Corazon Mining Quarterly Activities Report - June 2024
CZN (CZN) Share Update July 2024 Monday 29th
Corazon Mining Announces Strategic Developments and Project Updates
Corazon Mining Limited (ASX: CZN) has released its Quarterly Activities Report for the period ending 30 June 2024, highlighting significant developments across its projects in Canada and Australia.
Instant Summary:
- Future Battery Minerals Limited acquires 85% interest in Miriam Project's lithium rights.
- Corazon retains 100% of base and precious metal rights at Miriam Project.
- Strategic acquisition of high-grade zinc-copper-gold deposits at Lynn Lake.
- Completion of drilling at Fraser Lake Complex with promising results.
- Capital raising of A$340,000 to accelerate exploration at Mt Gilmore.
Miriam Lithium & Nickel Sulphide Project – W.A.
Future Battery Minerals Limited (FBM) has acquired an 85% interest in Corazon’s subsidiary, Coolgardie Nickel Pty Ltd, which holds the lithium and industrial minerals rights for the Miriam Project in Western Australia. Corazon received A$1M in cash, 16,129,033 fully paid ordinary shares, and 120,967,744 performance rights in FBM. Corazon retains 100% of the base and precious metal rights and is free carried on lithium exploration and development costs until the completion of a Definitive Feasibility Study (DFS).
Work program approvals for drilling at Miriam are expected to be completed by Q3 2024.
Lynn Lake Nickel Sulphide Project – Canada
Corazon has proposed a strategic multi-commodity acquisition, adding high-grade zinc-copper-gold deposits to its portfolio. The MacBride Deposit, a significant historical metal endowment, is included in this acquisition. Mining studies and metallurgical testwork programs continue with excellent results, leading to an extension of the metallurgical testwork program. Detailed mine design and scheduling are anticipated to be completed by Q3 2024.
High priority drilling at the Fraser Lake Complex has been completed, testing geophysical anomalies defined by recent 3D Induced Polarisation (IP) and Magnetotelluric (MT) surveys. The surveys have successfully identified intrusion-hosted magmatic nickel-copper sulphide.
Mt Gilmore Project – N.S.W.
Corazon has defined a new high-priority porphyry copper-gold target at the May Queen prospect. This significant anomaly, with a strike length of approximately 2km, possesses mineral chemistry analogous to other giant porphyry copper-gold deposits in NSW. The company is preparing for its maiden drill program at the May Queen prospect and is currently addressing access requirements and securing drilling approvals.
Corporate Updates
Corazon’s well-known and respected Chairman, Mr. Terry Streeter, passed away post-Quarter end. The company acknowledges his significant contributions and will miss him greatly. Additionally, Corazon has raised approximately A$340,000 through a placement to sophisticated and professional investors to accelerate copper-gold exploration at Mt Gilmore. The company offered an SPP to existing shareholders on the same terms as the Placement, but it was withdrawn due to market conditions and insufficient interest.
The strategic developments and project updates are likely to have a positive impact on Corazon Mining's stock. The acquisition of high-grade deposits at Lynn Lake and the promising results from the Fraser Lake Complex drilling could boost investor confidence. However, the passing of Chairman Terry Streeter may cause some uncertainty in the short term.
Investor Reaction:
Analysts have noted the strategic acquisition and promising drilling results as positive developments for Corazon Mining. Some investors have expressed optimism about the company's future prospects, particularly with the potential for significant resource expansion at Lynn Lake and the new porphyry copper-gold target at Mt Gilmore.
Conclusion:
Investors should keep an eye on Corazon Mining's upcoming milestones, including the completion of drilling approvals at Miriam and the detailed mine design at Lynn Lake. The company's strategic acquisitions and successful capital raising efforts indicate a strong position for future growth. Staying informed about Corazon's progress will be crucial for making informed investment decisions.