Corazon Mining (ASX:CZN)
Mere weeks after finding a new nickel zone at its Lynn Lake project, Corazon is sinking the drill bit into the high priority South Pipe target.
South Pipe is the largest conductive target in the Fraser Lake Complex (FLC) at Lynn Lake – stretching from a depth of about 100m to 850m below surface – and is geophysically analogous to the high-grade EL Deposit at the Lynn Lake Mining Centre.
A successful discovery at South Pipe is likely to be supremely exciting Corazon, given its size and the fact that the EL Mine produced 1.9Mt of ore grading 2.4 per cent nickel and 1.15 per cent copper to a depth of just 250m below surface.
Drilling is currently underway at the third hole.
“This target is the most significant target generated by Corazon’s recent exploration,” managing director Brett Smith said.
“We will also conduct downhole EM surveys on all holes in the current program, which to date have shown good indications of mineralisation, to help further refine our targets for follow up drilling.”
The current drilling will test several high-priority targets – including the recently identified geophysical conductors – and comprises about 1,600 metres of diamond core drilling.
The South Pipe magnetic and conductive bodies are believed to be indicative of a deep-seated intrusive pathway that appears linked to known nickel-copper-cobalt sulphide mineralisation within the FLC, further to the north.
These are the first pipe-like bodies identified at the FLC and are similar to those observed within the Lynn Lake Mining Centre about 9km to the northeast.
Before its closure in 1976, the Lynn Lake Mining Centre operated for 24 years with an average grade of 1.02 per cent nickel and 0.54 per cent copper.
New World Resources (ASX:NWC)
Antler continues to emerge as one of the highest-grade undeveloped copper deposits globally. “It is a very exciting discovery and very real near-term development proposition,” New World Resources says.
High-grade assays have been returned from all nine holes drilled over 500m of strike at the Antler copper deposit in Arizona, with outstanding intercepts in both the new ‘South Shoot’ and ‘Main Shoot’.
6.2m at 4.05 per cent copper, 12.13 per cent zinc, 1.59 per cent lead, 50.9 g/t silver and 0.24 g/t gold from 343.4m at ‘South Shoot’ (6.2m @ 7.2 per cent copper equivalent); and
7.1m @ 5.85 per cent copper, 15.20 per cent zinc, 0.93. per cent lead, 47.8 g/t silver and 0.55 g/t gold from 289.0m at ‘Main Shoot’ (7.1m @ 9.5 per cent copper equivalent)
These kinds of intercepts do not come along often.
The exceptionally high grades returned from one of the discovery holes drilled into the South Shoot is particularly encouraging, New World managing director Mike Haynes says.
“In that hole, a 6.2m thick interval averages 7.2 per cent copper-equivalent and only 8m further down the same hole a different 6.7m thick interval averages almost 9 per cent copper-equivalent,” he says.
“This adds extremely valuable high-grade tonnes to our resource base, in a newly discovered area.
Additionally, a 7.1m thick intersection in the shallower part of the Main Shoot averages almost 10 per cent copper-equivalent, while one of the deepest holes assayed returned a 19.1m-thick intersection at 3.3 per cent copper-equivalent.
“We continue to add substantial and valuable high-grade tonnes there as well,” Haynes says.
“These are outstanding assay results that reaffirm we have a really prospective, very-high-grade near-term development proposition in Antler.”
Assays are pending for 12 additional completed drill holes, with these results expected over the coming weeks.
Two rigs continue drilling at the Antler Project, with 10 RC pre-collars yet to be completed with diamond core tails.
A ground geophysics survey also kicked off this week to help refine targets for deep extensional drilling.
Early last year, New World acquired the Antler copper deposit in Arizona, which quickly became the company’s main focus as a potential low capital cost, high-margin, near-term production opportunity.
Antler was discovered in the late 1800s. Sporadic production between 1916 and 1970 totalled ~70,000 tonnes of ore at a grade around 2.9 per cent copper, 6.9 per cent zinc, 1.1% lead, 31 g/t silver and 0.3 g/t gold.
Between 1970 and 1975, after the most recent episode of mining, 19 holes were drilled from the surface and underground to define high-grade mineralisation immediately beneath historical ‘stopes’ that could be rapidly exploited on recommencement of mining operations.
Despite the presence of this sizeable and high-grade resource, mining never resumed, and no further work was undertaken at the project – until New World Resources became involved.
New World believes there is excellent potential to rapidly develop a low-OPEX/low-CAPEX mining operation at Antler.
The company’s immediate objective is to rapidly delineate a high-grade JORC Resource – a must have for ASX listed miners and explorers — which can be utilised in mining studies to evaluate the potential to bring the Antler Deposit back into production in the near term.
Two diamond core rigs continue to drill at the Antler project, 24-hours per day, 7 days per week.
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