
December 09, 2024
Acquired ground more than doubles Corazon’s prospective landholding / Aerial geophyical survey extended to test new tenure / Work underway defining priority targets for early 2025 drill program
Corazon Mining Limited (ASX: CZN) (Corazon or Company) is pleased to announce the strategic expansion of its MacBride Base and Precious Metals Project (MacBride or Project) in the Lynn Lake district, of Manitoba, Canada.
KEY HIGHLIGHTS
- Corazon has secured additional ground at the MacBride Base and Precious Metals Project in Canada’s Lynn Lake district
- MacBride Project now covers a 14-kilometre strike of stratigraphy prospective for Cu-Zn-Au-Ag massive sulphide deposits, including the drill-defined outcropping MacBride and Wellmet deposits
- High-grade gold assays from historical sampling (up to 25.9g/t Au in grab samples) within the new ground further highlights the region’s prospectivity for orogenic gold deposits
- An aerial VTEM geophysical survey is currently underway
- Previous VTEM survey effectively defined a conductor coincident with the MacBride Deposit, as well as multiple untested, high-priority conductors undercover on trend
- The new VTEM survey provides greater coverage of the MacBride Project, including the first-time survey of the Wellmet Cu-Au and Zn-Cu-Au trends
- Results from the new VTEM survey are expected to be available in the coming weeks and will be used in targeting drilling for early 2025
- The MacBride Project is an exciting exploration opportunity and will be a major focus of Corazon’s ongoing Lynn Lake region exploration activities
The Company has physically staked and made applications for new Mining Claims that increases the MacBride project area from ~26km2 to ~56km2, covering a contiguous
~14km strike length of the prospective MacBride/Wellmet trend (Figure 1). The new Claims are pending grant by the Manitoba Provincial Government.
The new area hosts several prospects identified by historical exploration, including results as high as 25.9 g/t Au in grab sampling at Prospect Area F (Figure 1).
Exploration at MacBride between the 1940’s and early 1990’s defined the MacBride and Wellmet copper-zinc-gold- silver deposits and established the fertility of the region. The only recent exploration was a 2008 aerial VTEM (versatile time domain electromagnetic) survey, which identified the MacBride deposit as a conductor, along with multiple high-order conductive bodies, undercover along trend (ASX announcement 7 October 2024). These conductive bodies are yet to be followed up with drilling.
The MacBride Project is a major focus of Corazon’s Lynn Lake region exploration activities. The effectiveness of past geophysical VTEM surveys in defining drill-defined massive sulphide mineralisation has resulted in extending coverage over a larger part of the project area. The geophysical conductors defined from this work will be the priority focus for first pass drilling currently proposed for early 2025.
The MacBride Project expansion further enhances Corazon’s position as a significant landholder and active explorer- developer in the Lynn Lake district, which also hosts the Company’s 100% owned, flagship Lynn Lake Nickel-Copper- Cobalt Sulphide Project.
Click here for the full ASX Release
This article includes content from Corazon Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here
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The Conversation (0)
26 August
Corazon Mining
Investor Insight
Corazon Mining Ltd presents a compelling investment case driven by a strategic pivot to WA gold exploration, capitalising on its recent acquisition of the Two Pools gold project. This acquisition offers significant near-term exploration upside, while the company retains a high-quality portfolio of base and battery metals projects, providing long-term optionality and leverage to the evolving critical minerals market. This strategy positions Corazon to deliver shareholder value through potential high-impact discovery and future project development.
Overview
Corazon Mining Ltd (ASX:CZN) is an Australian junior exploration company focused on high-quality gold and critical minerals projects in Australia and Canada.
Company Highlights
- Two Pools Gold Project: The company’s primary focus is the newly acquired Two Pools Gold Project in Western Australia’s highly productive Plutonic Greenstone Belt. This underexplored tenure contains a recently identified 20km-long greenstone belt that was previously misclassified as granite.
- Confirmed High-Grade Mineralisation: Historical drilling at Two Pools has delivered standout intercepts, including 12m @ 8.89 g/t Au (incl. 3m @ 34.25 g/t Au) and 18m @ 3.89 g/t Au (incl. 4m @ 15.96 g/t Au).
- Trident-style Analogy: Drilling has confirmed mineralisation extends beneath overthrust granite, a key geological setting similar to Catalyst Metals’ nearby Trident Deposit, highlighting the potential for significant blind discoveries.
- Strategic Location: Two Pools is located just 60km from Catalyst Metals’ Plutonic Processing Plant, offering strong future development synergies
- Strategic Battery and Base Metals Portfolio: Corazon retains ownership of key projects in Canada and Australia including the MacBride Copper-Zinc-Gold Project and the historic Lynn Nickel-Copper-Cobalt sulphide camp in Manitoba, and the Mt Gilmore Copper-Cobalt-Gold project in NSW. These assets provide long-term exposure to critical metals.
- Compelling Value Proposition: Corazon offers a unique investment opportunity with a small market capitalisation but large, high-quality assets.
Key Projects
Two Pools Gold Project (Western Australia)
Project Highlights:
- A new, highly-prospective gold exploration project in the proven Plutonic-Marymia Greenstone Belt.
- The project covers 193km2 of underexplored tenure containing a newly identified 20km-long greenstone belt
- Historical Drilling and surface sampling have confirmed high-grade gold mineralisation, with a compelling geological setting analogous to other major deposits in the region.
Lynn Lake Base & Precious Metals (Manitoba, Canada)
Project Highlights:
- High-quality base and precious metals asset, offering strategic, long-term value.
- MacBride Copper-Zinc-Gold Project: High-grade, near-surface mineralisation and significant exploration upside for VMS-style deposits.
- Lynn Lake Nickel-Copper-Cobalt Project: Strategic long-term asset with a significant JORC resource -total contained metal of 116,800t Ni, 54,300t Cu, 5,300t Co. The project is fully permitted and benefits from established infrastructure. Refer ASX Announcement 27 Nov 2019.
Other Projects
- Mt Gilmore Copper-Cobalt-Gold (NSW, Australia): An emerging porphyry play with potential for a significant potential copper-gold system.
Management Team
Simon Coyle – Managing Director
Simon Coyle is a mining executive with over 20 years’ experience in the resources sector, spanning across gold, iron ore, manganese and lithium. He is a graduate of the Western Australian School of Mines and has held a number of senior operational leadership roles across both private and publicly listed companies.
Most recently, Coyle served as CEO and president of TSXV-listed Velox Energy Materials. Prior to this, he held senior roles at Pilbara Minerals, including general manager - operations, where he was instrumental in the development and expansion of its flagship lithium project, establishing it as one of the world's leading spodumene concentrate producers. Coyle currently serves as non-executive director of Kali Metals.
Kristie Young – Non-executive Chair
Kristie Young is a professional Board Director who began her career as a mining engineer in the mid 90’s across both underground and open cut operations (incl. Hamersley Iron, Mt Isa Mines, Plutonic Gold, New Hampton Goldfields, Surpac), feasibility studies and project evaluation. She holds a BEng(Mining) Hons from the University of Queensland.
Over 25 years’ industry experience, including business development director roles with both EY and PwC. She brings more than 15 years’ experience on boards and committees and currently serves as a non-executive director of Brazilian Rare Earths (ASX:BRE), Livium (ASX:LIT), Tasmea Ltd (ASX:TEA), and MinEx CRC.
She is a Fellow of the AusIMM and a graduate and Fellow of the AICD.
Scott Williamson – Non-executive Director
Scott Williamson is a highly experienced mining engineer with an Engineering and Commerce degree from the West Australian School of Mines and Curtin University. With more than 20 years of experience spanning technical and corporate roles in the mining and finance sectors, he brings a wealth of industry expertise and strategic insight. A proven leader in business development, Scott has extensive experience in equity capital markets, complementing his strong technical skill set.
Currently, he serves as managing director of Blackstone Minerals and non-executive Director of Leeuwin Metals.
Scott also holds a WA First Class Mine Manager's Certificate and is a member of the Australasian Institute of Mining and Metallurgy.
Robert Orr – Company Secretary and Chief Financial Officer
Robert Orr manages Corazon's financial operations and corporate governance, ensuring compliance and effective financial management.
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A high-grade gold explorer in a proven Australian gold province, with a strategic portfolio of battery and base metal assets.
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