Critical minerals explorer Corazon Mining (ASX:CZN) has signed a new exploration agreement with the Marcel Colomb First Nation (MCFN) for work at the Lynn Lake Nickel Sulphide Project in Manitoba.
Corazon reports this new agreement replaces an existing exploration agreement established in 2018 and provides more structure on how both parties will work together to progress the exploration and development activities at both Lynn Lake and the Fraser Lake Project.
The company says this new agreement outlines a framework for collaboration on proposed exploration and re-development activities and elevates MCFN as important stakeholders in the projects’ success.
Under the agreement, MCFN will receive $75,000 in common shares (over 5.267 million shares at an issue price of $0.014 per share), with one Corazon option for each share issued for its continued support and engagement of the Lynn Lake project.
MCFN may also be engaged in business, employment, and training opportunities for its members and will receive annual compensation payments based on the level of exploration expenditure undertaken by Corazon.
Commenting on the agreement, Corazon Chair Terry Streeter says: “We have been very impressed with the professional attitude, cooperation and support we have received from the MCFN regarding our aspirations within their traditional territories at Lynn Lake.
“We … look forward to working together as we continue to unlock the potential to develop the project into a sustainable, low-carbon, long-life mining operation“
We welcome them as Corazon shareholders and look forward to working together as we continue to unlock the potential to develop the project into a sustainable, low-carbon, long-life mining operation.”
Corazon is an ASX-listed mineral resources company with a portfolio of critical minerals projects in Australia and Canada. The company’s core commodities include nickel, copper, and cobalt, which position it to take advantage of the ‘massive’ demand for these metals, as they are critical inputs for the rechargeable battery sector.
The company’s Lynn Lake project represents its core asset and is located in Manitoba, Canada. Corazon has consolidated the entire Lynn Lake Nickel Copper Cobalt Sulphide Mining Centre and the surrounding tenure under its sole ownership and is the first company to do so in this ‘major’ nickel-producing district.
Corazon Mining had $2.491 million cash and cash equivalents at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Corazon Mining