Corazon Mining Limited announced it has been awarded an Australian Government Innovation Connections Grant to help advance exploration and assessment of the Mt Gilmore Copper-Gold-Cobalt Project (Mt Gilmore or Project) in New South Wales. Corazon is currently undertaking a geochemical testwork program with the University of Tasmania's (UTAS), Centre of Ore Deposit and Earth Sciences (CODES). The initial phase of this program was successful, confirming that the Mt Gilmore Project hosts key geochemical characteristics specific to large porphyry copper-gold deposits.

The second phase of the program is currently underway and is designed to expand on the first phase studies and deliver more precise targeting from which exploration drilling can be planned. This study is titled "Enhanced geochemical targeting at the Mt Gilmore Cu-Au-Co trend" and has successfully been awarded an Australian Government Innovation Connections Grant to assist CODES completing the geochemical studies. Funding was awarded on a co-funding basis, with CODES receiving a total of $100,000, including $50,000 from the Government grant and $50,000 provided by Corazon.

The surface anomalism for metals at Mt Gilmore is recognised as the surface expression of a large hydrothermal system of more than 20 kilometres in strike. This anomaly is potentially associated with mineralized intrusive rocks and presents an exciting exploration undertaking for Corazon. The current phase of geochemical targeting at Mt Gilmore is designed to follow-up on the first phase of mineral geochemical studies completed by CODES at UTAS.

The initial phase of work successfully identified that key geochemical characteristics of large porphyry copper-gold deposits are present at Mt Gilmore. Impressive initial results from the CODES/UTAS studies have highlighted both the Gordonbrook Hill and May Queen areas at Mt Gilmore. Gordonbrook Hill displays both a large porphyry copper deposit and skarn style signature, while the May Queen prospect has a strong skarn signature, trending to a porphyry system and notably into the "giant" porphyry copper deposit category.

The size and complexity of the soil geochemical anomalies within Mt Gilmore has made effective drill targeting difficult to date. This new work is a more detailed study of these geochemical characteristics, designed to result in the delineation of targets for drill testing. Detailed mineral geochemical analysis is being undertaken over a much broader area.

To date, approximately 55 sites have been sampled, covering the area from Cobalt Ridge to May Queen. Additional samples will be collected throughout the study. The initial focus for this mineral geochemical vectoring analysis by CODES/UTAS will be the Gordonbrook Hill prospect, where a mineralised porphyry was identified in surface mapping/sampling and drilling.