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Multi-mineral explorer and developer Corazon Mining Ltd (ASX:CZN) is set to acquire three deposits which have already undergone drilling campaigns and which host zinc, copper and gold, close to the company’s Lynn Lake nickel-copper cobalt sulphide project in Canada.
The headline acquisition is the high-grade MacBride deposit, which has a historically published and significant metal endowment, as well as continuity from surface to around 300 metres drilled depth.
From previous drilling – over a 400 metre strike – intersections have included 10.7 metres at 9.98 percent zinc and 0.56 percent copper from 32.9 metres, 4.9 metres at 9.86 percent zinc and 0.20 percent copper from 119.8 metres, and 7.5 metres at 7.76 percent zinc and 0.31 percent copper from 238.2 metres.
The second acquisition is the Wellmet prospect, which has multiple surface copper shows and EM conductors, with drilling over a 240 metre strike has picked up intercepts such as 4.2 metres at 6.20 percent zinc and 0.91 percent copper from 36.1 metres, and 6.9 metres at 4.95 percent zinc and 0.13 percent copper from 247.6 metres.
Corazon has also picked up the Barrington prospect, which has experienced sparse drilling, but where an outcrop of around 107 metres has been targeted, averaging 4.6 metres in width and 2.63 percent copper.
In acquiring these projects, Corazon is hoping to capitalise of the Lynn Lake territory’s rich history of mining and exploration.
Located in the province of Manitoba, this region has been subject to exploration for magmatic nickel sulphide, volcanogenic zinc-copper gold massive sulphide (VMS) and orogenic gold mineralisation since the 1940s.
In particular, there have been historical operations at the Lynn Lake nickel sulphide mining centre, the Fox Lake copper-zinc mine, and the MacLellan-Gordon gold deposits.
Corazon Chairperson Terry Streeter said the company’s priority for mining studies in the region was to deliver low operational costs.
“The knock-on effect of this is that with lower costs, there are lower cutoff grades, resulting in a much larger mining inventory for consideration, within the existing resource areas,” he said.
“We don’t need more tonnes. This VMS concept is about value: the grade we see in some of these zinc-copper deposits is very good, and we will seek to establish if this is value we can exploit up-front for a restart of mining at Lynn Lake.
“Alternatively, we will explore whether the VMS deposits are better suited to mining later in the Project’s mine plan.”
Corazon has been trading at 0.7 cents.
