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Mt Gilmore
Project

The Mt Gilmore Cobalt-Copper-Gold Project (Mt Gilmore) is located 35 kilometres from the city of Grafton in north-eastern New South Wales. Corazon owns an 80% interest in Mt Gilmore and is managing and sole funding exploration until any future decision to mine is made.

About the project

Much of Mt Gilmore’s historical exploration has focused on the Cobalt Ridge prospect (Cobalt Ridge) – a rare high-grade cobalt sulphide deposit. Corazon’s metallurgical testwork on the Cobalt Ridge mineralisation has delivered exceptional, high-grade metal concentrates and cobalt/copper sulphates, suitable for use in rechargeable (lithium-ion) batteries.

Since acquisition in mid-2016, Corazon’s exploration results have underpinned its belief that Mt Gilmore is prospective for hosting multiple rare, cobalt-rich sulphide deposits, similar to Cobalt Ridge. Corazon’s recent exploration of the prospective 22 kilometre “Mt Gilmore trend” uncovered a major copper-cobalt-silver-gold geochemical trend, potentially representing a district-scale exploration play for large intrusive-related copper-cobalt-gold deposits, providing Corazon with a unique early-stage copper-driven opportunity. These targets are Corazon’s exploration focus at Mt Gilmore.

Corazon’s recent drilling program at Mt Gilmore targeted the priority 8 kilometre long Gordon Brook Hill – May Queen copper-cobalt-silver-gold anomaly, within the greater Mt Gilmore Trend. This was the maiden drill program at the Gordonbrook Hill target and comprised two core holes for a total of 900 metres, designed to test the area near the Gordonbrook Hill mineralised porphyry, identified by Corazon in 2020. More info.

Mt Gilmore Trend

Exploration by Corazon has revealed multiple, large (plus-1km) priority targets within a major copper-cobalt-silver-gold feature of more than 11 kilometres in strike length, which forms part of the currently
defined 22 kilometre-long, mineralised Mt Gilmore Trend.

This newly identified Mt Gilmore geochemical trend represents a district-scale exploration play for
large intrusive-related copper-cobalt-gold deposits and provides Corazon with a unique early stage copper-driven opportunity in eastern Australia. The region has had little or no modern exploration or drill testing within the priority areas defined.

Corazon’s assessment that the numerous occurrences of copper-cobalt-gold mineralisation identified in late-1800’s/early-1900’s small scale mining operations may in fact be part of a much larger system, represents a significant advancement for the Project, substantially increasing its potential. More info.

Cobalt Ridge

Mt Gilmore’s Cobalt Ridge prospect (Cobalt Ridge) hosts a unique cobalt dominant sulphide deposit. Drilling by Corazon at Cobalt Ridge has validated historical mining and exploration results and confirmed the presence of multiple zones of cobalt-copper-gold sulphide mineralisation. The mineralisation has been tested over 300 metres, remaining open and untested along strike and at depth.

The Main Cobalt Lode has been the primary target of the Company’s past drilling, as well as much of the historical drilling. This lode is up to 25 metres in true width and contains multiple narrow zones of higher-grade mineralisation, within a broad envelope of mineralisation.

Metallurgical testwork on this sulphide mineralisation demonstrated exceptional recovery of cobalt, copper and gold from drill samples from simple flotation processing, with solvent extraction following standard pressure oxidation (POX), to deliver separate high-quality cobalt and copper sulphates (up to 98.91% cobalt and 96.70% copper) suitable for use in lithium-ion batteries. Gold is captured separately from the POX residue.

Battery Grade Cobalt

Corazon’s highly successful Phase 3 metallurgical testwork at Mt Gilmore delivered a high-grade cobalt concentrate with the potential to supply the emerging global battery technology sector.

Testwork focused on defining down-stream concentrate processing options. The results successfully demonstrated exceptional recovery rates of cobalt, copper and gold from drill samples from the Cobalt Ridge Deposit, using conventional processing routes. Conventional flotation testwork delivered a high-grade cobalt-copper-gold concentrate – of up to 7.38% Co – from high grade Cobalt Ridge samples, as well as excellent concentrate grades from lower low-grade samples.

The combination of high grade concentrates and very high recoveries delivered in the testwork provides Corazon with the opportunity to potentially either produce a high-value bulk concentrate for direct sale, or to develop an in-house down-stream processing plant. More info.