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CORAZON MINING LIMITED — Investor Presentation 2015
Sep 30, 2015
64747_rns_2015-09-30_0a0a22f7-01ac-4045-8f6c-9d29aa356eb2.pdf
Investor Presentation
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Company
Presenta.on ASX
:
CZN 1
October
2015
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ASX:
CZN
|
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1
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FORWARD
LOOKING
STATEMENTS
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-
§ This
presenta,on
has
been
prepared
by
Corazon
Mining
Limited
(“Corazon”).
It
contains
forecasts
and
forward
looking statements
which
are
not
a
guarantee
of
future
performance
and
which
involve
certain
risks.
Actual
results
and
future outcomes
will
in
all
likelihood
differ
from
those
outlined
herein.
The
presenta,on
should
not
be
construed
as
an
offer
or invita,on
to
subscribe
for
or
purchase
securi,es
in
Corazon.
Nor
is
it
an
inducement
to
make
an
offer
or
an
invita,on
with respect
to
said
securi,es. -
§ Forward-‐looking
statements
are
statements
that
are
not
historical
facts.
Words
such
as
“expect(s)”,
“feel(s)”,
“believe(s)”, “will”,
“may”,
“an,cipate(s)”
and
similar
expressions
are
intended
to
iden,fy
forward-‐looking
statements.
These
statements include,
but
are
not
limited
to
statements
regarding
future
produc,on,
resources
or
reserves
and
explora,on
results.
All
such statements
are
subject
to
certain
risks
and
uncertain,es,
many
of
which
are
difficult
to
predict
and
generally
beyond
the control
of
the
Company,
that
could
cause
actual
results
to
differ
materially
from
those
expressed
in,
or
implied
or
projected
by, the
forward-‐looking
informa,on
and
statements.
These
risks
and
uncertain,es
include,
but
are
not
limited
to:
(i)
those
rela,ng to
the
interpreta,on
of
drill
results,
the
geology,
grade
and
con,nuity
of
mineral
deposits
and
conclusions
of
economic evalua,ons,
(ii)
risks
rela,ng
to
possible
varia,ons
in
reserves,
grade,
planned
mining
dilu,on
and
ore
loss,
or
recovery
rates and
changes
in
project
parameters
as
plans
con,nue
to
be
refined,
(iii)
the
poten,al
for
delays
in
explora,on
or
development ac,vi,es
or
the
comple,on
of
feasibility
studies,
(iv)
risks
related
to
commodity
price
and
foreign
exchange
rate
fluctua,ons, (v)
risks
related
to
failure
to
obtain
adequate
financing
on
a
,mely
basis
and
on
acceptable
terms
or
delays
in
obtaining governmental
approvals
or
in
the
comple,on
of
development
or
construc,on
ac,vi,es,
and
(vi)
other
risks
and
uncertain,es related
to
the
Company’s
prospects,
proper,es
and
business
strategy.
Our
audience
is
cau,oned
not
to
place
undue
reliance on
these
forward-‐looking
statements
that
speak
only
as
of
the
date
hereof,
and
we
do
not
undertake
any
obliga,on
to
revise and
disseminate
forward-‐looking
statements
to
reflect
events
or
circumstances
aTer
the
date
hereof,
or
to
reflect
the occurrence
of
or
non-‐occurrence
of
any
events.
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2
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COMPETENT
PERSON
STATEMENT
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The
informa,on
in
this
report
that
relates
to
Explora,on
Results
and
Mineral
Resources
for
the
A
Plug
deposits
at
the
Lynn
Lake project
is
based
on
informa,on
compiled
by
Mr
Neal
Leggo
who
is
a
Member
of
the
Australian
Ins,tute
of
Geoscien,sts.
Mr
Leggo
is a
full
,me
employee
of
Ravensgate
and
has
sufficient
experience
that
is
relevant
to
the
style
of
mineralisa,on
and
type
of
deposit under
considera,on
and
to
the
ac,vity
which
he
is
undertaking
to
qualify
as
a
Competent
Person
as
defined
in
the
2012
Edi,on
of the
“Australasian
Code
for
Repor,ng
of
Explora,on
Results,
Mineral
Resources
and
Ore
Reserves”.
Mr
Leggo
consents
to
the inclusion
in
the
report
of
the
ma_ers
based
on
this
informa,on
in
the
form
and
context
in
which
it
appears.
The
informa,on
in
this
report
that
relates
to
Explora,on
Results
and
Mineral
Resources
for
the
EL
Plug
deposits
at
the
Lynn
Lake project
is
based
on
informa,on
compiled
by
Mr
Stephen
Hyland
who
is
a
Fellow
of
the
Australasian
Ins,tute
of
Mining
and Metallurgy.
Mr
Hyland
is
a
full
,me
employee
of
Ravensgate
and
has
sufficient
experience
that
is
relevant
to
the
style
of mineralisa,on
and
type
of
deposit
under
considera,on
and
to
the
ac,vity
which
he
is
undertaking
to
qualify
as
a
Competent
Person as
defined
in
the
2012
Edi,on
of
the
“Australasian
Code
for
Repor,ng
of
Explora,on
Results,
Mineral
Resources
and
Ore
Reserves”. Mr
Hyland
consents
to
the
inclusion
in
the
report
of
the
ma_ers
based
on
this
informa,on
in
the
form
and
context
in
which
it appears.
The
informa,on
in
this
report
that
relates
to
Explora,on
Results
and
Targets
is
based
on
informa,on
compiled
by
Mr
Bre_
Smith, B.Sc
Hons
(Geol),
Member
AusIMM,
Member
AIG
and
an
employee
of
Corazon
Mining
Limited.
Mr
Smith
is
an
employee
of
Corazon Mining
Limited
and
has
sufficient
experience
that
is
relevant
to
the
style
of
mineralisa,on,
type
of
deposit
under
considera,on
and to
the
ac,vity
being
undertaken,
to
qualify
as
a
Competent
Person
as
defined
in
the
2012
edi,on
of
the
Australasian
Code
for Repor,ng
of
Explora,on,
Results,
Mineral
Resource
and
Ore
Reserves
(JORC
Code
2012).
With
regards
to
the
“foreign
es,mates
of
mineralisa,on”
defined
by
the
NI
43-‐101
resource
presented
by
Victory
Nickel
Inc
(TSX:NI) for
Lynn
Lake,
Mr
Smith
concludes
that
the
informa,on
provided
is
an
accurate
representa,on
of
the
data
and
studies
available
for the
es,mate.
Mr
Smith
consents
to
the
inclusion
in
this
document
of
the
ma_ers
based
on
this
informa,on
in
the
form
and
context in
which
it
appears.
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3
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LYNN
LAKE
Ni-‐Cu-‐Co
SULPHIDE
PROJECT
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Lynn
Lake
Township
A
Plug
–
Main
Mine
Area
Victory
Nickel
Project
Mined
18.4Mt
@
0.86
%Ni
&
0.44
%Cu
Area
Dunlop
Agreement
EL
Plug
–
Highest
Grade
Mine
Project
Area
Mined
1.7Mt
@
2.50
%Ni
&
1.15
%Cu
CORAZON HAS CONSOLIDATED
THE LYNN LAKE MINERAL FIELD
FOR THE FIRST TIME SINCE MINE
CLOSURE IN 1976
Rail
Line
Hydro
Power
Line
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4
LYNN
LAKE
PROJECT
MILESTONES
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-
§ Mar 2010 - Option over exploration ground and the EL Mine (Dunlop Project)
-
§ Aug 2012 - New agreement on Dunlop Project – Option extended to 2015
-
§ April 2015 - Completed acquisition of Victory Nickel Project (main mine area)
-
Ø Dr Larry Hulbert engaged for exploration Ø JORC Resource published for combined project Ø Commenced mining and processing studies
-
§ July 2015 - Re-structured Option/Purchase Agreement for Dunlop Ground
Current Work - IN PROGRESS §
-
Ø Acquisition and collation of ~70 years of exploration & mining data Ø Mining studies
-
Ø Preserving cash – Increase in expenditure dependent on an improvement in metals prices and market sentiment
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5
CORPORATE
OVERVIEW
|
ASX:CZN
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| Structure | Structure | Structure |
|---|---|---|
| Market Cap. @ 0.5 cps | A$ | 2.2M |
| Shares on Issue | # | 441.6M |
| Unlisted Op,ons on Issue | # | 30M |
| Cash (as at 30/6/15) | A$ | 1.8M |
| 52 week share trading range | A$ | $0.004 – 0.010 |
**Company
Focus**
-
Lynn
Lake
development
opportunity -
83,000t
contained
nickel -
• 37,800t
contained
copper
**Advanced
explora\on
play**
-
Fer\le
area
–
mul\ple
targets
generated -
• Proven
poten\al
for
new
discoveries
_**Project
Enterprise
Value
~
$400k**_
| Board & Management | Board & Management |
|---|---|
| Clive Jones | Non Execu,ve Chairman |
| Bre_ Smith | Managing Director |
| Jonathan Downes | Non Execu,ve Director |
| Adrian Byass | Non Execu,ve Director |
| Rob Orr | Company Secretary |
| Ownership Analysis | Ownership Analysis |
|---|---|
| Number of Shareholders | 1,700 |
| Top 20 | 31.13% |
| Board Ownership | 4.06% |
| Victory Nickel Inc. | 9.06% |
| Graeme Wallis | 3.84% |
| High % of Retail Shareholders |
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WHY
NICKEL?
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-
§ Nickel supply/demand fundamentals are strong – forecast to go from one of the worst performing metals to one of the best performing metals
-
Ø Demand out-stripping supply = deficit is coming
-
Ø Chinese de-stocking to LME completed
-
Ø Chinese NPI stockpiles and production are in rapid decline
Chinese
NPI
Stockpile
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RBC
2015
Year
Review
–
Source
RBC
Capital
Markets es\mates,
Wood
Mackenzie,
LME
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7
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Source
–
ANZ
Research
Commodity
Insight
22
May
2015
WHY
NICKEL?
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§ Nickel supply/demand fundamentals are strong – forecast to go from one of the worst performing metals to one of the best performing metals
-
§ Key Risks
-
Ø Chinese NPI production performs better than expected
Ø Chinese stainless steel production is cut back despite demand
| Commodity | Spot | 2018 | % Increase |
|---|---|---|---|
| Gold | 1132 | 1320 | 16.61% |
| Silver | 14.51 | 18 | 24.05% |
| Copper | 2.33 | 3.07 | 31.76% |
| Nickel | 4.56 | 9.31 | 104.17% |
| Zinc | 0.82 | 1.08 | 31.71% |
| Lead | 0.78 | 1.01 | 29.49% |
| Iron Ore | 56.04 | 67.5 | 20.45% |
| Uranium | 36.95 | 64.64 | 74.94% |
Source
–
PCF
Resources
Thermometer September
2015
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8
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Source
-‐
Macquarie
Research
Commodi\es
Outlook November
2014
CANADIAN
NICKEL
SULPHIDE
FOCUS
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Manitoba
Province
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**Lynn
Lake
Mining
Centre**
-
§ Within a mining friendly Canadian Province of Manitoba
-
§ Mine closure in 1976 - extensive infrastructure remains
-
§ Large remnant resources and exciting exploration potential
-
§ Possible ‘fast-track’ for any new mining operation.
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Raglan
Voiseys
Bay
Lynn
Lake
Thompson
Manitoba
Province
Sudbury
Major
Canadian
Nickel
Projects
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9
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LOGISTICAL
ADVANTAGES
OF
LYNN
LAKE
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Airstrip
EXCELLENT
INFRASTRUCTURE
Mine
Tailings
Lynn
Lake
Township All year access to mine
area
Township, shops,
hospital
Abundant hydro-
electricity and water
Sealed airstrip
Road and rail access
to smelters
No environmental or
Lynn
Lake
Project
Native Title issues
Claim
Boundary
Road
To
Thompson
Rail
To
Flin
Flon
Road
To
Hydro
Power
Sta\on
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10
PAST
MINE
PRODUCTION
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Mined
18.4Mt
@
0.86
%Ni
&
0.44
%Cu
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A
Plug
Mine
MAJOR NICKEL COPPER SULPHIDE CAMP
Mined
1.7Mt
@
2.50
%Ni
&
1.15
%Cu
EL
Plug
Mine
Multiple gabbro, norite & peridotite plugs within Precambrian meta- volcanics and sediments
24 years of production – 1953 to 1976
150
Plug
Prospect
1 M tons per annum
Fraser
Lake
Complex
Prospect
Maximum mining depth to 1,100m below surface
+85% recovery for all metals – Ni, Cu, Co
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PAGE
11
PAST
MINE
PRODUCTION
&
RESOURCES
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Resource
Mined
18.4Mt
@
0.86
%Ni
&
0.44
%Cu
6.7Mt
@
0.84
%Ni
&
0.39
%Cu
A
Plug
Mine
Resource
2.7Mt
@
0.99
%Ni
&
0.43
%Cu
Mined
1.7Mt
@
2.50
%Ni
&
1.15
%Cu
EL
Plug
Mine
150
Plug
Prospect
Fraser
Lake
Complex
Prospect
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12
JORC
RESOURCE
–
A
FOCUS
ON
GRADE
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| Deposit | Lower Cut-off Grade |
Lower Cut-off Grade |
Lower Cut-off Grade |
Tonnes | Grade | Grade | Contained Metal | Contained Metal |
|---|---|---|---|---|---|---|---|---|
| NIEQ % | Ni % | Ni % | Cu % | Ni Tonnes | Cu Tonnes | |||
| Indicated Resource Category | ||||||||
| EL Upper | 0.4 | 1,120,000 | 0.77 | 0.34 | 8,600 | 3,800 | ||
| EL Lower | 0.6 | 676,000 | 0.83 | 0.40 | 5,600 | 2,700 | ||
| N | 0.8 | 2,990,000 | 0.86 | 0.41 | 25,700 | 12,300 | ||
| O | 0.8 | 2,630,000 | 0.82 | 0.37 | 21,600 | 9,700 | ||
| Indicated Sub-Total | 7,420,000 | 0.83 | 0.38 | 61,500 | 28,500 | |||
| Inferred Resource Category | ||||||||
| EL Upper | 0.4 | 645,000 | 1.55 | 0.61 | 10,000 | 3,900 | ||
| EL Lower | 0.6 | 292,000 | 1.01 | 0.44 | 3,000 | 1,300 | ||
| N | 0.8 | 710,000 | 0.79 | 0.39 | 5,600 | 2,800 | ||
| O | 0.8 | 100,000 | 0.75 | 0.36 | 750 | 360 | ||
| G | 0.8 | 240,000 | 0.94 | 0.39 | 2,300 | 940 | ||
| Inferred Sub-Total | 1,990,000 | 1.09 | 0.47 | 21,600 | 9,300 | |||
| Total |
9,400,000 | 0.88 | 0.40 | 83,000 | 37,800 |
Notes -
Resource
released
by
Corazon
Mining
Limited
in
an
ASX
announcement
date 16[th] April,
2015 .
Nickel
equivalent
grades
(NIEQ%)
are
provided
as
an
indicator
of
value
in
a
mul,-‐metallic
deposit.
Lynn
Lake
has
a long
history
as
a
nickel,
copper
and
cobalt
mining
camp.
It
is
the
Company’s
opinion
that
all
elements
included
in the
metal
equivalent
calcula,on
have
a
reasonable
poten,al
to
be
recovered.
Past
mining
of
these
deposits
on average
produced
a
nickel
concentrate,
consis,ng
of
14%
nickel,
1.5%
copper
and
0.35%
cobalt
and
a
copper concentrate
having
30%
copper
and
0.60%
nickel.
In
this
circuit,
85%
of
the
nickel,
93%
of
the
copper
and
80%
of the
cobalt
were
recovered
on
average.
NIEQ%
=
(((Cu%222.04622)+(Ni%7.2222.04622))/7.22)/22.04622
based
on
metal
prices
of
Ni
=
US$7.22
/lb Cu
=
US$2.00
/lb.
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PAGE
13
NI
43-‐101
RESOURCE
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| Summary - A Plug NI 43-101 Resource1 | Summary - A Plug NI 43-101 Resource1 | Summary - A Plug NI 43-101 Resource1 | Summary - A Plug NI 43-101 Resource1 | Summary - A Plug NI 43-101 Resource1 | Summary - A Plug NI 43-101 Resource1 | Summary - A Plug NI 43-101 Resource1 | Summary - A Plug NI 43-101 Resource1 | Summary - A Plug NI 43-101 Resource1 |
|---|---|---|---|---|---|---|---|---|
| N, O & G Deposits, Lynn Lake, February 2010 | ||||||||
| Deposit | COG Ni% Eq2 | Tonnes3 | Tons | Grade | Contained Metal | |||
| Ni% | Cu% | Ni% Eq2 | Tonnes Ni | Tonnes Cu | ||||
| Measured, Indicated & Inferred Resource Categories | ||||||||
| N, O, G | 0.4 | 28,098,866 | 30,973,698 | 0.55 | 0.29 | 0.70 | 155,770 | 82,832 |
| N, O, G | 0.6 | 16,984,288 | 18,721,973 | 0.66 | 0.33 | 0.83 | 111,427 | 56,897 |
Victory Nickel Inc (TSX:NI) – NI 43-101 Resource – Further information available on SEDAR
Notes -
- This
resource
es,mate
is
a
foreign
resource
es,mate
and
is
not
reported
in
accordance
with
the
JORC
Code.
Insufficient
work
by
the competent
person
has
been
undertaken
on
the
foreign
resource
es,mate
to
classify
in
accordance
with
the
JORC
Code
and
it
is
uncertain that,
following
evalua,on
and/or
further
explora,on
work,
the
foreign
resource
es,mate
will
be
able
to
be
reported
as
a
mineral
resource
in
- Nickel
equivalent
grades
are
provided
as
an
indicator
of
value
in
a
mul,-‐metallic
deposit.
Lynn
Lake
has
a
long
history
as
a
nickel,
copper
and cobalt
mining
camp.
It
is
the
Company’s
opinion
that
all
elements
included
in
the
metal
equivalent
calcula,on
have
a
reasonable
poten,al
to be
recovered.
-
Ni
Eq
=
(((Cu%222.04622)+(Ni%7.2222.04622))/7.22)/22.04622
where
Ni
=
7.22
$US/lb
Cu
=
2.00
$US/lb. -
- The
original
NI
43-‐101
resource
used
Canadian
imperial
measurements.
For
the
purposes
of
this
table,
1
Ton
(US
Short)
=
0.90718474
Tonnes (metric).
- The
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CURRENT
MINING
STUDIES
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POSITIONING LYNN LAKE FOR DEVELOPMENT IN A BETTER MARKET
-
§ Studies being conducted at long-term metal price forecasts
-
§ Indicative mine planning & scheduling indicates a 1.1 Mtpa operation is possible from current resources. Ramping up from Yr1 400Kt, Yr2 574Kt to full capacity in Yr3
-
§ Current indicative mining schedule pushed to 8 years
-
§ Financial models currently being completed
-
§ A number of processing options under consideration
-
§ Drill defined mineralisation identifies upside resource potential.
-
§ Near mine focus is on identifying early/cheap and beneficial tonnages
Metal Prices Used In Studies
Stope/Pit Design
-
§ Nickel US$8.82/lb to US$9.88/lb
-
§ Copper US$3.21/lb to US$3.22/lb
Financial Models
-
§ Nickel US$9.88/lb
-
§ Copper US$3.21/lb
-
§ Cobalt US$14.21/lb
LYNN LAKE IS A LARGE TONNAGE – LOW COST MINING PROPOSITION
AN IMPROVED NICKEL PRICE IS CRITICAL FOR POTENTIAL DEVELOPMENT OF REMNANT RESOURCES
ANY NEW DISCOVERY WOULD ADD EXPONENTIAL BENEFIT
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MINE
GEOLOGY
–
LYNN
LAKE
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N
§
A
Plug
A
ShaT
§
§
§
Farley
ShaT
‘O’
Deposit
Plan
of
Intrusion
Geology
Interpreta\on
‘N’
Deposit
Plan
Legend
Sulphide
Deposits
‘M’
Deposit
Perido,te
Amphibolite
Quartz-‐Hornblende
Diorite
Gabbro
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EL
Plug
Mining
Studies
on
Southern
Part
of
Mining
Centre
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LARGE MINERALISED SYSTEM
Multiple orebodies, structurally complex system
Large remnant resources and drill defined mineralisation
Approximately 4,000 drill holes yet to be added to the current digital drill hole database (predominantly within the A Plug)
Despite a long history of exploration and mining, recent discoveries support the prospectivity of the mine area.
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Long
Sec\on
Schema\c
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RECENT
DISCOVERIES
–
LYNN
LAKE
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MODERN EXPLORATION METHODS
N
DELIVER RESULTS
A
Plug
A
ShaT
2008
§ Disco (Maxwell) - Western Areas NL (ASX: WSA)
18m @ 1.5% Ni, 0.70% Cu & 0.040% Co from 96m
Farley
ShaT
2010
§ Tango – Prophecy Resources Corp (TSXV: PCY) &
Plan
of
Intrusion
Independent Nickel Corp (TSXV:INI)
Geology
Interpreta\on
17m @ 0.6% Ni & 0.30% Cu
Plan
Legend
Sulphide
Deposits
2011
Perido,te
Amphibolite
§ EL Lower Zone – Corazon Mining Limited (ASX:CZN)
Quartz-‐Hornblende
Diorite
Gabbro
23.75m @ 3.34% Ni, 1.54% Cu & 0.079% Co from 731.25m
EL
Plug
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THE
EL
DEPOSIT
-‐
DEPTH
POTENTIAL
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-700 mbs
Discovery Hole XND001W1
23.75 m @ 3.34% Ni & 1.54% Cu
Deepest Result CRZ012 -800 mbs
44.75m @ 1.55%Ni & 0.65%Cu
Including:-
3.85m @ 2.83%Ni & 0.24%Cu
11.03m @ 2.31%Ni & 1.01%Cu
11.51m @ 2.37%Ni & 0.78%Cu
Drill hole Cross-Section
Looking West – 25m grid pattern
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LARGE
MINERALISED
SYSTEM
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North
EL Mine
Aerial Photo Mine Area Plan View
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EL Mine A Plug Deposits
M
Deposit
Mined
1.7Mt
@
Details
Unknown
2.5%
Ni,
1.15%
Cu
2000 foot level
CZN
High-Grade
Discovery 2011
N,
O
Deposits
&
Resources
Drill Hole Traces - Mine Area Cross-Section View (west)
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Scale
=
1
Km
Grid
Lines
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A
NEW
LOOK
AT
A
PROSPECTIVE
AREA
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**TARGET
GENERATION**
-
§ Corazon collating exploration and mining data from 1950’s to current day – ore system models and technology has changed over time
-
§ Difficult terrain, targets are predominantly under cover
-
§ Geophysics and an understanding of the mineralised system is the key to discovery
**TARGET
MODEL**
-
§ Vertically exaggerated – deep seeded mafic-ultramafic “plugs” with geochemical indications of “ crustal contamination ”
-
§ Multiple phases - gabbro and peridotite bodies intruded by late stage high-temperature norite/gabbro, ultramafic and sulphide melts
-
§ Fertile = nickel, copper and iron sulphides. Late stage sulphide melts and breccia.
MUCH OF THE PHYSICAL WORK IS ALREADY COMPLETED
We need to pull it together and make sense of it
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Milligan
Geology
-‐
1957
A
Plug
EL
Plug
150
Plug
Fraser
Lake
Plug
Magne\c
Image
VTEM
Survey
2007/2011
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IDENTIFYING
PROSPECTIVE
INTRUSIONS
| Sample# | Loca.on | Lithology/ mineral | ε Nd(T) 1873 Ma |
ε Nd(T) 1873 Ma |
ε NEODYMIUM ISOTOPIC RESULTS § Work by_Dr Larry Hulbert_in 1987 has assisted Corazon in identifying favourable exploration ground § Results focus attention on the Lynn Lake – Fraser Lake area § Crustal contaminated vertically exaggerated plug-like mafic/ ultramafic bodies preferred. Pris\ne Depleted Mantle Composi\on Crustal Contamina\on Lynn Lake Ni-Cu-CoMine Ni-Cu-PGEMine Fraser Lake Fraser Lake Complex EL Plug A Plug Milligan Geology - 1957 150 Plug LYNN LAKE IS UNIQUE IN THE GREENSTONE BELT |
|---|---|---|---|---|---|
| GP-7 | Wood Lake-Sask. | Feldspathic pyroxenite | 3.403 | ||
| GP-7 | Wood Lake-Sask. | PL | 4.371 | ||
| GP-7 | Wood Lake-Sask. | HBL | 2.909 | ||
| GP-7 | Wood Lake-Sask. | CPX | 1.912 | ||
| GP-13 | Wood Lake-Sask. | Anorthosi,c norite | 3.241 | ||
| 36-603 | Nemeiben Lake-Sask. | Websterite | 4.781 | ||
| 36-603 | Nemeiben Lake-Sask. | PL | 4.636 | ||
| 36-603 | Nemeiben Lake-Sask. | CPX | 3.788 | ||
| 36-603 | Nemeiben Lake-Sask. | OPX | 4.886 | ||
| HDB-85-139 | Logue Lake-Sask. | Norite | 3.551 | ||
| HDB-85-139 | Logue Lake-Sask. | PL | 3.465 | ||
| HDB-85-139 | Logue Lake-Sask. | HBL | 2.713 | ||
| HDB-85-139 | Logue Lake-Sask. | OPX | 3.626 | ||
| IVY-66 | Gochager Lake-Sask. | Feldspathic pyroxenite | 2.305 | ||
| CO-2 | Neyrinch Lake-Sask. | Gabbro | 2.836 | ||
| RL-1 | Reef Lake-Sask. | Ultramafc rock | 1.008 | ||
| 18-70 | Clam Lake-Sask. | Gabbro | 1.289 | ||
| HDB-85-30 | Cartwright Lake-Man. | Gabbronorite | 3.787 | ||
| HDB-85-30 | Cartwright Lake-Man. | PL | 3.791 | ||
| HDB-85-30 | Cartwright Lake-Man. | CPX | 3.772 | ||
| HDB-85-30 | Cartwright Lake-Man. | OPX | 3.932 | ||
| HDB-86-111 |
Tow Lake-Man. |
Gabbronorite | 4.124 | ||
| HDB-86-95 | Carr Lake-Man. | Gabbro | 2.507 | ||
| HDB-85-52 | Black Trout Lake-Man. | Gabbro | 3.164 | ||
| HDB-86-127 | Granville Lake-Man. | Gabbro | 2.119 | ||
| U-1685 | Lynn Lake-Man. | Norite | 0.161 | ||
| U-1685 | Lynn Lake-Man. | PL | 1.158 | ||
| U-1685 | Lynn Lake-Man. | CPX | 0.137 | ||
| U-1685 | Lynn Lake-Man. | OPX | 0.012 | ||
| SP-331 | Fraser Lake-Man. | Gabbronorite | -0.656 | ||
| SP-331 | Fraser Lake-Man. | PL | -0.776 | ||
| SP-331 | Fraser Lake-Man. | CPX | -0.913 | ||
| SP-331 | Fraser Lake-Man. | OPX | -0.547 | ||
| HDB-85-115 | Ro_enstone Lake-Sask. | Harzburgite | -0.356 | ||
| UR-35A | Wollaston Lake-Sask. | Pelite | -5.832 | ||
| UR-2200 | Highnick Lake-Sask. | Pelite | -4.730 |
_**LYNN
LAKE
IS
UNIQUE
IN
THE
GREENSTONE
BELT**_
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GEOLOGICAL
MODEL
&
PROSPECTIVITY
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Poor Prospec\vity ε
Neodymium
Isotopic
Summary Unmineralized: Good Prospec\vity Cartwright
Lake
=
3.7 Tow
Lake
=
4.1 Carr
lake
=
2.5 Black
Trout
Lake
=
3.1 Mineralized: EL
Mine
=
1.3
to
1.8
(mineralized
interval) EL
Mine
=
2.5
to
3.0
(unmineralized
interval) (ATer
Dr
L
Hulbert,
1987) A
Plug,
“N”
Orebody
=
0.1
Possible Mineralized intrusion:
Fraser Lake = - 0.6
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FRASER
LAKE
COMPLEX
(FLC)
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IS THIS ANOTHER LYNN LAKE?
Past exploration focused on western margin of FLC
Sister Plug to the A Plug - has all the right characteristics to host nickel sulphide deposits
-
§ Easy access compared to eastern Muskeg area
-
§ Large barren sulphide (pyrrhotite) zones outcrop
-
§ Possible roof-zone of FLC intrusion
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Wet
Lands
over
Satellite
Image
§ Modern processing of
geophysical data provides
FLC
Outline
Drill
Holes
new concepts and targets.
Lake
Milligan
Geology
-‐
1957
Muskeg
Swamp
A
Plug
EL
Plug
Muskeg/Swamp
150
Plug
Fraser
Lake
Plug
SEL
Outline
Lake
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FRASER
LAKE
COMPLEX
(FLC)
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THE DIGITAL CAPTURE OF 1960’S & 1970’S GEOPHYSICAL DATA PROVIDES A HUGE WINDFALL FOR CORAZON
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Reprocessed
1964
Ground
Gravity
Survey
Gravity
Sta\ons
Over
Image
of
Un-‐Corrected
Absolute
Values
FLC
Outline
Drill
Holes
SEL
Outline
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New FLC targets being generated
-
§ Reprocessing of geophysical data identify the central and eastern parts of the FLC as prospective – not the previously targeted western margin
-
§ New targets under-cover and untested by drilling
-
§ Similar work on Lynn Lake mine area will geophysically fingerprint orebodies – for use in the FLC
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FRASER
LAKE
COMPLEX
(FLC)
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CORAZON IS COLLATING A HUGE DATABASE OF MODERN GEOPHYSICS FOR THE REGION
Detailed
Aeromagne,c
Survey
-‐
2005 Aeromagne\c
Image
–
Survey
75m
Height,
75m
Spaced
Nth-‐Sth
& Est-‐Wst
Flight
Lines FLC
Outline Drill
Holes Mapped
Altered/Urali\zed Rocks
=
Poten\al Mineralisa\on SEL
Outline
New FLC targets being generated
-
§ Reprocessing of geophysical data identify the central and eastern parts of the FLC as prospective – not the previously targeted western margin
-
§ New targets under-cover and untested by drilling
-
§ Similar work on Lynn Lake mine area will geophysically fingerprint orebodies – for use in the FLC
-
§ 1970’s mapping and interpretations being reassessed by Dr Larry Hulbert
-
§ Small outcrops in south-east of FLC contain lithologies only ever seen adjacent sulphide mineralisation in Lynn Lake Mining Centre
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SUMMARY
OF
LYNN
LAKE
OPPORTUNITY
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§ Corazon has consolidated one of Canada’s most prolific historic nickel producing regions
§ Large resource base – a great foundation for development
Ø Historic and recent drilling has identified resource upside potential Recent discoveries not included in resources Ø
Ø Provides good leverage to an appreciating nickel price
-
§ A brown-fields exploration play with exciting prospectivity
-
Ø 3 new nickel discoveries since 2008 by active exploration companies including Corazon
-
Ø Multiple drill-ready targets being generated, discoveries expected Ø Are we uncovering another ‘Lynn Lake’ at the Fraser Lake Complex?
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CURRENT
ACTIVITIES
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-
§ Mining and Processing Studies
-
§ Looking to optimise up-front grade and identify cheap early ore
-
§ Looking to reduce operational and development costs
§ Exploration
-
§ Collating and processing more than $1.5M worth of geophysics
-
§ Adding to drilling dataset with ~4,000 missing holes (paper data located)
-
§ Target generation for additional resources in Mine Area
-
§ Target generation of new deposits proximal and regional
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THANKYOU
Brel
Smith Managing
Director Corazon
Mining
Limited P: +61
(8)
6142
6366
James
Moses Media
and
Investor
Rela,ons P: +61
(0)
420
991
574 E: [email protected]
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Corazon
Mining
Limited T :
+61
(8)
6142
6366
A P :
Level
1,
350
Hay
Street,
Subiaco
WA
6008
| :
PO
Box
8187,
Subiaco
WA
6008 E W :
[email protected]
| :
www.corazon.com.au
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