Corazon Mining Ltd (ASX:CZN, OTC:CRZNF) shares have surged 37.5% higher intra-day to 2.2 cents after intersecting a 55.4-metre sulphide zone at the Lynn Lake Nickel-Copper-Cobalt Sulphide Project in Manitoba, Canada.
The company has completed a two-hole drilling program at the Fraser Lake Complex (FLC) to test a geophysical anomaly defined by its recently completed geophysical surveys.
The initial drill hole (FLC-2023-057) into anomaly MTC3 has intersected 55.4 metres of complex sulphide mineralisation, including metre-scale intervals of massive sulphide, intermixed with semi-massive to disseminated style sulphide mineralisation.
Nickeliferous centre of mela-gabbronorite intrusion.
Target (NYSE:TGT) MTC3 is a conductive geophysical anomaly defined by a 3D ground magnetotelluric (MT) survey.
It is interpreted as a metalliferous mela-gabbronorite pipe-like intrusion of at least 50 metres in width, extending to a depth of more than 700 metres (the effective depth extent of the geophysical survey).
Hole FLC-2023-057 effectively tested this anomaly at about 150 metres below surface.
A second drill hole (FLC-2023-58) successfully tested the target near surface.
This shallow hole intersected sulphide mineralisation between 22.4 and 26 metres downhole, with characteristics very similar to the mineralisation within the core of the anomaly tested by hole FLC-2023-057.
MT Resistivity Inversion Cross-Section – hot colours depicting strong conductivity. Image includes approximate location of drill holes FLC-2023-057 and FLC-2023-058.
Corazon managing director Brett Smith said: “The most significant outcome from this drilling is proving that our new geophysical techniques can identify the targeted magmatic sulphides, as well as these late, metal-rich ultramafic pipes.
“This drilling is the first in testing several similar geophysical anomalies, some of which link into areas of known nickel mineralisation.
“Although we have not previously seen barren magmatic sulphides associated with these rocks, the fine-grained nature of the sulphide mineralisation is atypical of the coarse grained Lynn Lake sulphide bodies, and as such we advise caution in assuming the tenor of nickel within the Sulphide Zone.”
Next steps at Fraser Lake
Core samples from drill holes FLC-2023-057 and -058 have been submitted for analysis. Further drill testing of the MTC3 target is dependent on these results.
The MTC3 anomaly was the first to be tested, due to being the most easily accessed. Access to targets MTC1 and MTC2 is not yet possible due to seasonal wet ground conditions.
Typically, the best time for regional exploration drilling at Lynn Lake is during winter. However, access to priority targets within the FLC will continue to be monitored, such that drilling can occur at the earliest possible time.
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