Corazon Mining Limited (ASX: CZN) – $0.026

24 Nov 2016

Corazon Mining Limited (ASX: CZN) has intersected cobalt at the Mt Gilmore Cobalt-Copper-Gold Project located in north eastern New South Wales (Figure 1).



Figure 1. Location of the Mt Gilmore Project in New South Wales



Highlights include:


  • 16 metres at 0.65% cobalt from 135 metres including 6 metres at 1.48% cobalt
  • 37 metres at 0.14% cobalt from surface including 2 metres at 0.36% cobalt and 1.37% copper and 1 metre at 1.20% cobalt and 1.02% copper



The drilling program focused on the high grade Cobalt Ridge prospect with the latest assay results revealing that the prospect has the potential for discrete high grade zones of cobalt within broader moderate grade mineralisation.


A total of 18 reverse circulation drillholes have been completed for 2086 metres. Diamond drilling has commenced to provide additional information for interpretation and modelling of the mineralisation and is expected to be completed over the next two weeks.


Cobalt is used in a wide variety of applications including lithium ion batteries and the rechargeable battery sector.



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