Corazon Mining Limited (ASX:CZN) is planning for its next phase of drilling at the Lynn Lake Nickel-Copper-Cobalt Sulphide Project in Manitoba Province, Canada and is targeting for drilling to commence early in February.
This phase of drilling will target new geophysical conductors identified by the recently completed aerial MobileMT geophysical survey.
The company also announced that its shareholders have approved the consolidation of its capital structure at the general meeting held on 21 January 2021.
Corazon’s recently completed aerial MobileMT geophysical survey identified multiple new electromagnetic conductor anomalies, indicative of nickel-copper-cobalt sulphide mineralisation.
The anomalies of interest are in a new untested area immediately adjacent to drill defined nickel-copper-cobalt sulphide mineralisation within the Fraser Lake Complex (FLC), five kilometres south of the Lynn Lake Mining Centre.
Corazon Mining plans to drill-test these conductor anomalies, in its search for high-grade massive sulphide mineralisation.
Initially, the drilling will test priority geophysical conductors on strike from the Matrix Trend within the FLC.
Previous drilling within the Matrix Trend has returned widespread low-level disseminated nickel-copper-cobalt mineralisation, and narrow zones of semi-massive to massive nickel-copper-cobalt sulphide.
South Pipe conductor
An additional priority target area for drilling is the South Pipe conductor - the most substantial, and highest priority, conductive anomaly defined by the MobileMT survey.
The high priority South Pipe target is located on newly acquired tenure.
The approval of exploration permits for this area are currently pending, and the company plans to drill this target as a priority once applications have been granted.
Capital structure consolidation
Its shareholders have approved the consolidation of the company’s issued capital on the basis of one share/option for every 20 shares/options currently held, reducing the number of shares on issue to about 162.67 million from the current number of issued shares of around 3.253 billion.
Corazon Mining is now working through the consolidation process.
New holding statements are expected to be issued between 28 January and 3 February 2021.
The proposed start of the drilling program has been delayed slightly to accommodate additional health care workers and officials within the town, as a priority to deal with a post-Christmas outbreak of COVID-19 within the community.
By all accounts, it appears the outbreak has been contained and the Provincial Government has directed resources, including the issuing of vaccinations, to Northern Manitoba.