Corazon Mining Drills High-Priority Nickel Targets at Lynn Lake

Corazon Mining Ltd (ASX: CZN) is ramping up exploration at its flagship Lynn Lake Nickel-Copper-Cobalt Sulphide Project in Manitoba, Canada.

Drilling is underway at the highest-priority nickel sulphide targets within the Fraser Lake Complex (FLC).

Transformational Divestment Enables Focused Exploration

This follows Corazon’s strategic divestment of an 85% stake in its Coolgardie Nickel Pty Ltd subsidiary to Future Battery Minerals Ltd (ASX: FBM).

The deal frees up capital and allows Corazon to focus on its core nickel assets in Canada and Australia, including the Mt Gilmore Copper-Cobalt-Gold Project in New South Wales.

Corazon will receive $1 million in cash and $1 million in FBM shares as consideration, and up to another $7.5 million on achieving project milestones.

Corazon will be free carried on lithium exploration and development costs until the completion of a Definitive Feasibility Study.

New Approach Identifies High-Potential Targets

Corazon is employing innovative geophysical methods to directly detect nickel sulphide mineralization.

This approach led to the identification of several high-priority targets, including previously undetected “pipe-like” anomalies with high nickel content in surface geochemistry.

These anomalies are situated near extensive, previously identified low-grade nickel mineralisation.

Initial Drilling Program and Promising Results

A recent 3D geophysical survey defined three conductive anomalies designated MTC-1, MTC-2, and MTC-3. Drilling commenced at MTC-3, successfully intersecting nickel and copper sulphide mineralization within a 30-meter ultramafic intrusion, validating the new exploration approach.

The current program is testing various features of the high-priority MTC-1 anomaly.

Looking Ahead

The initial drilling program at FLC is expected to be completed in April, with follow-up drilling dependent on the results.

This targeted exploration has the potential to unlock significant new nickel sulphide deposits at Lynn Lake.

Mt Gilmore is a district-scale copper play with a plus 20-kilometre mineralised trend and a geochemical signature of a giant porphyry copper deposit.

 

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