Potential New Nickel-Copper Camp

Sydney, Feb 7, 2017 AEST (ABN Newswire) - Corazon Mining Limited (ASX:CZN) (OTCMKTS:CRZNF) ("Corazon" or "the Company") is pleased to announce its drilling programme at the Fraser Lake intrusive complex ("FLC") has intersected massive sulphides, which, on the basis of visual observation, is indicative of the high-grade nickel-copper mineralisation found within the Lynn Lake Mining Centre in the province of Manitoba, Canada.

- Maiden drill programme discovers Massive Sulphides at Fraser Lake Complex

- All holes completed have intersected substantial widths of sulphide mineralisation

- Drilling proves large geophysical target at Fraser Lake outlines a nickel-copper bearing magmatic system - similar to the prolific Lynn Lake Mining Centre

- Drilling on-going - Targeting of Phase II programme underway

- Downhole EM to be completed this week

- Assay results anticipated by end of March

The FLC discovery is located just 5km south of the prolific Lynn Lake nickel-copper-cobalt camp (see Figure 2 in the link below), which, despite closing in 1976, remains Canada's fourth largest nickel mining region. Lynn Lake was mined for 24 years and produced approximately 205,420t of nickel and 108,750t of copper (cobalt recovery not reported) and, despite there being large remnant resources within the mine area, there has been minimal exploration in the region since mining.

Initial drilling results at FLC have proven that the main target, highlighted by an Induced Polarization (IP) chargeability anomaly, represents a classic, large, Lynn Lake type mineralised magmatic system. This anomaly is defined over an area of 600 by 150 metres (see Figure 3 in the link below), and remains open to the southwest with a potential strike of at least one and a half (1.5) kilometres.

Two holes testing this target, FLC-2017-002 (depth 607m) and FLC-2017-003 (depth 520m and continuing) are mineralised for their entire lengths.

Status of Drill Programme

The Company's drill programme is designed to comprise five (5) holes for approximately 1,500 metres of core drilling over its highest priority geophysical anomalies within the FLC. Drill holes FLC-2017- 001, FLC-2017-002 and FLC-2017-004 have been completed. Drill hole FLC-2017-003 is currently in progress and FLC-2017-005 is expected to commence in the next few days.

All holes drilled have intersected extensive sulphide mineralisation. Sulphide mineralisation is dominated by pyrrhotite (iron sulphide), with chalcopyrite (copper) and pentlandite (nickel) - typical of the Lynn Lake style of mineralisation -, which has been visually observed and validated with a handheld XRF.

Sulphide content throughout holes FLC-2017-002 and FLC-2017-003 grades from weakly disseminated to strongly disseminated, interstitial and matrix style mineralisation. The best mineralisation intersected to date is within hole FLC-2017-003 which returned massive to semimassive sulphide over 4.5 metres (388 to 392.5 metres downhole), within a larger zone of approximately 25 metres of strong sulphide mineralisation.

The significant and most important feature of the massive to semi-massive sulphide intersection within hole FLC-2017-003 is that this style of mineralisation is typical of the EL Deposit, which hosted the highest-grade mine within the historic Lynn Lake Mining Centre.

Drill hole FLC-2017-001 (see Figure 3 in the link below) tested an EM conductor (VTEM anomaly) situated outside the area tested by the IP survey, but within the interpreted neck of the intrusion. The plate is interpreted to start at surface (below shallow cover) and is coincident with a magnetic high of 140m by 120m in area (generated from detailed low-level aeromagnetics).

FLC-2017-001 was drilled to a depth of 83 metres. The hole intersected sulphide mineralisation from surface, including two volcanogenic massive sulphide lodes ("VMS") approximately two to three (2-3) metres thick.

Extensive copper sulphides (chalcopyrite) were observed as both disseminated throughout the mafic intrusive and as veinlets within the VMS lodes. Disseminated sulphides within the mafic rocks average about 2% of total volume.

Drill holes FLC-2017-002 and FLC-2017-003 (see Figure 3 in the link below) are within the main IP chargeable anomaly trend and exhibit strong chargeability of between 20 and 45 m/s. Both targets originate close to surface and extend to depths of 700m.

These IP anomalies identified by Corazon (ASX 27 July, 2016) are more typical of those within the main Lynn Lake mine area. The depth of the better IP anomalism is beyond the effective testing depth for VTEM and, as such, any massive sulphide mineralisation would not be detected.

Drilling has intersected mafic lithologies ranging from gabbros, gabbro-norites, norites and melanorites. Sulphide mineralisation is apparent from surface to the end of hole, dominated by pyrrhotite (iron sulphide), with chalcopyrite (copper) and pentlandite (nickel).

Sulphide content throughout holes FLC-2017-002 and FLC-2017-003 grades from weakly disseminated to strongly disseminated, interstitial and matrix style mineralisation. The best mineralisation intersected to date is within hole FLC-2017-003 which returned massive to semimassive sulphide over four and a half (4.5) metres (388 to 392.5 metres downhole), within a larger zone of approximately 25 metres of strong sulphide mineralisation.

Drill hole FLC-2017-004 (see Figure 3 in the link below) was drilled to 107 metres and terminated, but left open for possible re-entry at a later date. The gabbro lithologies intersected were not as favourable as in the previous holes and a decision was made to conserve drill metres for other targets. Disseminated sulphide mineralisation (in trace amounts) was apparent. Remobilised massive sulphide (<100 mm wide) was observed in relation to a small fault.

Drill hole FLC-2017-005 has yet to be drilled, and will test a coincident IP/magnetic anomaly within the Eastern Magnetic Domain on the southern side of the FLC.

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About Corazon Mining Ltd

Corazon Mining Limited (ASX:CZN) (OTCMKTS:CRZNF) is a base metals explorer with projects in the historical nickel-copper Lynn Lake mining camp, Canada's 3rd largest nickel producing region. Corazon's recent acquisition of the Victory Nickel Project has reunited the Lynn Lake Mining Field for the first time since 1976.

 


Contact

Brett Smith
Managing Director
Corazon Mining Limited
T: +61-8-6142-6366
E: info@corazon.com.au

James Moses
Media and Investor Relations
Mandate Corporate
M: +61-420-991-574
E: james@mandatecorporate.com.au



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