CZN.AX
Corazon Mining Limited (ASX: CZN) (Corazon or Company) is pleased to announce it has exercised the 'Option to Acquire' 100% of the Miriam Nickel Sulphide Project (Miriam or Miriam Project) near Coolgardie in Western Australia's Goldfields minerals district.
Corazon entered into an option to acquire the Miriam Project in the previous quarter (ASX announcement, 26 July 2021), subject to the successful completion of due diligence. The Company is pleased to advise that is has successfully completed its due diligence process, and has exercised its option to acquire the Project and has made the Stage 1 consideration payment to the vendors, being $125,000, pursuant the Option Agreement. Details of the Option Agreement are included in this ASX announcement. Miriam is a highly prospective nickel exploration project, representing a strategic addition to Corazon's portfolio of nickel sulphide assets.
The Company is currently undertaking its next phase of drilling at its Lynn Lake Nickel Sulphide Project in Canada. The Miriam Project comprises five Prospecting Licence applications (P15/6135 to P15/6139 inclusive) and is located approximately 10 kilometres south-southwest of Coolgardie on an ultramafic trend, which hosts Auroch Minerals' (ASX: AOU) Miriam and Nepean Nickel Deposits. Corazon is excited by the Project's exploration potential.
Previous drilling undertaken predominantly in the 1960s and 1970sat the Miriam Nickel Deposit has intersected 'high nickel tenor' massive and disseminated sulphides, and this area will be an initial priority exploration focus.
Miriam Project - Next Steps
Having exercised its option to acquire the Project, Corazon is now working to secure the granting of the tenement applications prior to the commencement of its on-ground exploration programs. This work is designed to culminate in a first phase of drilling, which will target the Miriam Nickel Deposit, as well as other known nickel occurrences along the Miriam Trend. Past exploration results, including drilling and geophysics, will be integrated into the Company's drill targeting exercise
About the Miriam Project
The Miriam Project is located approximately 10 kilometres south-southwest of Coolgardie on a trend of ultramafics best identified by the Miriam and Nepean (Auroch Minerals, ASX: AOU) nickel deposits. The Miriam Project covers an area of about six (6) kilometres by one and a half (1.5) kilometers and comprises five Prospecting Licence applications (P15/6135 to P15/6139 inclusive). Anaconda Australia Limited discovered the Miriam Deposit, located within the Project, in 1969, and conducted most of the known nickel exploration in the late 1960s and early 1970s.
This work defined the core of the Miriam Deposit over a strike of about 150 meters and to a depth of at least 150 metres below surface. Subsequent drilling extended the drilled depth in places up to about 300 metres below surface. Referenced open-file documents (ASX announcement, 26 July 2021) detailing historical work defines a nickel-copper endowment for the Miriam Deposit. This work is not compliant with today's JORC standards, and further drilling is required for the definition of a JORC resource estimate at Miriam. Much of the historical drilling, which tested the ultramafic sequence north and south of the Miriam Deposit, was shallow percussion drilling that did not substantially penetrate the overlying oxidized zone. Many of the holes have not reached the ultramafic footwall target.
There is extensive untested opportunity to target nickel sulphide mineralisation at depth and also along strike from previous drilling. More recent nickel exploration campaigns were undertaken during the mid-1990's (Crest Resources NL) and early-mid 2000's (Berkeley Resources Limited JV's with MPI and Sipa Exploration NL). This work continued to identify massive and disseminated nickel sulphides, located within or close to well-defined channel sequences.
The existence of this defined target trend will allow Corazon to undertake focused and detailed exploration programs, utilising modern higher-powered electromagnetic (EM) geophysics. The most recent geophysical testwork for nickel sulphide exploration was completed in the early 2000's, where EM proved successful in identifying drill defined mineralisation at the Miriam Deposit
Contact:
Tel: +61 (08) 6166 6361
About Corazon
Corazon Mining Limited (ASX: CZN) is an Australian resource company with projects in Australia and Canada. In Canada, Corazon has consolidated the entire historical Lynn Lake Nickel Copper Cobalt Mining Centre (Lynn Lake) in the province of Manitoba. It is the first time Lynn Lake has been under the control of one company since mine closure in 1976. Lynn Lake presents Corazon with a major development opportunity that is becoming increasingly prospective due to recent increases in the value of both nickel and cobalt metals, and their expected strong demand outlooks associated with their core use in the emerging global electric vehicle industry. In Australia, Corazon is developing the Mt Gilmore Cobalt Copper Gold Sulphide Project (Mt Gilmore) located in New South Wales, which hosts the Cobalt Ridge Deposit - a unique high-grade cobalt-dominant sulphide deposit. Mt Gilmore is a regionally substantive hydrothermal system with extensive cobalt, copper and gold anomalism. The Company has completed definition drilling at the Cobalt Ridge Deposit and is currently identifying new areas prospective for additional Cobalt Ridge lookalike deposits. Both Lynn Lake and Mt Gilmore place Corazon in a strong position to take advantage of the growing demand for commodities critically required for the booming rechargeable battery sector.
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