Corazon ready to get drill spinning for new exploration program at Lynn Lake
Link copied to
The explorer is ready and roaring to get going on a new drilling campaign at its Canadian Lynn Lake nickel-copper-cobalt sulphide project.
Corazon Mining (ASX:CZN) already has a significant 116,800t nickel, 54,300t copper, and 5,300t cobalt resource at the historic project – and if drilling is successful, it could get even bigger.
The focus for this program is on the Fraser Lake Complex (FLC), a large metal rich mafic intrusive body around 5kms from the historical Lynn Lake Mining Centre and will test discrete pipe-like bodies (pipes) within the FLC.
And the geophysical characteristics of the FLC pipes are most similar to the EL Deposit within the Mining Centre, which was mined to only 200 metres below surface, producing around 1.9 million tonnes of ore at 2.4% nickel and 1.15% copper.
In other exciting news, a recent aerial gravity survey over the FLC highlighted numerous pipes which are yet to be tested by drilling.
The company says these features are also apparent within the magnetic data and at this stage appear to come together to form a large body at depth within the centre of the FLC
“The potential for massive sulphide deposits to exist in close association with ultramafic lithologies within the extremely mineralised FLC, is a priority exploration focus for Corazon.”
CZN is offering eligible shareholders the opportunity to acquire new shares at $0.03/share through a one for one non-renounceable pro-rata rights issue to raise around $10.7 million.
Earlier this month the company secured a $2 million placement from advanced nickel explorer and major shareholder Blackstone Minerals (ASX:BSX).
These funds will be used to accelerate nickel exploration and development plans – including the drilling at Lynn Lake.
Corazon will also use the cap raise to finalise the acquisition of the ‘Miriam’ project in WA along with initial exploration including geophysical surveys and drilling, and for exploration at its ‘Mt Gilmore’ copper-cobalt-gold project in NSW.
The Entitlement Offer is currently scheduled to close on 4 April 2022.
This article was developed in collaboration with Corazon Mining Limited, 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.