Corazon Mining Raises Funds For Copper-Gold Drilling At Mt Gilmore

Corazon Mining Ltd (ASX:CZN) has received firm commitments to raise A$340,000 through a placement of shares at A$0.0065 each.

The placement to sophisticated, professional and institutional investors will include one free option for every share subscribed for.

Corazon will also conduct a share purchase plan (SPP) to raise up to a further A$1,000,000 on the same terms as the placement.

Maiden drilling at May Queen

Corazon Chairman Terry Streeter said: “I would like to thank new and existing shareholders for their interest in investing in the exploration of the company’s projects.

 “This funding allows us to accelerate our plans to undertake a maiden drilling program at the exciting May Queen porphyry copper-gold target at the Mt Gilmore Project.”

Watch: Corazon Mining MD Brett Smith Speaks With JustStocks Video Of High-Priority Porphyry Copper-Gold Target At Mt Gilmore

May Queen prospect

The May Queen prospect at the Mt Gilmore Project in New South Wales is a significant anomaly with a strike length of ~2 kilometres.

It displays favourable hydrothermal alteration, along with coincident surface copper-in-soil and anomalous geophysical signatures.

Corazon is preparing for a maiden drill program at May Queen and is currently addressing access requirements and drilling permit approvals.

Drilling is expected to commence early in Q3, 2024.

Lynn Lake Nickel-Copper-Cobalt Project

In Canada, Corazon recently signed a deal to acquire three drill-defined zinc-copper-gold deposits near its Lynn Lake Nickel-Copper-Cobalt Project.

Watch: Corazon Mining Adds Three Zinc-Copper-Gold Deposits To Lynn Lake Project

The three deposits add to Corazon’s existing portfolio of seven zinc-copper-gold deposits within the 100% owned Lynn Lake tenure in the province of Manitoba.

The Lynn Lake region has a history of mining and exploration for magmatic nickel sulphide, volcanogenic zinc-copper-gold massive sulphide (VMS) and orogenic gold, dating back to the late 1940’s.

Dual focus

Corazon has a dual exploration and development focus at Lynn Lake.

The core component of Corazon’s work is establishing a pathway for the redevelopment of the historical Lynn Lake Nickel Sulphide Mining Centre.

To achieve this, the initial mining and metallurgical studies are in the final stages of completion.

Concurrently, Corazon is also exploring the opportunity to mine high-grade zinc-copper-gold deposits at Lynn Lake.

 

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