Fraser Lake Complex
Geophysics Defines Additional Drill Targets at Fraser Lake Complex (ASX announcement 29/03/2017)
- Geophysics has extended primary feeder zone target to at least 1.7 km in strike
- Large coincident chargeable-IP, gravity and magnetic-high anomalies at junction of “feeder zone” with interpreted deep mantle-tapping plumbing structure
- Defines new priority targets – strongest IP anomalies discovered to date
- Recent drilling indicates geophysical anomaly is a result of extensive nickel-copper-cobalt sulphide mineralisation
- Work Permits for drilling of new targets submitted – approvals expected mid-April 2017
- Drilling of other priority targets on-going
Corazon recently provided the results of its geophysical surveys completed at the Fraser Lake Complex (“FLC”), located just five kilometers south of its 100% owned Lynn Lake Nickel-Copper-Cobalt Mining Centre in Canada.
Corazon commenced targeted exploration drilling and ground geophysics at the FLC in January, testing what the Company believes is a significant greenfields nickel-copper-cobalt (Ni-Cu-Co) sulphide discovery. Exploration has been focused on a high-chargeability Induced Polarisation (IP) geophysical anomaly (the Matrix Trend), coincident with the interpreted extensions of the feeder zone for the FLC.
First pass gradient-array IP has now been completed over the entire length of the interpreted feeder zone, and has extended coverage southwest of where current drilling activities are focused. The anomalies generated from this geophysical work are significant and have identified new priority drill targets.
The extended IP survey over the FLC feeder zone has identified:
- A chargeable IP anomaly of more than 1.7km in strike, extending from what is interpreted to be a deep mantle source for the FLC, becoming stronger towards this source;
- A large and intense chargeable IP anomaly (+40ms) at the “throat” of the intrusion and a second (+40ms) anomaly immediately adjacent; and
- IP anomalies coincident with gravity and magnetic highs.
The new targets are between 300m and 800m southwest of where the current drilling is being conducted. Work Permit applications have been submitted for drill testing of these targets and are expected to be granted around mid-April.
IP has proven to be a very effective exploration tool at the FLC and within the main Lynn Lake Mining Centre. Little doubt exists that the Matrix Trend IP anomaly is a result of multiple magmatic Ni-Cu-Co sulphide intrusive events.
Drilling within the Matrix Trend indicates multiple pulses of sulphide-rich magma have been injected into the FLC. The Ni-Cu-Co mineralisation within the Matrix Trend is significant in that it identifies the feeder zone of the FLC as a long-lived, multi-phase, well mineralised magmatic system with the potential to develop high-grade sulphide deposits.
To date, four drill holes have provided an initial test of the large Matrix Trend over approximately 400m strike (the fifth hole is underway), at what is interpreted to be the far northeastern extents of the zone. All holes have reported significant sulphide mineralisation.