Corazon Mining strikes more high-grade nickel at Lynn Lake

Base metal explorer Corazon Mining (ASX: CZN) has intersected thick high-grade nickel, as well as copper and cobalt during its latest drilling campaign at Lynn Lake in Canada.

Corazon recently completed a seven-hole 1,122m diamond drilling program, with partial assays of the first two holes returning what the company claims are “exceptional” results.

With further assays from the hole pending, partial results revealed 37m at 1.71% nickel, 0.68% copper and 0.05% cobalt from 10m, with the drill hole ending in mineralisation.

Within that intercept was a higher grade 21.05m interval comprising 2.47% nickel, 0.66% copper and 0.07% cobalt from 24.4m.

Meanwhile, results at hand from the second hole were 7m at 0.62% nickel, 0.37% copper and 0.02% cobalt from 16.4m.

Samples from the other drill holes with visible sulphides have now been submitted for analysis with remaining assays anticipated before the end of the month.

Advancing Lynn Lake

The drilling campaign aimed to uncover additional mineralisation to add to the project’s existing resource base, including the A Orebody and E Orebody areas within the Lynn Lake mining centre.

At the A Orebody, Corazon is drilling an area 80m by 220m, which surrounds previously mined high-grade massive sulphide.

The A Orebody was previously mined between 1953 and 1965 where it produced 4.8 million tonnes at 1.07% nickel and 0.55% copper for 206,200t of contained nickel and 107,600t of contained copper.

Corazon is the first company to consolidate and own the historic Lynn Lake mining centre in Manitoba since the operation was shut down in 1976.

At a 0.5% nickel cut-off, Lynn Lake’s global resource currently sits at 16.32Mt at 0.72% nickel, 0.33% copper, and 0.033% cobalt for 116,800t of nickel, 54,300t copper and 5,300t cobalt.

Recent test work on Lynn Lake ore supports Corazon’s assumptions of generating a 15% nickel concentrate with 85% recoveries and a 25% copper concentrate with a 90% recovery rate.

Corazon is aiming to take advantage of the optimistic outlook for nickel with the market in deficit since 2015 and forecasts this will become critical by 2021.