Corazon Mining Ltd (ASX:CZN) has leveraged innovative geochemical studies conducted by the University of Tasmania to identify a new target area for a potential porphyry copper deposit at the Mt Gilmore project in northern New South Wales.
The new target area, with a similar signature to known large porphyry deposits, was generated from initial results of a mineral chemical vectorization study.
Based on the University’s positive results, Corazon plans to conduct a new phase of targeted fieldwork at the Mt. Gilmore Project.
Location of the Mt. Gilmore Project.
Why the study?
The Mt Gilmore Project is located in the New England Orogen in northeast NSW.
Geochemical and geophysical surveys conducted by the Company have demonstrated the potential for covert intrusive or porphyry copper-gold hydrothermal systems.
However, due to the size of the geochemical anomalies (ie main target area of approximately 8 km x 2 km), poor surface exposure and lack of historical drilling, it has been difficult to identify precise drill targets.
Significant research devoted to mineral chemistry studies has been conducted in recent years to assist in exploration for blind mineral deposits.
Work from the Center for Ore Deposit and Earth Sciences (CODES) at the University of Tasmania included Porphyry Vectoring and Fertility Tools (PVFTs), which use the chemical composition of hydrothermal minerals to predict likely direction and distance to mineralized centers and potential Metal Foundation of a Mineral District.
Positive early results
Studies on Mt. Gilmore rock and drill core sampling by CODES have returned positive early results which Corazon believes support the prospects of the project and the strong porphyry copper potential.
This work demonstrates that the Mt Gilmore copper-gold-cobalt trend exhibits a complex hydrothermal history and geochemical features typical of known large porphyry copper deposits.
Corazon said the results are extremely encouraging and additional mineral studies and geophysics will support the definition of targets that are expected to be readily drill tested.
It is believed that with additional mineral chemistry vectoring studies from rock samples spread more broadly across the project, the heat source causing the geochemical signature of the porphyry copper deposit(s) can be defined.
The Company plans to begin its next phase of exploration at Mt. Gilmore next month.
This includes surface rock chip sampling for detailed mineral chemical vector studies and geophysics (possibly gravity and IP) initially targeting the Gordonbrook Hill prospect.
This low impact exploration is expected to be completed within the next three to four months, subject to the availability of geophysical contractors.