Corazon Mining Ltd (ASX:CZN) has been awarded an Australian Government Innovation Connections Grant to help advance exploration and assessment of the Mt Gilmore Copper-Gold-Cobalt Project in northern New South Wales.
The company is undertaking a geochemical test work program with the University of Tasmania (UTAS) Centre of Ore Deposit and Earth Sciences (CODES) and the initial phase confirmed that Mt Gilmore hosts key geochemical characteristics specific to large porphyry copper-gold deposits.
Subsequently, a second phase is underway, designed to expand on the first phase studies and deliver more precise targeting from which exploration drilling can be planned.
Funding was awarded on a co-funding basis, with CODES receiving a total of A$100,000, including A$50,000 from the government grant and A$50,000 provided by Corazon.
Geochemical targeting
The current phase of geochemical targeting at Mt Gilmore is designed to follow up on the first phase of mineral geochemical studies completed by CODES at UTAS.
Impressive initial results from the CODES/UTAS studies have highlighted the Gordonbrook Hill and May Queen areas at Mt Gilmore.
Gordonbrook Hill displays a large porphyry copper deposit and skarn-style signature, while the May Queen prospect has a strong skarn signature, trending to a porphyry system and notably into the 'giant' porphyry copper deposit category.
The size and complexity of the soil geochemical anomalies within Mt Gilmore have made effective drill targeting difficult to date.
This new work is a more detailed study of these geochemical characteristics, designed to result in the delineation of targets for drill testing.
Forward plan
A detailed mineral geochemical analysis is being undertaken over a much broader area.
To date, about 55 sites have been sampled, covering the area from Cobalt Ridge to May Queen with additional samples to be collected throughout the study.
The initial focus for this mineral geochemical vectoring analysis by CODES/UTAS will be Gordonbrook Hill, where a mineralised porphyry was identified in surface mapping/sampling and drilling.