Corazon Mining Ltd (ASX:CZN) has recommenced drilling at Fraser Lake Complex (FLC) within the Lynn Lake Nickel-Copper-Cobalt Sulphide Project in Manitoba province, Canada, testing a new priority nickel sulphide target.
Drill hole FLC2020-22 has resumed after being paused in the June quarter due to unsafe surface conditions caused by the northern hemisphere spring melt at the project.
At this stage, the hole had reached the top of the defined geophysical target anomaly 400 metres below surface at a downhole depth of 523.4 metres.
With surface conditions on-site having now stabilised, drilling has restarted and the hole, which is the first into the target, is expected to be completed in the next 10 days.
Subject to results, Corazon will then make plans to conduct further drilling around this target area.
Managing director Brett Smith said: “There were a couple of small frustrating delays, outside the control of the team, but it’s been a huge effort to get back over the hole, and we’re drilling now.”
Corazon is focused on a priority exploration target at the FLC within the wider Lynn Lake project area. The FLC is 5 kilometres south of the Lynn Lake Mining Centre, where the company is targeting significant, new nickel-sulphide discoveries.
Issue closes today
Corazon will close its non-renounceable entitlement issue of shares at 0.2 cents aimed at raising up to $963,958 today at 5pm (WST).
The offer of one share for every five shares held at the record date of July 9, 2020, will include one free attaching option for every share issued exercisable at 3.5 cents each on or before June 30, 2021.
This offer follows the recent share placement for sophisticated and professional investors through which the company received firm commitments of about $714,000.
Proceeds from the capital raising will be used to progress exploration activities at the Lynn Lake Project in Canada as well as at the Mt Gilmore Project in New South Wales.