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Corazon Mining in a trading halt with capital raising news imminent

The halt will remain until the start of trading on Wednesday or when an announcement is released.
ASX sign
The company has projects in Manitoba, Canada, and in northern New South Wales.

Corazon Mining Ltd (ASX:CZN) has a capital raising announcement pending and has been granted a trading halt by the ASX.

The halt will remain in place until that start of normal trading on Wednesday, April 3, 2019, or when an announcement is released to the market, whichever occurs earliest.

Corazon, which last traded at 0.3 cents, has the Lynn Lake Nickel-Copper-Cobalt Sulphide Project in Manitoba, Canada, and the Mt Gilmore Copper Project in northern New South Wales.

READ: Corazon Mining delivers “exceptional” test results for Lynn Lake nickel and copper concentrates

In February the company described initial metallurgical test work results from the Lynn Lake project as “exceptional”.

Tests on sulphide mineralisation produced separate high-value and high-purity nickel and copper concentrates, far surpassing those delivered by historical processing methods.

Results include:

  • New nickel concentrate with a grade of 26% nickel with recoveries of 71%; and
  • New copper concentrate with a grade of 27% copper with recoveries of 77%.

These results indicate that Lynn Lake may deliver separate high-value nickel and copper products.

This would provide greater optionality for processing methods and product sale points.

READ: Corazon Mining discovers major copper cobalt silver gold trend at Mt Gilmore

Also, in February, Corazon discovered a major 11-plus kilometre long copper-cobalt-silver-gold trend at Mt Gilmore.

Exploration resulted in the discovery of multiple, large 1-plus kilometre priority targets within the trend, which forms part of the defined 22-kilometre-long, mineralised Mt Gilmore Trend.

The trend represents a district-scale exploration play for large intrusive-related copper-cobalt-gold deposits.

Rock chip and grab sampling within these soil anomalies returned up to 21.6% copper, 1,795ppm cobalt, 1.29 g/t gold, 361ppm silver and 885ppm molybdenum.

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Corazon Mining Ltd Timeline

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