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Corazon Mining Ltd.
Summary
| Project: | Mt Gilmore | |
|---|---|---|
| Deposit: | Cobalt Ridge | |
| Location: | Australia | |
| Commodities: | Cobalt-Copper-Gold | |
| Date: | 11/24/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 24-11-2016: Corazon Mining Ltd. announces an Exploration/Drilling Update report for its Cobalt Ridge deposit at the Mt Gilmore project. Drilling results incl. 16m @ 0.65% Co, 0.26% Cu, 0.17g/t Au from 135m. Corazon Mining Limited (ASX: CZN) (“Corazon” or | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Brett Smith (Internal) | |
| ABSTRACT: | Corazon Mining Limited (ASX: CZN) (“Corazon” or “the Company”) is pleased to announce high grade cobalt intersections in the Company’s first batch of assay results from its maiden drilling program at the Mt Gilmore Cobalt-Copper-Gold Project (“Project”) in north-eastern New South Wales. Drilling focused on the high grade Cobalt Ridge prospect and assay results have validated the Company’s assessment of Cobalt Ridge as a unique, high grade cobalt-dominant deposit that has the potential to deliver valuable, discrete high-grade zones of cobalt, within broader moderate grade mineralisation. Cobalt is a metal of growing strategic importance due to its requirement for use in lithium-ion batteries and the emerging re-chargeable battery sector. At current cobalt metal prices of around US$30,000 per tonne, the grades intersected in the drilling at Cobalt Ridge represent potentially significant inground value for both the broad zones and discreet high grade zones of cobalt mineralisation. Historic mining for cobalt, copper, gold and silver in the project area supports the opportunity for the metallurgical extraction of these metals. Managing Director Mr Brett Smith stated “We are pleasantly surprised by these initial assay results. In particular, the results for hole MGRC002 are better than any previous historical drilling and open up the western extensions of the system as prospective for high-grade cobalt, plunging below historic drilling. We’re looking forward to assays from what would be considered the core of the system. The main cobalt lode appears to be 10 to 20 metres down-hole with two or three zones of more intense mineralisation.” Holes MGRC002 and MGRC003 have intersected the main cobalt lode. Core drilling is currently underway to extend holes MGRC001 and MGRC004 to intersect this zone. Significant assay results are presented in Table 1, with additional details pertaining to drilling and assaying presented in Table 2. | |
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