Australian exploration company Corazon Mining Limited (ASX:CZN) (“Corazon” or the “Company”) is pleased to announce its activities and exploration results for the quarter ending 31 December 2011.
Exploration during the December quarter focussed on drill testing the down-dip extensions to the EL Deposit. Drilling during the December 2011 Quarter included 3,778 metres of core.
Drilling successfully intersected sulphide mineralisation to a depth of approximately 800 metres below surface. The defined mineralisation is below the current resource and may constitute a new zone of massive sulphide breccia zone, similar to that mined at the historic EL Mine.
In January, Corazon commenced a new phase of drilling which has a main focus of testing the Lower Zone at the EL Deposit, comprising high-grade nickel-copper sulphide breccia, which was discovered in May 2011. The work program proposes an additional 4,500 metres of core drilling, to be completed by the end of May 2012. Newsflow from this drilling is anticipated to be regular during the quarter.
Corazon’s strategy is to initially determine the size and extent of the high-grade nickel-copper sulphide breccia, with a view to rapid progression of the project towards development and production. This drilling will be used in the estimation of a new resource for the EL Deposit, expected to be completed in mid-2012.
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