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Corazon Mining appoints leading nickel sector identity Terry Streeter as chairman

The company is raising $1 million by way of a placement to sophisticated and professional investors.

Corazon Mining Ltd - Corazon Mining appoints leading nickel sector identity Terry Streeter as chairman
New funds will be used to accelerate exploration activities at Lynn Lake

Corazon Mining Ltd (ASX:CZN) has appointed leading nickel sector identity and executive Terry Streeter to the board as non-executive chairman.

Streeter will help drive an accelerated exploration and development program at the Lynn Lake nickel-copper-cobalt sulphide project in the province of Manitoba, Canada.

Clive Jones will step down as chairman and retain the role as a non-executive director.

Terry Streeter

Streeter has more than 30 years’ experience in the nickel sulphide industry, including previous highly successful board positions with leading Australian nickel exploration and mining companies Jubilee Mines NL and Western Areas Ltd (ASX:WSA).

In commenting on the Lynn Lake Project, Streeter said: “I know the Lynn Lake Project from my time at Western Areas when the company made a discovery there in 2008.

“The potential of the region has now been further enhanced by Corazon’s recent work and its ability to consolidate the entire mining camp and I’m confident that together we can create something special at Lynn Lake”.

Re-focus on Lynn Lake Nickel Precinct

The recent recovery in the price of nickel has led Corazon to undertake a positive strategic review of its Lynn Lake Project, and the opportunity to re-focus and accelerate its exploration and development plans to deliver value for shareholders.

Corazon has consolidated the entire Lynn Lake nickel camp and its extensive historical datasets, which includes more than 75 years of exploration and 24 years of mining information.

Corazon is the first company to have control of the entire Lynn Lake nickel camp since 1976, which provides it the opportunity to complete detailed interrogation and targeting within the mine area and across the wider project area.

The nickel-copper-cobalt sulphide deposits at Lynn Lake were mined continuously between 1954 and 1976, processing more than 20 million tonnes and it was one of Canada’s major nickel mining centres of its time.

Substantial opportunity for further discoveries

Substantial resources remain and further extensive drill defined mineralisation also exists within the Lynn Lake mining centre.

With little modern exploration being undertaken, the opportunity for discovery at Lynn Lake is substantial.

Recent work highlights the Lynn Lake Project’s potential, with discoveries made by several companies including Western Areas, Independent Nickel Inc and Corazon.

The priority targets Corazon will focus on in its upcoming work program include near-surface mineralisation, as well as areas on-trend from the historical workings at Lynn Lake.

Capital raising

Corazon has received commitments to raise about $1 million by way of a placement of shares at an issue price of 0.25 cents per share to sophisticated and professional investors.

The funds raised pursuant to the placement will be used to accelerate exploration activities at Lynn Lake, including studies to identify priory drill targets within the mine area and the completion of a scoping study on the current resource areas.

Quick facts: Corazon Mining Ltd

Price: 0.0025 AUD

Market: ASX
Market Cap: $8.13 m

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Corazon Mining about to resume drilling at Lynn Lake in Canada

Corazon Mining Ltd's (ASX:CZN) Brett Smith tells Proactive's Andrew Scott they're preparing to recommence drilling by the end of this month at the Lynn Lake Nickel-Copper-Cobalt Sulphide Project in Manitoba Province of Canada. The current phase of drilling at Lynn Lake is focused on its priority...

on 22/7/20

3 min read