Mt Gilmore, NSW

MT GILMORE COBALT-COPPER-GOLD SULPHIDE PROJECT, N.S.W.

Recent News: Extensive new cobalt anomalies defined 

  • Very positive assay results returned from an extensive regional soil sampling program
  • The 19 kilometres of the Mt Gilmore Trend tested to date is extensively anomalous in cobalt and copper
  • The sampling program has resulted in the discovery of multiple, new high-tenor cobalt-copper-gold anomalies across the wider Mt Gilmore Project area
  • New anomalies discovered are substantially larger than those corresponding to the outcropping high-grade Cobalt Ridge sulphide deposit within Mt Gilmore
  • A new style of cobalt mineralisation has also been identified as separate to the numerous Cobalt Ridge-style targets defined for further testing
  • Work at Mt Gilmore is continuing – final results and identification and ranking of priority targets expected in early 2019

Corazon Activities and News Flow

Corazon’s current activities at Mt Gilmore are focused on three main strategies;

  1. Assessment of the resource potential of the Cobalt Ridge Main Lode subsequent to the recently completed drilling (ASX announcement 9 November 2018);
  2. Definition of priority drilling targets proximal to the Cobalt Ridge Deposit; and
  3. Definition and ranking of geochemical anomalies in the greater Mt Gilmore Project area.

Work in all three areas is ongoing.

The modelling of the drilling results is underway. While drilling to date has not exhaustively tested the Cobalt Ridge Main Lode, it is expected that the Company will still now be able to more accurately express the tonnage potential of the Cobalt Ridge area.

The soil sampling program has been highly successful, with multiple high-tenor cobalt-copper-gold anomalies discovered to date. Predominantly, this sampling has been completed on a 200 metre by 200 metre pattern, with exploration continuing to move north covering the basement rocks of the Mt Gilmore Trend. This work remains in progress.

Detailed infill of the priority soil anomalies is also underway. This work will help define the higher grade mineralised trends for targeted exploration and possibly drilling.

It is expected the final results from the current phase of soil sampling and the identification of priority areas will be completed in early 2019.

The areas north of the Hassan’s prospect (Figures 1 and 2) lack detailed geophysics such as magnetics and radiometrics, which have been useful in assessing potential exploration targets. This work is currently being considered and budgeted for early 2019.

Mt Gilmore Project Overview

The Mt Gilmore Project is located 35 kilometres from the major regional centre of Grafton in northeastern New South Wales. Corazon owns a 51% interest in the Project, and the exclusive right to earn up to an 80% interest in the Project.

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 over a strike length of at least 300 metres. The mineralisation remains open along strike and at depth. The Main Cobalt Lode has been the primary target of the Company’s recent drilling (and much of the historical drilling). This lode is up to 25 metres in true width and contains multiple narrow zones of higher-grade mineralisation.

Corazon has defined the prospective 18 kilometre “Mt Gilmore trend” within the Project area; it includes more than 25 historic working, including significant shafts, adits and drives with high-grade copper and gold mineralisation (rock chips up to grades of 26.8% Cu and 9.2 g/t Au) in addition to the cobalt mineralisation.

Although mapping indicates extensive hydrothermal alteration and copper-gold mineralisation at surface, very little modern exploration has been undertaken at the Project. Aside from small-scale historic mines, previous exploration has predominantly been restricted to general prospecting/ mapping, rock-chip/ grab sampling, with drilling completed at only one of the targets (the Pulganbar–Cobalt Ridge area).

Figure 1: Project location