Well-known prospector Mark Creasy has agreed to lend junior explorer Coziron Resources a further $1 million so it can look for vanadium and gold in Western Australia.

Coziron (ASX:CZR) has extended the terms of its existing convertible note agreement with the Creasy Group to add to the kitty.

The company had $118,000 in cash and a fully drawn $1 million loan at the end of the June quarter. Its expected cash burn for the current quarter is $620,000.

The funding will come in handy while Coziron continues negotiations with potential financiers, the company told investors this morning.

Coziron will use the cash to continue exploration of the Buddadoo vanadium project near Geraldton and the Croydon Top Camp gold project near Karratha.

The company is acquiring a 70 per cent stake in the Croydon Top Camp project from the Creasy Group.

Coziron Resources (ASX:CZR) shares over the past year.
Coziron Resources (ASX:CZR) shares over the past year.

Through his various companies, Mr Creasy is one of the largest holders of exploration ground in Western Australia.

The 73-year-old ranked number 11 on The West Australian’s Rich List this year, advancing one spot since 2017 with a wealth of $826 million.

Mr Creasy has been credited with some of Western Australia’s biggest mineral discoveries, including the Nova nickel deposit and the Jundee and Bronzewing gold finds.

Coziron has been contacted for comment.