- Corazon Mining has produced encouraging results from its Canadian Lynn Lake mine site using newly developed Magnetic Vector Inversion technology
- Company management says the results are compelling enough for continued exploration, but it needs to strengthen nearby surveillance as well for a stronger portfolio of operations
- Results turned up from the Fraser Lake Complex, five kilometres south of Lynn Lake, were not as compelling according to Managing Director Brett Smith, and is cause to focus on Lynn Lake alongside NSW operations elsewhere
Explorers Corazon Mining has spiked 50 per cent in the share market today after announcing the findings of new mining targets in its Canadian project.
The company used newly developed magnetic imaging software to identify highly prospective mineralisation at its nickel, copper and cobalt Lynn Lake mine.
The industry-leading technology, named Magnetic Vector Inversion, is more effective and accurate than conventional surveillance techniques, allowing for identification of depths up to 700 metres below the
Company Managing Director Brett Smith says the presented potential at Lynn Lake is obvious, but the company needs to also test numerous historically drill defined targets nearby as well to strengthen its portfolio of work.
“Our focus will be on these near-mine targets with a view towards optimising the potential of the mine area ahead of more detailed mine-planning and feasibility drill-outs for the Project,” he said.
Previous results from 2011 nearby turned up specific grades of 3.34 per cent nickel, 1.54 per cent copper and 0.08 per cent cobalt.
MVI was also recently used by the company at its Fraser Lake Complex, five kilometres south of Lynn Lake, but did not show compelling results which was expressed by Smith.
“Put simply the conventional inversion modelling methods didn’t deliver the results anticipated at the Fraser Lake Complex. We’re looking within a large, complex, multi-phase magmatic sulphide system with variable magnetic characteristics. Too complex for the conventional methods to accommodate,” said Smith.
“With MVI, the level of information and detail is substantial and allows us to interrogate the anomalies better. Targets that have previously been ignored because of their overall magnetic characteristics are now being reassessed more favourably,” he said.
Company management stated in their ASX media release today that focus is turned towards Lynn Lake alongside work at the company’s copper and cobalt Mt Gilmore project in NSW.
Shares in CZN are currently trading for 0.3 cents in a $2.761 million market cap.