Australian mineral exploration company, Corazon Mining Limited has announced a high grade copper mineralisation from a recently completed surface rock-chip sampling program at the Mount Gilmore Cobalt-Copper-Gold Project in New South Wales Australia.
Corazon has secured the right to earn up to 80% of the Mt Gilmore Cobalt-Copper-Gold Project from private company Providence Gold and Minerals Pty Ltd and is currently completing due diligence. The surface rock-chip sampling being reported was undertaken by Providence; these results have been received by Corazon and as such additional disclosure is required by the Company.
Rock-Chip Sampling Program
A total of 76 rock-chip samples were taken within the Project and submitted for analysis in May 2016. This sampling tested five areas identified as significant copper-gold targets. Sampled areas include the May Queen, Iron Mountain, Gordonbrook Hill, Hassans and Puganbar targets.
Results are consistent with historical production and surface sampling, supporting the high-grade tenor of copper mineralisation in the Mt Gilmore area.
Mount Gilmore Copper-Gold
The Project is located in the New England Orogen, a significant mineral province in Eastern Australia with a gold endowment of more the 35M ounces and the potential to host large copper-gold systems. This region hosts deposits such as the Mount Morgan Cu-Au Mine (+50Mt @ 5.9 g/t Au and 0.7% Cu) and Mt Rawdon Gold Mine (50Mt @ 0.71 g/t Au).
A prospective 18km trend has been identified within the Project.
This region includes:
- More than 25 historic copper, gold, cobalt and iron workings, including significant shafts, adits and drives with high-grade copper and gold mineralisation.
- The definition of five large-scale Cu-Au targets.
Although mapping has identified extensive hydrothermal alteration and copper-gold mineralisation at surface, very little modern exploration has been undertaken at the Project. Aside from small-scale historic copper-gold and iron mines, previous exploration has predominantly been restricted to general prospecting/ mapping, rock-chip/ grab sampling. Drilling has only been completed at one of the targets, being the Pulganbar Prospect in the Cobalt Ridge area.