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Corazon Mining’s maiden drilling at Mt Gilmore’s May Queen target point to porphyry system

Published 02/10/2024, 11:43 am
Updated 02/10/2024, 12:00 pm
© Reuters.  Corazon Mining’s maiden drilling at Mt Gilmore’s May Queen target point to porphyry system
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Positive geological observations have been made from a maiden two-hole 798-metre drill program by Corazon Mining Ltd (ASX:CZN, OTC:CRZNF) at the May Queen porphyry target within the Mt Gilmore Copper-Gold Project in northern New South Wales.

Drilling intersected intense alteration and widespread low-level sulphide mineral assemblages within porphyritic intrusive rocks at geochemical and geophysical anomalies indicative of porphyry copper-gold deposits.

These two holes delivered positive results with favourable porphyritic intrusive rocks and alteration intersected typical of a mineralised porphyry system.

First-pass test

This initial core drilling program provided a first-pass test of what has been identified as a priority target for large porphyry copper-gold deposits and Çorazon considers that the results are encouraging.

The presence in the holes of copper sulphide assemblages including bornite and chalcopyrite in epidote-chlorite-quartz veins within a porphyry supports the target model for large-scale porphyry copper-gold deposit at May Queen.

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New target

This newly identified target is about 6.5 kilometres northwest of Corazon’s most recent drilling at Mt Gilmore (the Gordonbrook Hill Prospect) and 15 kilometres northwest of the project’s most advanced exploration prospect, the drill-defined Cobalt Ridge cobalt-copper-gold sulphide deposit.

Drilling began in August 2024 with the targets generated from two phases of advanced alteration mineral chemistry studies and soil geochemistry surveys in conjunction with an Induced Polarisation (IP) survey.

Both holes intersected fine and coarse volcanoclastic rocks, andesite, diorite and diorite porphyry with the levels of hydrothermal alteration of the lithologies considered intensive.

Minor quartz-dominated veins were also observed. Other high-temperature alteration minerals such as potassium-feldspar, actinolite, quartz and magnetite are also present.

Next steps

The large May Queen porphyry copper-gold target covers a strike of more than 2 kilometres and aside from surface soil sampling, minor rock-chip sampling, two widely spaced IP geophysical lines and the recently completed two-hole drilling program, little targeted exploration has been completed.

Ongoing exploration is under consideration by the company and a decision will be announced in due course.

It is anticipated that more complete geophysical coverage will be required to identify targets for the next phase of drilling.

IP was effective in mapping the sulphide mineralisation and ground magnetics may be effective in mapping alteration assemblages.

Corazon said the May Queen prospect had a signature of porphyry systems, notably into the ‘giant’ porphyry copper deposit category, with some samples demonstrating strong skarn signature.

Encouragingly, the mineral chemistry and fertility studies of samples from May Queen have mineral and geochemical characteristics comparable to representative samples from the large Northparkes Copper-Gold Deposit in Central West NSW.

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