“A nickel-copper-cobalt development opportunity”
Corazon’s Lynn Lake Project is located in the Lynn Lake nickel camp in the central Canadian province of Manitoba, The asset includes the historic EL Mine and an exploration land holding covering several drill defined base and precious metal prospects, as well as numerous untested geophysical targets.
The Lynn Lake Project is Corazon’s main exploration focus. The Company has an option to acquire 100% equity in the Project by spending CAD$3 million on exploration over 3 years, followed by a C$2million vendor payment.
The Lynn Lake mining camp is Canada’s third largest nickel producing region, with 22Mt of nickel/copper/cobalt ore processed between 1953 and 1976. The average grade from more than 23 years of mining was 1% nickel and 0.5% copper, with additional cobalt credits. There has been minimal exploration in the region since mine closure.
The main focus for exploration by Corazon is the EL Mine, which was the highest grade deposit at Lynn Lake, producing 1.9Mt @ 2.5% nickel and 1.15% copper. Mining was conducted to a depth of 210 metres below surface. Relatively shallow in comparison to adjacent mines which were developed to at least 1,100 metres below surface.
The Company believes the potential of the EL Deposit has historically not been fully tested or exploited. Corazon’s strategy is to define mineralization by drilling down to the regional mining depth of approximately 1,200 metres below surface. The results of this exploration will under-pin resource up-grades and mining studies on the deposit.
The potential of the EL Deposit has been demonstrated by Corazon, with the discovery in 2011 of a high-grade sulphide breccia at depth. The discovery hole returned:
23.75m @ 3.34% Ni, 1.54% Cu & 0.08% Co
Drilling of the EL Deposit is continuing, with resource up-grades expected to be completed mid-2012.
The area is well serviced with mining infrastructure and support. The major Thompson Nickel Refinery is located only 320km from the project and is accessible by sealed road, offering rapid development potential.