Lynn Lake Nickel-Copper-Sulphide Project, Manitoba – Canada
Recent News: Next Phase of Drilling Commences
Corazon has announced that the next phase of drilling has commenced at its 100% owned Lynn Lake Project.
Corazon has planned approximately 1,200 metres of diamond core drilling which is expected to be completed in December.
The Company’s recent exploration work at Lynn Lake has focused on defining additional areas of mineralisation with the potential to add to Lynn Lake’s significant existing resource base. Priority targets for this drilling program include near surface mineralisation, areas on-trend from historical mines, and areas adjacent to existing resources.
Corazon’s recent mining studies at Lynn Lake have predominantly centred on nickel deposits at depths of more than 400 metres below surface. This work has highlighted the potential to define additional resources closer to surface adjacent to Lynn Lake’s historically mined areas. These areas are the initial focus for the current drilling program.
In addition, several new high-potential areas geophysically analogous to previously mined areas have also been defined within the Lynn Lake Mining Centre and represents further resource upside potential.
Recent News: Lynn Lake Resource Upgrade
Corazon has recently upgraded its Mineral Resource Estimate for the Lynn Lake Nickel-Copper-Cobalt Sulphide Project (Lynn Lake).
The current total Resource Estimate includes just six deposits within the Mining Centre, with multiple additional areas of mineralisation yet to be evaluated as potential additions to the Resource base. The current Resource includes:
- 16.3Mt @ 0.72% Ni, 0.33% Cu, 0.033% Co (Indicated and Inferred, at 0.5% Ni cut-off), for total contained metal of 116,800t Ni, 54,300t Cu, 5,300t Co; with
- 5.4Mt @ 0.99 Ni, 0.41% Cu, 0.043% Co (Indicated and Inferred, 0.7% Ni Cut-off) of high-grade material
Corazon’s Chairman, Mr Terry Streeter stated, “Corazon now has almost 117,000 tonnes of nickel metal in sulphide Resource sitting in one of the best mining provinces in Canada. All indications are that this will be further expanded. We’ve a drill rig on site setting up on targets recently generated in and around the Mining Centre. The forecasts for Class 1 Nickel demand is quite strong and we are keen for Lynn Lake to be in a position to take advantage of that market.”
Further details of the new Resource Estimate are provided in Tables 1, 2 and 3 within the Lynn Lake Resource Upgrade ASX announcement.
Recent News: Lynn Lake Drilling to Proceed
Corazon recently announced it will be proceeding with its drilling plans for the Lynn Lake Nickel-Copper-Cobalt Sulphide Project.
The Company has completed an extensive targeting program focusing on areas surrounding the many historic mines within Lynn Lake. This work has incorporated the analysis and integration of multiple historical exploration datasets, combined with modern geophysical processing technologies.
Several high-priority drill targets have been defined and preparations for drilling these targets are now underway. Permits for drilling have been granted by the Provincial Government of Manitoba and a drilling contractor has been engaged. Corazon intends to commence drilling as soon as possible.
Re-focus on Lynn Lake Nickel Precinct
The recent recovery in the price of nickel has led Corazon to undertake a positive strategic review of its Lynn Lake Project, and the opportunity to re-focus and accelerate its exploration and development plans.
The Lynn Lake Mining Centre (Lynn Lake) in Manitoba, Canada, is a historically significant mining centre with large JORC compliant resources and supporting infrastructure. The recent recovery in the price of nickel has led Corazon to undertake a positive strategic review of Lynn Lake, as well as providing the opportunity to re-focus and accelerate its exploration and development plans to deliver value for shareholders.
Corazon has consolidated the entire Lynn Lake nickel camp and its extensive historical datasets, which includes more than 75 years of exploration and 24 years of mining information. Corazon is the first company to have control of the entire Lynn Lake nickel camp since mine closure in 1976, providing the opportunity to complete detailed interrogation and targeting within the mine area and across the wider project area.
The nickel-copper-cobalt sulphide deposits at Lynn Lake were mined continuously between 1954 and 1976 (in that time processing more than 20 million tonnes), and it was one of Canada’s major nickel mining centres of its time. Substantial resources remain and further extensive drill defined mineralisation also exists within the mining centre. These areas outline targets with the potential for further discoveries, which would underpin a potentially sizable resource base at Lynn Lake.
Lynn Lake has been described as one of the best “brown-fields” exploration plays in North America. With little modern exploration undertaken to date, the opportunity for discovery at Lynn Lake is substantial. New exploration techniques and a better understanding of these nickel-copper-cobalt sulphide systems has resulted in Corazon’s discovery of several new areas of mineralisation at Lynn Lake in recent years.
As part of Corazon’s process of defining Lynn Lake’s development potential, new quality resource estimations have been completed and modern metallurgy has delivered a major technical breakthrough, producing separate high-value and high-purity nickel and copper concentrates. This work will enable the determination of value for the large historical mining centre, at a time when there is an expectation of future increased demand for metals.
Lynn Lake Project location within Canada
As part of Corazon’s process of defining Lynn Lake’s development potential, new quality resource estimations have been completed and modern metallurgy has been undertaken. The metallurgical work has delivered a major technical breakthrough, for the first time in Lynn Lake’s history producing separate high-value and high-purity nickel and copper concentrates (refer to ASX announcements dated 11th and 12th February 2019). This work will underpin the commencement of a scoping study into the potential redevelopment of Lynn Lake.
Fraser Lake Complex
Corazon has systematically explored the Fraser Lake Complex (FLC) – located just 5 kilometres south of Lynn Lake – since December 2016, and believes it has the potential to host significant nickel-copper-cobalt sulphide deposits. Corazon’s FLC activities have included drilling, ground geophysics, downhole geophysics and geochemistry.
Overall, the Company’s drilling to date has intersected broad zones of low-grade nickel-copper-cobalt mineralisation and identified a large “channel” of disseminated magmatic sulphide. The higher-grade massive sulphide feeder zone to this system has yet to be identified and the Company continues to work on determining cost effective methods to define such targets.
The most recent drilling at the FLC (ASX announcement 13 March 2018) targeted high-magnetic features generated from the modelling (inversions) of ground magnetic data. These targets were located on the margins of the Matric Trend, a high-chargeability IP anomaly generated from extensive magmatic sulphide mineralisation. This phase of drilling failed to intersect massive sulphides that typify the Lynn Lake Mining Centre. Subsequent analysis of these results has provided direction and targets for future drilling at the FLC.