Corazon Receives $1.1 Million Funding Commitments for Future Drilling Program

  • Feb 13, 2020 AEDT
  • Team Kalkine
Corazon Receives $1.1 Million Funding Commitments for Future Drilling Program

On 13 February 2020, Corazon Mining Limited (ASX:CZN), a focussed explorer of two quality projects including the Mt Gilmore Project and the Lynn Lake Ni-Cu-Co Mining Centre, informed the exchange that it has received firm commitments from sophisticated and professional investors for raising a total fund of approximately $1.1 Million through a placement of up to 315,867,854 fully paid ordinary shares at an issue price of $0.0035 per share.

The new shares include the immediate issue of 107,036,473 shares under ASX Listing Rule 7.1 and 208,831,381 shares under ASX Listing Rule 7.1A, and attaching options on each share, to be subscribed at $0.007 cents each and with an expiry date 10 July 2022. The issuance of the options would require the shareholder's approval.

CZN closed at $0.003 a share on 13 February 2020, with a market capitalisation of $6.26 Million.

Corazon will seek the shareholder approval on the issuance of the attaching options in the upcoming General Meeting in late March 2020. The 315,867,854 Attaching Options will have the same terms and conditions as the existing listed options CZNO. The placement shares are intended to be issued on 19 February 2020.

Corazon: Pursuing the right commodities at the right timeRead Here

The fundraise was managed by Sanlam Private Wealth Pty Ltd and would be paid 6% commission on the funds raised and will receive 20,000,000 CZNO options.

The capital raised would be utilised to fast track the exploration activities at the Manitoba based Lynn Lake Nickel project and for the working capital.

CZN was overwhelmed by the response and support from the investors for this placement and expressed its commitment to the Lynn Lake project. The funds raised would be utilised for the next phase of the drilling program, scheduled to commence later this month.

Source: Corazon Mining

The Lynn Lake Nickel project is located in the mature mining environment of Manitoba, Canada and hosts most of the required infrastructure to bring the project on stream at minimal upfront capital investment.

High-Grade Nickel Drilling Results Enhancing Mineral Resources Potential: Read Here

CZN followed the strategy to explore high prospect targets from the historically mined regions with mineralisation intersections at low depth, thus optimising the mining and overburden related cost, once the project commences. Corazon intends to accelerate the Lynn Lake Nickel Project with the anticipated boost by the EV sector boom and the positive results from the project.

Next Drilling Phase

The "A Orebody" and "E Orebody" areas hold further prospects which are yet to be tested to explore their full potential. In addition, several other areas within the historic mining centres may provide interesting opportunities for near-surface mineralisation. The drilling and study of these areas is a priority for Corazon.

The superficial mineralisation would not only ease the future operations by minimising the operating cost but also at the minimal drilling and exploration costs. Exploration will also target areas outside the Mining Centre, that hold good potential for discovery.

Prospective areas around and off the historic mining centres also might hold good potential for discovery and may be included in the upcoming drilling programs.

Fraser Lake Complex remains amongst the priority targets for CZN with the recently released results from the area reassuring the presence of strong mineralisation in the region-

  • 22.6 metres @ 0.70% Ni & 0.35% Cu from 258m
  • 27 metres @ 0.37% Ni & 0.16% Cu from 30m

The exploration at FLC is ongoing to identify the priority drill targets for the upcoming drilling programs.

Two Ace Projects: Lynn Lake and Mt Gilmore- Read Here

Latest Exploration Results

Corazon completed the 1,122 metres diamond drilling program in December and recently published the assay results for the priority diamond drilling samples from the “A Orebody” and “E Orebody” areas-

A Orebody

  • 37.8 metres @ 1.68%Ni, 0.67%Cu, 0.050%Co from 10 metres; including
  • 22.6 metres @ 2.30%Ni, 0.82%Cu, 0.068%Co from 24.4 metres

E Orebody

  • 4.5 metres @ 1.17%Ni, 0.22%Cu, 0.029%Co from 25 metres
  • 4.1 metres @ 2.09%Ni, 0.57%Cu, 0.073%Co from 26.9 metres

Corazon intends to accelerate the Lynn Lake Nickel Project with the anticipated boost by the EV sector boom and the positive results from the project., CZN would focus on such assets to be defined during the feasibility studies.


Disclaimer
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. The above article is sponsored but NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) under discussion. We are neither licensed nor qualified to provide investment advice through this platform.

 

All pictures are copyright to their respective owner(s).Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.

 

There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

CLICK HERE FOR YOUR FREE REPORT!
   
x
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK