Corazon Mining (ASX:CZN) has intersected nickel-copper-cobalt (Ni-Co-Cu) sulphides through drilling at the Fraser Lake Complex within its Lynn Lake Project in Canada.
The company, which has an $8.54 million market capitalisation, says a recently completed drilling program at Fraser Lake targeted a geophysical anomaly defined by new ‘groundbreaking’ geophysical techniques.
Drilling confirmed that an innovative 3D induced polarisation (IP) and magnetotelluric (MT) geophysical survey directly detected mineralised ultramafic intrusions of only 30m in diameter in an area where no other geophysical techniques have been effective.
Corazon reports that additional ‘high-priority’ targets within the geophysical survey test are yet to be drilled but are a key focus for future drilling.
Corazon notes that the geophysical survey covers only 20% of the Fraser Lake Complex, and the company intends to expand the ‘successful’ survey technique across the entire complex.
Fraser Lake is a key exploration focus for the discovery of additional nickel sulphide deposits at Lynn Lake. The 3D IP+MT geophysical method has proven to be ‘very effective’ in defining mineralising intrusive events.
The company says plans are being developed to extend the test survey area to include other prospective targets within the Fraser Lake Complex.
Corazon Mining is an Australian mineral resources company with a portfolio of battery minerals projects in Australia and Canada. The company primarily focuses on nickel sulphide, copper, and cobalt.
As of 30 June 2023, the company had $2.491 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Corazon Mining
