Corazon Mining Ltd (ASX:CZN) has completed its 80% earn-in interest at the Mount Gilmore Copper-Cobalt-Gold Project in New South Wales.
The company entered into an agreement with the project vendors in 2016, giving it the right to earn up to an 80% interest in the Mount Gilmore Project by completing $2 million in exploration expenditure within three years.
Corazon has now completed its earn-in at Mt Gilmore, and has issued 83.33 million shares to the vendors, increasing its interest in the project by an additional 29% and taking its total ownership in the project’s mineral exploration lease EL8379 to 80%.
Pursuant to the agreement, Corazon will remain project manager and continue to sole fund activities at Mt Gilmore until a decision to mine is made.
The Mt Gilmore Project is a core priority for Corazon and exploration is ongoing. The current phase of field work is focused on defining priority drill targets for the next phase of drilling.
An induced polarisation (IP) ground geophysical survey is currently being conducted and is expected to be completed by July-end.
READ: Corazon Mining to survey new targets for potential drilling at Mt Gilmore
The IP survey is initially a reconnaissance survey of 20 line-kilometres, with provision for follow-up based on results.
IP is a geophysical targeting method that has been used with great effect in the exploration for concealed sulphide deposits in NSW.
The current survey is testing areas of extensive high-tenor copper-cobalt-silver anomalism in surface soil samples covering large areas of favourable alteration and outcropping sulphide mineralisation.
Share purchase plan remains open
Corazon is currently undertaking a share purchase plan (SPP) to raise up to $1 million to fund the company’s ongoing targeted exploration programs.
The SPP remains open, for eligible shareholders to participate, until 5.00pm on July 8, 2019.