The placement validates confidence in the company’s portfolio of nickel sulphide assets in Canada.

Corazon Mining has hauled in $710,000 from institutional investor, Dephi – who now also holds a 19.99% equity in the company, to fund exploration at the Lynn Lake Nickel Sulphide Project in Canada.

The next phase of drilling is set to take off early in the new year focusing on a new, immediate-priority target at the Fraser Complex at Lynn Lake.

Delphi is an active, privately-owned institutional investor headquartered in Heidelberg, Germany, whose primary business objective is to invest its own funds into a portfolio of companies primarily in the resources sector.

He has made a number of strategic investments in ASX-listed exploration companies and this latest investment in Corazon (ASX:CZN) reinforces his confidence in the company’s portfolio of nickel sulphide assets.

“Very strong share registry”

CZN chairman Terry Streeter said: “Delphi’s position provides us with a very strong share-registry, with the top 20 shareholders having more than 40% equity in the company.

“The funds raised allows us to commission geophysical surveys at Lynn Lake, which are critical for more detailed target definition and the restart of exploration drilling as soon as practicable in the New Year.”

Exploration focus

In Canada, Corazon has consolidated the entire historical Lynn Lake Nickel Copper Cobalt Mining Centre (Lynn Lake) in the province of Manitoba – it is the first time Lynn Lake has been under the control of one company since mine closure in 1976.

Recent exploration at Lynn Lake has focused on the FLC, a “sister plug” (mafic/ultramafic intrusion) to the nearby “A Plug” that hosts the Lynn Lake nickel sulphide mining centre.

Drilling and geophysics within the FLC has identified a mineralised conduit that can be traced some 3.5 kilometres, before plunging into the centre of the FLC body.

The potential for massive sulphide deposits to exist in close association with ultramafic lithologies, within the extremely mineralised FLC, has become a priority focus for exploration at Lynn Lake.

 

 

 

This article was developed in collaboration with Corazon Mining, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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