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CORAZON MINING LIMITED — Interim / Quarterly Report 2014
Jul 24, 2014
64747_rns_2014-07-24_c4ad998f-7d1f-4ae3-a234-a731a7bb37c6.pdf
Interim / Quarterly Report
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ASX ANNOUNCEMENT
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25 July 2014
The Manager - Company’s Announcements Australian Securities Exchange
QUARTERLY ACTIVITIES REPORT – PERIOD ENDING 30 JUNE 2014
Corazon Mining Limited (ASX: CZN) (“Corazon” or “the Company”) is pleased to present its Quarterly Activities Report for the period ending 30 June 2014.
The Company’s attractive cash position and withdrawal from the TUR Project (announced on 30 April 2014 and reported in the March 2014 Quarterly Report) has provided Corazon with the opportunity to seek new, value-enhancing exploration/mining projects.
Corazon’s healthy cash position of $2,163,000 at the end of the June 2014 quarter is partly due to a government sponsored Research & Development (“R&D”) refund of $583,804. This refund was a result of early work completed up to 30 June 2013 at the Top Up Rise Project (“TUR”). The majority of R&D work at TUR was completed in the subsequent period, post 1 July 2013. Relevant expenses for this period are currently being collated for submission and review. The Company expects this will result in a further R&D grant being received.
The current down-turn in the exploration/mining industry and international financial markets has provided an environment where there are numerous projects available for acquisition. Project opportunities reviewed are being ranked against Corazon’s main asset, the Lynn Lake Nickel-Copper Sulphide Project (“Lynn Lake”) in Canada.
In light of the appreciation in the price of nickel, Corazon will continue to progress Lynn Lake, which represents a significant development opportunity for the Company.
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.
| CAPITAL STRUCTURE | BOARD OF DIRECTORS | BOARD OF DIRECTORS | CONTACT US | ||
|---|---|---|---|---|---|
| Market cap. @ 0.9cps |
$3.6M | 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 | |
| Options | 35M | Jonathan Downes | Director | E: [email protected] | |
| ASX: CZN | Adrian Byass | Director | W: www.corazon.com.au |
ASX ANNOUNCEMENT
25 July 2014
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The EL Deposit has significant drill defined mineralisation from surface, surrounding the historical mine. This mineralisation is not included in the current interim Inferred Resource (JORC 2004), but is defined by the “Upper-Zone Exploration Target” and may be exploitable by open-pit mining methods (details of Exploration Target provided in ASX announcement dated 9[th] December 2011).
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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25 July 2014
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ASX ANNOUNCEMENT
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 |
| TOP UP RISE PROJECT | ||||
| TOP UP RISE | E80/4427 | Australia | 0%1 | -75%1 |
| TOP UP RISE | E80/4583 | Australia | 0%1 | -75%1 |
| TOP UP RISE | E80/4584 | Australia | 0%1 | -75%1 |
| LYNN LAKE PROJECT | ||||
| LYNN LAKE | P7700E | Canada | 100%2 | |
| LYNN LAKE | P7698E | Canada | 100%2 | |
| LYNN LAKE | P8370E | Canada | 100%2 | |
| LYNN LAKE | P7699E | Canada | 100%2 | |
| LYNN LAKE | P7702E | Canada | 100%2 | |
| LYNN LAKE | P3163F | Canada | 100%2 | |
| LYNN LAKE | P3164F | Canada | 100%2 | |
| LYNN LAKE | P3165F | Canada | 100%2 | |
| LYNN LAKE | P2291F | Canada | 100%2 | |
| LYNN LAKE | P3534F | Canada | 100%2 | |
| LYNN LAKE | MB2482 | Canada | 100%2 | |
| LYNN LAKE | MB3566 | Canada | 100%2 | |
| LYNN LAKE | MB3567 | Canada | 100%2 | |
| LYNN LAKE | P1045F | Canada | 100%2 | |
| LYNN LAKE | MB3580 | Canada | 100%2 | |
| LYNN LAKE | MB3581 | Canada | 100%2 |
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ASX ANNOUNCEMENT
25 July 2014
| LYNN LAKE | MB7346 | Canada | 100%2 | |
|---|---|---|---|---|
| LYNN LAKE | MB7349 | Canada | 100%2 | |
| LYNN LAKE | MB7350 | Canada | 100%2 | |
| LYNN LAKE | MB7025 | Canada | 100%2 | |
| LYNN LAKE | MB7361 | Canada | 100%2 | |
| LYNN LAKE | MB7362 | Canada | 100%2 | |
| LYNN LAKE | MB6364 | Canada | 100%2 | |
| LYNN LAKE | MB5175 | Canada | 100%2 | |
| LYNN LAKE | MB5701 | Canada | 100%2 | |
| LYNN LAKE | MB8734 | Canada | 100%2 | |
| LYNN LAKE | MB8735 | Canada | 100%2 | |
| LYNN LAKE | MB9218 | Canada | 100%2 | |
| LYNN LAKE | MB5399 | Canada | 100%2 | |
| LYNN LAKE | MB6360 | Canada | 100%2 | |
| LYNN LAKE | MB6361 | Canada | 100%2 | |
| LYNN LAKE | MB6362 | Canada | 100%2 | |
| LYNN LAKE | MB6363 | Canada | 100%2 | |
| LYNN LAKE | MB9453 | Canada | 100%2 | |
| LYNN LAKE | MB5672 | Canada | 100%2 | |
| LYNN LAKE | MB5669 | Canada | 100%2 | |
| LYNN LAKE | MB10070 | Canada | 100%2 | |
| LYNN LAKE | MB10071 | Canada | 100%2 | |
| LYNN LAKE | MB10085 | Canada | 100%2 | |
| LYNN LAKE | MB10086 | Canada | 100%2 | |
| LYNN LAKE | MB10382 | Canada | 100%2 | |
| LYNN LAKE | MB10383 | Canada | 100%2 |
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ASX ANNOUNCEMENT
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25 July 2014
| LYNN LAKE | MB10384 | Canada | 100%2 | |
|---|---|---|---|---|
| LYNN LAKE | MB10387 | Canada | 100%2 | |
| LYNN LAKE | MB10388 | Canada | 100%2 | |
| BEAUCAGE LAKE PROJECT | ||||
| BEAUCAGE LAKE | MB9646 | Canada | 100%2 | |
| BEAUCAGE LAKE | MB9647 | Canada | 100%2 | |
| BEAUCAGE LAKE | MB9648 | Canada | 100%2 | |
| BEAUCAGE LAKE | NV9649 | Canada | 100%2 | |
| BEAUCAGE LAKE | MB9650 | Canada | 100%2 | |
| BEAUCAGE LAKE | MB9651 | Canada | 100%2 | |
| BEAUCAGE LAKE | MB9652 | Canada | 100%2 | |
| BEAUCAGE LAKE | MB9653 | Canada | 100%2 | |
| BEAUCAGE LAKE | MB9655 | Canada | 100%2 | |
| BEAUCAGE LAKE | MB9640 | Canada | 100%2 | |
| BEAUCAGE LAKE | MB9642 | Canada | 100%2 | |
| BEAUCAGE LAKE | MB9643 | Canada | 100%2 | |
| BEAUCAGE LAKE | MB9644 | Canada | 100%2 | |
| BEAUCAGE LAKE | MB9645 | Canada | 100%2 | |
| BEAUCAGE LAKE | MB5785 | Canada | 100%2 | |
| BARRINGTON LAKE PROJECT | ||||
| BARRINGTON LAKE | MB9634 | Canada | 100%2 |
1 Corazon withdrew from the Option to acquire Border Exploration Pty Ltd and relinquished equity interest in the Top Up Rise Project (announcement dated 30 April 2014).
2 Option to acquire up to 100% of Lynn Lake, Beaucage Lake, Barrington Lake refer to prior announcement for terms of the agreement.
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