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CORAZON MINING LIMITED Regulatory Filings 2006
64747_rns_2006-07-09_bc3ed1c2-0225-4249-b3c2-22ca4c552c10.pdf
Regulatory Filings
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Level 2, 22 Oxford Close WEST LEEDERVILLE WA 6872 T: +61 8 9381 1436 F: +61 8 9381 1068 PO Bos 1681 WEST PERTH WA 6872 www.graynicmerais.com.au
ASX RELEASE
10 July 2006
GRAYNIC TO COMMENCE DIAMOND DRILLING OF COPPER DEPOSIT AT QUARTZ CIRCLE
Diamond drilling of an oxide copper resource at Quartz Circle is due to commence today, Monday 10 July. The proposed drilling program, which consists of 10 vertical holes totaling 500m, is designed to confirm the resource discovered in 1992 by a previous explorer and estimated to contain $120,000$ tonnes of ore grading $4.1\%$ Cu. The following table shows the best of the historic results from this deposit.
| Hole ID | $\sim$ . . Intersection (m) |
$Cu\%$ | Ag g/t | Ag g/t |
|---|---|---|---|---|
| PAN 1 | 16m | 10.9% | ||
| (incl 2m) | 46% | 231 | ||
| PAN 2 | 21m | 4.0% | ||
| PAN 15 | 4m | 3.4% | ||
| PAN 17 | 3m | 47% | 298 |
Best historic drilling results from copper deposit at Ouartz Circle
The ore mainly consists of the four copper minerals malachite, chalcocite, native copper and chalcopyrite. The new assays will enable estimation of a JORC compliant resource and the drill core will also provide material for metallurgical testing. Depending on the outcome of a scoping study the Company may elect to heap leach the oxide material on site or alternatively truck the ore to an existing plant for custom treatment.
The deposit is situated at shallow depth, between 25m and 50m from the surface and measures about 50m by 35m in plan. A scoping study including mining of the deposit and metallurgy of the ore is ready to commence as soon as the new data becomes available.
It is expected that the first assays will be available by the end of July.
Ron Thom Managing Director Graynic Metals Limited
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves was compiled by R Thom, who is a Member of the AusIMM. R Thom has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. R Thom who is an employee of Graynic Metals Ltd consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.