Corazon Consolidates Lynn Lake Nickel Project, Holds Strong Future Potential

  • May 15, 2020 AEST
  • Team Kalkine
Corazon Consolidates Lynn Lake Nickel Project, Holds Strong Future Potential

Corazon Mining Limited (ASX:CZN), diversified base metals developer and explorer, advancing on critical Nickel and Cobalt projects in the global mining centres. Corazon is advancing on Lynn Lake Nickel project in Manitoba, Canada and the Mount Gilmore Cobalt project in New South Wales, Australia.


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World Looking Past Quarantine, Nickel Demand and Prices Likely to Gain

Both Nickel and Cobalt are battery metals with an immense future prospect as the EV and Energy Storage market gains traction. With China showing signs of revival from the COVID 19 pandemic, steel plants in the country have recommenced operations at higher capacity leading to a growth in the iron ore prices. The nickel export ban by the largest exporter Indonesia in early 2020 overlapped with the virus outbreak leading to closure or reduced Nickel Pig Iron (NPI)/ Ferronickel manufacturing production.

The market got little time to adjust to the reduced Nickel supply due to the Indonesian Nickel ore ban following which the demand tanked due to reduced industrial activity and the travel ban. With major economies such as China, Australia and many portions of Europe now past the coronavirus outbreak peak, the demand for Stainless steel and alloys can see a “v shape” recovery.


Source: World Bank

Source: World Bank

The future Nickel prospect indicates immense value generation potential for Corazon at the Lynn Lake Nickel project.

Corazon’s Ace in the Pack- The Lynn Lake Project

The flagship historical Lynn Lake Nickel Copper Cobalt project is located in the Manitoba mining centre, Corazon has been successful to in consolidating the entire mining centre which had been controlled by separate partners ever since the mining operations closed in 1976. Lynn Lake places Corazon is in a strong position to take advantage of the booming demand for battery metals for the burgeoning battery sector.

Acquiring Dunlop Project, Consolidating the Entire Lynn Lake Under Sole Ownership

To maximise the prospectivity at Lynn Lake, Corazon recently exercised the option to acquire the Dunlop project consolidating the entire Lynn Lake Nickel Copper Cobalt Sulphide project under one ownership. Earlier Corazon managed to consolidate the Lynn Lake Nickel Sulphide mining centre through-

  • Acquisition of 100% of Victory Nickel Project; and its
  • Option to acquire 100% of Dunlop Project


Corazon satisfies all mandatory obligations to exercise its rights to acquire 100% stake in Dunlop project, which holds a substantial portion of the extended Lynn lake project area.


Source: Corazon Mining

Source: Corazon Mining

The Dunlop project area includes high-grade El deposit and the promising land of the Fraser Lake Complex (FLC). Following the acquisition, the existing owners would be liable to receive payments for production payments and royalty rights. In exchange of the acquisition, a payment of 4.5 million Corazon shares to the original vendors is required upon completion of the transaction. The ownership transfer is under progress and is expected to be completed soon.

With the entire Lynn Lake project upon integration would hold significant project areas with historically mined deposits holding further superficial mineralisation potential. Lynn Lake holds significant mineral resources with a potential of an early and easy start-up with minimum capital requirements, thus making a strong case for the development of mining operation at Lynn Lake and future development of deeper mineralisation. Additionally, Corazon would progress to define the results from recent drilling results to update further mineral resources.

Corazon closed at $ 0.0030 a share on 15 May 2020, with a market capitalisation of $7.23 million.


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