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Corazon Mining in trading halt ahead of capital raising announcement

The Frazer Lake Complex within the Lynn Lake Mining Centre is a mafic intrusive rich in magmatic sulphides, prospective for the discovery of major nickel-copper-cobalt sulphide deposits.

Corazon Mining Ltd - Corazon Mining in trading halt ahead of the execution and planning of a capital raising
The company aims to unlock new nickel sulphide discoveries at Lynn Lake Mining Centre in Canada

Corazon Mining Ltd (ASX:CZN) is in a trading halt ahead of an announcement in regard to the execution and planning of a capital raising.

The trading halt will be in place until the start of regular ASX trading on Wednesday, July 1, or when an announcement is released to the market, whichever occurs earliest.

High-grade nickel, copper and cobalt

In early May the company reported high-grade assays from its latest phase of drilling at the Lynn Lake Nickel-Copper-Cobalt Sulphide Project in Manitoba province, Canada.

All results have now been returned from the three-hole, 243.4-metre drill program completed at the A ore body within the Lynn Lake Mining Centre.

The results have delivered further exceptional high-grade nickel, copper and cobalt intersections, including:

  • 37 metres at 1.34% nickel, 0.50% copper, 0.040% cobalt from 8 metres including 8.35 metres at 2.36% nickel, 0.66% copper, 0.063% cobalt from 17 metres; and
  • 21 metres at 0.67% nickel, 0.50% copper, 0.020% cobalt from 8 metres.

This phase of work explored areas highlighted in drilling completed by Corazon in December 2019, in a program testing the potential for high-grade nickel-copper-cobalt surface extensions of historically mined underground deposits.

Quick facts: Corazon Mining Ltd

Price: 0.0025 AUD

ASX:CZN
Market: ASX
Market Cap: $6.93 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...

2 weeks, 4 days ago

2 min read