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CORAZON MINING LIMITED — Interim / Quarterly Report 2016
Jan 27, 2016
64747_rns_2016-01-27_51aa46d9-3a13-4a0c-8ab8-a40262fb5d5f.pdf
Interim / Quarterly Report
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ASX ANNOUNCEMENT
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28 January 2016
The Manager - Company’s Announcements Australian Securities Exchange
QUARTERLY ACTIVITIES REPORT
PERIOD ENDING 31 DECEMBER 2015
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Corazon controls entire Lynn Lake nickel district - one of Canada’s most prolific historical nickel producing areas, with existing resources and exciting exploration upside.
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Lynn Lake is a major nickel-copper asset, with benefits in scale and mine-life for any future potential mining operation.
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Mining and processing studies continuing, preparing the project for possible recommencement of mining subject to improved metal prices.
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Currently seeking work permits for Induced Polarisation geophysical survey at Lynn Lake.
Corazon Mining Limited (ASX: CZN) (“Corazon” or “the Company”) is pleased to present its Quarterly Activities Report for the period ending 31 December 2015. Corazon’s focus during this quarter was on developing its Lynn Lake Nickel-Copper Sulphide Project (“Project”) in the Manitoba region of Canada.
The Lynn Lake Mine closed in 1976, following 24 years of operation as a large tonnage-low cost mine. Early in 2015 Corazon consolidated the nickel mining area for the first time since mine closure. This consolidation created a significant nickel-copper asset, with large remnant resources, extensive drill defined mineralisation and exciting exploration potential.
Corazon’s JORC 2012 compliant Resource Estimate (“Resource”) of 9.4Mt @ 0.88% nickel and 0.40% copper, for 83,000 tonnes of contained nickel and 37,800 tonnes of contained copper (ASX Announcement 16[th] April 2015) combined and upgraded resources previously reported in both JORC 2004 and NI43-101 (Canadian) reporting standards. While some new areas of mineralisation defined by the previous mining operation were incorporated, a significant amount of remnant drill defined mineralisation near the historically mined areas and several modern discoveries are yet to be migrated to resource categories.
This quarter, Corazon’s focus has been acquiring, collating and digitally capturing all past exploration and mining data for the combined Lynn Lake Project. Combined with modern geophysical surveys, this work has resulted in a new understanding of the structure and makeup of the region. Several compelling exploration targets have been defined and the Company is currently seeking Work Permit approvals for an Induced Polarisation geophysical survey at Lynn Lake.
Mining and development studies are continuing for the Lynn Lake Project. This work is being undertaken with the strong belief that the combined Lynn Lake Project will deliver improved economics for any potential mining operation, with benefits in scale and possible mine life, resulting in an excellent development opportunity leveraged to improvements in the nickel metal price.
| CAPITAL STRUCTURE | BOARD OF DIRECTORS | BOARD OF DIRECTORS | CONTACT US | ||
|---|---|---|---|---|---|
| Market cap. @ A$0.005 | $2.20M | Clive Jones |
Non-executive Chairman | P: +61 (8) 6142 6366 | |
| Ordinary shares | 441.6M | Brett Smith |
Managing Director | M: PO Box 8187, Subiaco East WA 6008 | |
| Unlisted Options | 30M | Jonathan Downes | Director | E: [email protected] | |
| ASX: CZN | Adrian Byass | Director | W: www.corazon.com.au |
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ASX ANNOUNCEMENT
28 January 2016
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Figure 1 – Corazon’s Lynn Lake project area showing mafic plug outlines and infrastructure over (Milligan 1957) interpreted geology.
ANNUAL GENERAL MEETING
Corazon’s Annual General Meeting was held on November 25[th] , 2015 and all resolutions put to the meeting were passed unanimously by a show of hands.
CASH POSITION
Corazon is in a solid financial position, closing the December 2015 quarter with approximately $1.06 million in cash. The Company’s current activities are predominantly desk-top studies and are relatively low cost.
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Ends
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ASX ANNOUNCEMENT
28 January 2016
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]
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 is an employee of Corazon Mining Limited and has sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration, Results, Mineral Resource and Ore Reserves (JORC Code 2012). Mr Smith consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.
The information in this report that relates to Exploration Results and Mineral Resources for the A Plug deposits at the Lynn Lake project is based on information compiled by Mr Neal Leggo who is a Member of the Australian Institute of Geoscientists. Mr Leggo is a full time employee of Ravensgate and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Leggo consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.
The information in this report that relates to Exploration Results and Mineral Resources for the EL Plug deposits at the Lynn Lake project is based on information compiled by Mr Stephen Hyland who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Hyland is a full time employee of Ravensgate and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Hyland consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.
Forward Looking Statements: This announcement contains certain statements that may constitute “forward looking statement”. Such statements are only predictions and are subject to inherent risks and uncertainties, which could cause actual values, results, performance achievements to differ materially from those expressed, implied or projected in any forward looking statements.
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ASX ANNOUNCEMENT
28 January 2016
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 | 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 | |
| LYNN LAKE | MB7361 | Canada | 100%1 | |
| LYNN LAKE | MB7362 | Canada | 100%1 |
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ASX ANNOUNCEMENT
28 January 2016
| 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 | |
| VICTORY PROJECT | MB11328 | Canada | 100%2 | |
| VICTORY PROJECT | MB11388 | Canada | 100%2 | |
| VICTORY PROJECT | MB11389 | Canada | 100%2 | |
| VICTORY PROJECT | MB11390 | Canada | 100%2 | |
| VICTORY PROJECT | M2228 | Canada | 100%2 |
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ASX ANNOUNCEMENT
28 January 2016
| VICTORY PROJECT | M2229 | Canada | 100%2 | |
|---|---|---|---|---|
| VICTORY PROJECT | M2230 | Canada | 100%2 | |
| VICTORY PROJECT | M2232 | Canada | 100%2 | |
| VICTORY PROJECT | M2233 | Canada | 100%2 | |
| VICTORY PROJECT | M2234 | Canada | 100%2 | |
| VICTORY PROJECT | M2248 | Canada | 100%2 | |
| VICTORY PROJECT | M2249 | Canada | 100%2 | |
| VICTORY PROJECT | M2251 | Canada | 100%2 | |
| VICTORY PROJECT | M2252 | Canada | 100%2 | |
| VICTORY PROJECT | M2253 | Canada | 100%2 | |
| VICTORY PROJECT | M2254 | Canada | 100%2 | |
| VICTORY PROJECT | M2255 | Canada | 100%2 | |
| VICTORY PROJECT | M2256 | Canada | 100%2 | |
| VICTORY PROJECT | ML77 | Canada | 100%2 | |
| VICTORY PROJECT | ML90 | Canada | 100%2 | |
| BARRINGTON LAKE | MB9634 | Canada | 100%1 |
NOTES:
1. Option to acquire up to 100% of Lynn Lake and Barrington Lake Projects; for terms of the agreement, refer to prior announcement dated 09/08/12.
2. Acquired up to 100% of the Victory Project; for terms of the agreement, refer to prior announcement dated 01/04/15.
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