Junior explorer Corazon Mining (ASX: CZN) has discovered a major new copper-cobalt-silver-gold trend with a strike length of more than 11km at its 51%-owned Mt Gilmore project in New South Wales.
The company today announced results of a rock chip and soil sampling program undertaken at the project last year, which identified multiple, large (in excess of 1km) priority targets within this new feature that forms part of the currently defined 22km long mineralised Mt Gilmore trend.
This is promising news for Corazon, especially since the region has had little or no modern exploration or drill testing within this area.
“This newly identified Mt Gilmore geological trend represents a district-scale exploration play for large intrusive-related copper-cobalt-gold deposits and provides the company with a unique early-stage copper-driven opportunity in eastern Australia,” it stated.
Highlights from the rock chip and grab sampling results included high tenor copper of up to 21.6%, as well as 1795 parts per million cobalt, 1.2 grams per tonne gold, 361ppm silver and 885ppm molybdenum.
These mineral occurrences were interpreted to be associated with high-grade “leakage structures” extending from larger, concealed, copper sulphide rich hydrothermal centres.
According to Corazon, these structures also provided prospective targets for further exploration and drilling.
2019 exploration program
Corazon has a 51% interest in the Mt Gilmore project with private company Providence Gold and Minerals holding the remaining 49% stake.
Corazon said planning is underway for an exploration program focusing on the Mt Gilmore trend, including further testing of new priority geochemical targets and known copper deposits.
According to the company, the exploration program could potentially include aeromagnetics and ground induced polarisation surveying, as well as detailed mapping and sampling to identify targets for an initial phase of drilling.
In addition, a drilling campaign is planned to test prospective areas for extensions to mineralisation already defined at the Cobalt Ridge prospect, which had been the focus of past drilling within the Mt Gilmore project.
Meanwhile, Corazon is anticipating the completion of metallurgical testwork at its Lynn Lake nickel-copper-cobalt sulphide project in Canada, where it upgraded its JORC indicated and inferred mineral resource late last year to 15.3 million tonnes at 0.72% nickel, 0.34% copper, 0.034% cobalt.
This test work is expected to be completed “early this year”, with milestone results to be released as they become available.
By early afternoon trade, Corazon shares were sitting up 25% to $0.005.