220 metres, surrounding previously mined high-grade massive sulphide (stoped to surface and backfilled).
The mined massive sulphide mineralisation at the A Orebody is described as “pipe-like” with dimensions of approximately 40 metres by 120 metres.
CZN said that hole LL201902 intersected a high-grade interval of 21.05m @ 2.47%Ni, 0.66%Cu, 0.07%Co, within a broader zone of mineralisation including 37m @ 1.71%Ni, 0.68%Cu, 0.05%Co, from just 10 metres down hole. The mineralised interval ends in grade (at 47 metres down-hole), with further assays pending.
Corazon reported that the hole LL2019-01 returned good marginal-grade material with 7m @ 0.62%Ni, 0.37%Cu, 0.02%Co, west of the main zone being targeted by LL2019-02.
CZN said that the samples for all drilling with visible sulphides have been submitted for analysis, with all results expected to be returned by the end of January 2020.
The company noted that the latest results support the potential for the definition of near surface mineralisation within the mining centre, which could add to the resource estimate for the Lynn Lake Project.
Corazon said that such mineralisation would be considered beneficial for any future mining operation. The company said that the resource definition style drilling of these areas will be tabled for consideration at a future date.