Mt Gilmore, NSW

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

Major New Copper Trend Identified

  • Exploration delineates a major Copper-Cobalt-Silver-Gold trend
  • Multiple large (>1km) high tenor metal anomalies defined over 22 kilometres
  • Anomalies discovered typically associated with disseminated sulphides – chalcopyrite, pyrrhotite, pyrite – in hydrothermally altered basement rocks
  • Rock chip and grab sampling at these new areas delivered high-grade results up to: 21.6% Cu, 1,795ppm Co, 1.29g/t Au, 361ppm Ag, 885ppm Mo
  • Represents a unique, early-stage, district-scale intrusive-related copper-cobalt-gold exploration opportunity with little or no modern exploration
  • 2019 work programs to advance these new Cu-Co-Au targets, plus the Project’s cobalt potential, are currently being finalised.

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