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CORAZON MINING LIMITED — Interim / Quarterly Report 2014
Oct 30, 2014
64747_rns_2014-10-30_4d5428eb-eaa0-455f-ae97-b0b13e3fa4f6.pdf
Interim / Quarterly Report
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ASX ANNOUNCEMENT
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31 October 2014
The Manager - Company’s Announcements
Australian Securities Exchange
QUARTERLY ACTIVITIES REPORT – PERIOD ENDING 30 SEPTEMBER 2014
Corazon Mining Limited (ASX: CZN) (“Corazon” or “the Company”) is pleased to present its Quarterly Activities Report for the period ending 30 September 2014.
An appreciating nickel price has reignited the Company’s focus on the Lynn Lake Nickel-Copper Sulphide Project in the Manitoba region of Canada. Lynn Lake is an old mining centre with large remnant nickel-copper-cobalt resources. The Company believes that it’s EL Deposit at Lynn Lake is a critical asset for the re-commencement of mining in the district.
The Company is looking to up-grade the existing JORC 2004 resource for the EL Deposit to JORC 2012. It is expected that (in part) near-surface drill defined mineralisation will also be migrated to resource status.
Corazon will fund this work from existing cash reserves ($1.7 million in the bank). The Company will also make application for a Research & Development (“R&D”) refund of approximately $1.0 million from studies completed in the 2014 year. These funds are subject to review and approval, which should be finalised early in 2015.
LYNN LAKE NICKEL-COPPER SULPHIDE PROJECT, CANADA
The Lynn Lake Nickel-Copper Sulphide Project (“Lynn Lake”) continues to represent a significant development opportunity for Corazon. The key target within the project area is the EL Deposit, which was historically the highest grade deposit at Lynn Lake, producing 1.9Mt at 2.5% nickel and 1.15% copper.
In 2010, Corazon discovered a high-grade sulphide breccia at depth below the EL Mine, a discovery that confirmed the prospectivity of the Lynn Lake project area.
Project activities by the Company at Lynn Lake have focused on furthering the definition of the EL Deposit’s benefits, with the view towards recommencing a mining operation in Lynn Lake.
The EL Deposit has significant drill defined mineralisation from surface, surrounding the historical mine, which has not been included in the current interim Inferred Resource (JORC 2004). The Company believes this material could be a source of early start-up feed, should mining and processing recommence at Lynn Lake.
BEAUCAGE LAKE GOLD PROJECT, CANADA
During the Quarter the Company withdrew from the Option to acquire the Beaucage Lake Gold Project, located in the Lynn Lake district.
Beaucage Lake is an early stage gold exploration project. The decision to withdraw was predominantly based on prioritising the use of funds in the current challenging financial environment.
| CAPITAL STRUCTURE | BOARD OF DIRECTORS | BOARD OF DIRECTORS | CONTACT US | ||
|---|---|---|---|---|---|
| Market cap. @ 0.7cps |
$2.4M | Clive Jones |
Non-executive Chairman | P: +61 (8) 6142 6366 | |
| Ordinary shares | 401.6M | Brett Smith |
Managing Director | M: PO Box 8187, Subiaco East WA 6008 | |
| Unlisted Options | 35M | Jonathan Downes | Director | E: [email protected] | |
| ASX: CZN | Adrian Byass | Director | W: www.corazon.com.au |
ASX ANNOUNCEMENT
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31 October 2014
NOTICE OF ANNUAL GENERAL MEETING
Corazon’s Annual General Meeting of Shareholders will take place at 10:30am (WST) on 28 November 2014, and the Company’s office in Subiaco, Western Australia.
Ends.
For further information visit www.corazon.com.au or contact:
Brett Smith James Moses Managing Director Media and Investor Relations Corazon Mining Limited Mandate Corporate P: +61 (8) 6142 6366 M: +61 (0) 420 991 574 E: [email protected] E: [email protected]
Disclosure Statements and Important Information
Competent Persons Statement
The information in this report that relates to Exploration Results and Targets is based on information compiled by Mr Brett Smith, B.Sc Hons (Geol), Member AusIMM, Member AIG and an employee of Corazon Mining Limited. Mr Smith has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Smith consents to the inclusion in this report of the matters based on information in the form and context in which it appears.
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ASX ANNOUNCEMENT
31 October 2014
Schedule of Tenements
CORAZON MINING LIMITED CONSOLIDATED BASIS SCHEDULE OF INTERESTS IN MINING TENEMENTS (as required by ASX Listing Rule 5.3.3)
| CORAZON MINING LIMITED CONSOLIDATED BASIS SCHEDULE OF INTERESTS IN MINING TENEMENTS **(as required by ASX Listing Rule 5.3.3) ** |
CORAZON MINING LIMITED CONSOLIDATED BASIS SCHEDULE OF INTERESTS IN MINING TENEMENTS **(as required by ASX Listing Rule 5.3.3) ** |
CORAZON MINING LIMITED CONSOLIDATED BASIS SCHEDULE OF INTERESTS IN MINING TENEMENTS **(as required by ASX Listing Rule 5.3.3) ** |
CORAZON MINING LIMITED CONSOLIDATED BASIS SCHEDULE OF INTERESTS IN MINING TENEMENTS **(as required by ASX Listing Rule 5.3.3) ** |
CORAZON MINING LIMITED CONSOLIDATED BASIS SCHEDULE OF INTERESTS IN MINING TENEMENTS **(as required by ASX Listing Rule 5.3.3) ** |
|---|---|---|---|---|
| Project | Mining tenements held | Location of tenements |
Beneficial % interest at the end of the quarter |
Change in the quarter |
| LYNN LAKE PROJECT | ||||
| LYNN LAKE | P7700E | Canada | 100%1 | |
| LYNN LAKE | P7698E | Canada | 100%1 | |
| LYNN LAKE | P8370E | Canada | 100%1 | |
| LYNN LAKE | P7699E | Canada | 100%1 | |
| LYNN LAKE | P7702E | Canada | 100%1 | |
| LYNN LAKE | P3163F | Canada | 100%1 | |
| LYNN LAKE | P3164F | Canada | 100%1 | |
| LYNN LAKE | P3165F | Canada | 100%1 | |
| LYNN LAKE | P2291F | Canada | 100%1 | |
| LYNN LAKE | P3534F | Canada | 100%1 | |
| LYNN LAKE | MB2482 | Canada | 100%1 | |
| LYNN LAKE | MB3566 | Canada | 100%1 | |
| LYNN LAKE | MB3567 | Canada | 100%1 | |
| LYNN LAKE | P1045F | Canada | 100%1 | |
| LYNN LAKE | MB3580 | Canada | 100%1 | |
| LYNN LAKE | MB3581 | Canada | 100%1 | |
| LYNN LAKE | MB7346 | Canada | 100%1 | |
| LYNN LAKE | MB7349 | Canada | 100%1 | |
| LYNN LAKE | MB7350 | Canada | 100%1 | |
| LYNN LAKE | MB7025 | Canada | 100%1 |
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ASX ANNOUNCEMENT
31 October 2014
| LYNN LAKE | MB7361 | Canada | 100%1 | |
|---|---|---|---|---|
| LYNN LAKE | MB7362 | Canada | 100%1 | |
| LYNN LAKE | MB6364 | Canada | 100%1 | |
| LYNN LAKE | MB5175 | Canada | 100%1 | |
| LYNN LAKE | MB5701 | Canada | 100%1 | |
| LYNN LAKE | MB8734 | Canada | 100%1 | |
| LYNN LAKE | MB8735 | Canada | 100%1 | |
| LYNN LAKE | MB9218 | Canada | 100%1 | |
| LYNN LAKE | MB5399 | Canada | 100%1 | |
| LYNN LAKE | MB6360 | Canada | 100%1 | |
| LYNN LAKE | MB6361 | Canada | 100%1 | |
| LYNN LAKE | MB6362 | Canada | 100%1 | |
| LYNN LAKE | MB6363 | Canada | 100%1 | |
| LYNN LAKE | MB9453 | Canada | 100%1 | |
| LYNN LAKE | MB5672 | Canada | 100%1 | |
| LYNN LAKE | MB5669 | Canada | 100%1 | |
| LYNN LAKE | MB10070 | Canada | 100%1 | |
| LYNN LAKE | MB10071 | Canada | 100%1 | |
| LYNN LAKE | MB10085 | Canada | 100%1 | |
| LYNN LAKE | MB10086 | Canada | 100%1 | |
| LYNN LAKE | MB10382 | Canada | 100%1 | |
| LYNN LAKE | MB10383 | Canada | 100%1 | |
| LYNN LAKE | MB10384 | Canada | 100%1 | |
| LYNN LAKE | MB10387 | Canada | 100%1 | |
| LYNN LAKE | MB10388 | Canada | 100%1 | |
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ASX ANNOUNCEMENT
31 October 2014
| BEAUCAGE LAKE PROJECT | BEAUCAGE LAKE PROJECT | |||
|---|---|---|---|---|
| BEAUCAGE LAKE | MB9646 | Canada | 0%2 | -100%2 |
| BEAUCAGE LAKE | MB9647 | Canada | 0%2 | -100%2 |
| BEAUCAGE LAKE | MB9648 | Canada | 0%2 | -100%2 |
| BEAUCAGE LAKE | NV9649 | Canada | 0%2 | -100%2 |
| BEAUCAGE LAKE | MB9650 | Canada | 0%2 | -100%2 |
| BEAUCAGE LAKE | MB9651 | Canada | 0%2 | -100%2 |
| BEAUCAGE LAKE | MB9652 | Canada | 0%2 | -100%2 |
| BEAUCAGE LAKE | MB9653 | Canada | 0%2 | -100%2 |
| BEAUCAGE LAKE | MB9655 | Canada | 0%2 | -100%2 |
| BEAUCAGE LAKE | MB9640 | Canada | 0%2 | -100%2 |
| BEAUCAGE LAKE | MB9642 | Canada | 0%2 | -100%2 |
| BEAUCAGE LAKE | MB9643 | Canada | 0%2 | -100%2 |
| BEAUCAGE LAKE | MB9644 | Canada | 0%2 | -100%2 |
| BEAUCAGE LAKE | MB9645 | Canada | 0%2 | -100%2 |
| BEAUCAGE LAKE | MB5785 | Canada | 0%2 | -100%2 |
| BARRINGTON LAKE PROJECT | ||||
| BARRINGTON LAKE | MB9634 | Canada | 100%1 |
1 Option to acquire up to 100% of Lynn Lake, Barrington Lake refer to prior announcement for terms of the agreement.
2 Corazon withdrew from the Option to acquire Beaucage Lake during the quarter.
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