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Corazon's caution is a function of the fine-grained nature of the sulphide mineralisation encountered, with the promising drill interval stretching over 55.4m.

"Although we have not previously seen barren magmatic sulphides associated with these rocks, the fine-grained nature of the sulphide mineralisation is atypical of the coarse grained Lynn Lake sulphide bodies, and as such we advise caution in assuming the tenor of nickel within the Sulphide Zone," the company said.

Corazon didn't indicate timing of the assay results.

While Corazon is cautious of the drill results ahead of the assays, it is very encouraged by the success of its targeting.

"The most significant outcome from this drilling is proving that our new geophysical techniques can identify the targeted magmatic sulphides, as well as these late, metal-rich ultramafic pipes," Corazon said.

"This drilling is the first in testing several similar geophysical anomalies, some of which link into areas of known nickel mineralisation."

Corazon said the "innovative" geophysical survey used Quantec Geoscience's powerful Orion 3D DCIP and MT Deep Imaging system.

Corazon has been beavering away on-and-off, in-and-around the historical Lynn Lake mining area for a decade or so.

The Brett Smith-led company had A$3.4 million cash at the end of the March quarter.

Shares in Corazon were up 25% in late trade to 2c in afternoon trade, having nearly doubled at one point earlier in the session.

At 2c, the junior is capitalised at about $9.8 million.