Corazon Mining (ASX:CZN) has launched the next phase of drilling at its Fraser Lake Complex, located within the Lynn Lake Nickel-Copper-Cobalt Sulphide Project in Manitoba, Canada.
Located 5km south of the historical Lynn Lake Mining Centre, the Fraser Lake Complex is Corazon’s principal exploration focus at the Lynn Lake Project.
Drilling is testing various features of the ‘highest priority’ geophysical anomaly, MTC-1, which is defined by a pipe-like magnetotelluric (MT) conductive feature, surrounded by an induced polarisation (IP) chargeability high.
The anomaly potentially represents a mineralised magmatic intrusive pipe, with an envelope of lower tenor disseminated sulphide.
Corazon, which has a market capitalisation of $6.77 million, intends to drill 2 holes as an initial test of MTC-1, which will target the core of the MT conductive trend and IP chargeability high feature immediately to the northeast.
Drilling is expected to be completed in April 2024, with results to be released once available.
A follow-up drilling program is also planned, subject to the results returned from the current program.
MTC-3 is the only target to be drilled to date, with drilling intersecting nickel and copper sulphide mineralisation at the core of an ultramafic intrusion of 30m in diameter, thereby validating the effectiveness and accuracy of the IP and MT program in identifying sulphide mineralisation.
Corazon also announced yesterday (25 March 2024) that it has entered into a sale agreement with Future Battery Minerals (ASX:FBM), which will acquire 85% of Corazon’s privately held, wholly owned subsidiary Coolgardie Nickel.
Coolgardie Nickel currently holds the Miriam Nickel Sulphide and Lithium Project in Western Australia.
Under the agreement, Future Battery will pay Corazon an initial consideration of $2 million, comprising $1 million cash and $1 million worth of shares in Future Battery, along with up to $7.5 million in staged payments based on project milestones.
Corazon Mining is an Australian mineral resources company focused on its portfolio of projects considered prospective for critical minerals in Australia and Canada.
As of 31 December 2023, the company had $841,000 cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Corazon Mining
