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CORAZON MINING LIMITED — Interim / Quarterly Report 2023
Jul 25, 2023
64747_rns_2023-07-25_4335720c-f40f-46b5-a5e3-73417b25205f.pdf
Interim / Quarterly Report
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QUARTERLY ACTIVITIES REPORT
Period ended 30 June 2023 | ASX Announcement 26 July 2023
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Lake Lynn Nickel Sulphide Project – Canada
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Innovative geophysical survey defined several pipe-like conductive bodies linking into areas of drill defined nickel-copper-cobalt sulphide mineralisation within the Fraser Lake Complex
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Initial drill hole of a two-hole program testing one of these anomalies intersected a 55.4 metres (downhole) sulphide zone on the margin of an interpreted mafic/ ultramafic intrusive pipe.
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The targeted geophysical anomaly extends from near surface to at least 700 metres below surface.
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Samples have been submitted for laboratory analysis with results to be released when available; further drilling planned, subject to results.
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Environmental assessment work has commenced for the proposed redevelopment of Lynn Lake Nickel Sulphide Mining Centre
Miriam Nickel Sulphide & Lithium Project – W.A.
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Exploration around a spodumene (lithium) bearing pegmatite discovery at the Miriam Project indicates a large target for drilling.
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Weathered (depleted) rock samples returning up to 1.85% Li2O and detailed geochemical soil sampling has defined a main target of approximately 1.6 kilometres in strike, and a second trend of about 600 metres, linking into the main trend.
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Work program approval applications for drilling of these lithium trends, along with drilling to test the Miriam nickel-sulphide trend targets are underway.
Mt Gilmore Project – N.S.W.
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The Mt Gilmore Cu-Au-Co trend is a +20 kilometre anomaly with mineral geochemical characteristics particular to known large porphyry copper-gold deposits.
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A new campaign of mineral vectoring geochemical studies, partially funded by an Australian Government Innovation Connections Grant, utilising tools developed by the University of Tasmania’s (UTAS) Centre of Ore Deposit and Earth Sciences is underway and is expected to contribute targets for exploration drilling in 2023.
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ABOUT CORAZON MINING
ASX: CZN
Corazon Mining Ltd is a nickel explorer and developer with projects in Canada and Australia. With a focus on nickel sulphide, Corazon is ideally placed to take advantage of the widely forecast future growth in the rechargeable battery and renewable energy industries.
corazon.com.au
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Corazon Mining Limited (ASX: CZN) (Corazon or Company) is pleased to present its Quarterly Activities Report for the period ending 30 June 2023 (Quarter).
Lynn Lake Nickel Sulphide Project – Canada
Overview
Corazon owns 100% of the Lynn Lake Nickel-Copper-Cobalt Sulphide Project (Lynn Lake) in Manitoba, Canada (Figure 1) - a prolific historical nickel-copper-cobalt mining centre that was mined for 24 years before closure in 1976. Corazon is the first company to have control of the entire Lynn Lake nickel camp since mine closure. Highlights of the Lynn Lake Project include:
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100% ownership of nickel sulphide district
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Large JORC resources
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Exciting and proven exploration upside
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Beneficial infrastructure that would reduce start-up capital requirements:
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Township originally built for the historical mining operation;
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Hydro-Power – an important component for any future sustainable and environmentally compliant mining operation; and
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Nearby to emerging North American and European rechargeable battery industries.
Corazon’s two-pronged strategy at Lynn Lake is focused on development and exploration. Mining Centre studies are seeking cost and performance efficiencies in mining and processing practices, progressing the possible development of a significant, low-cost mining operation.
Exploration in the mine area is looking to expand the near-surface JORC resource base in search of start-up feed to complement existing resources at depth. Exploration within the greater project area has focused on the Fraser Lake Complex (FLC), where a large magmatic sulphide system, bigger than the Lynn Lake mine area footprint, has been discovered. Together, this work will enable the determination of value for Lynn Lake at a time when there is an expectation of future increased demand for metals.
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Figure 1 – Lynn Lake Project location map
REGISTERED OFFICE
DIRECTORS & OFFICERS
ASX: CZN
CORAZON MINING LTD Terry Streeter Non-Executive Chairman Level 3, 33 Ord St Brett Smith Executive Managing Director West Perth WA 6005 Jonathan Downes Non-Executive Director PO Box 8187 Dr. Mark Yumin Qiu Non-Executive Director Subiaco East WA 6008 Robert Orr Company Secretary & CFO T: +61 8 6166 6361 E: [email protected]
corazon.com.au
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Exploration Drilling Intersects a 55.4 metre Sulphide Zone at Lynn Lake Nickel Sulphide Project
Successful first drill hole achieved, testing a newly identified pipe-like geophysical anomaly at Lynn Lake’s priority target – the Fraser Lake Complex.
Post Quarter-end Quarter, Corazon announced that its drilling program has intersected a substantial sulphide body at the Fraser Lake Complex (FLC), within the Lynn Lake Nickel-Copper-Cobalt Sulphide Project (ASX announcement 13 July 2023).
Corazon has completed a two-hole drilling program at the FLC, located approximately five kilometres south of the historical Lynn Lake Mining Centre (Figure 2), to test a geophysical anomaly defined by its recently completed geophysical surveys (ASX announcement 13 June 2023).
The initial drill hole (FLC-2023-057) into anomaly MTC3 (Figures 3 and 4) intersected 55.4 metres of complex sulphide mineralisation, including metre scale intervals of massive sulphide, intermixed with semi-massive to disseminated style sulphide mineralisation. Table 1 provides a detailed description of this mineralisation.
Target MTC3 is a conductive geophysical anomaly defined by a 3D ground magnetotelluric (MT) survey. It is interpreted as a metalliferous mela-gabbronorite pipe-like intrusion of at least 50 metres in width, extending to a depth of more than 700 metres (the effective depth extent of the geophysical survey). Hole FLC-2023-057 effectively tested this anomaly approximately 150 metres below surface.
The second drill hole (FLC-2023-58) successfully tested the target near surface. This shallow hole intersected sulphide mineralisation between 22.4 and 26 metres down hole, with characteristics very similar to the mineralisation within the core of the anomaly tested by hole FLC-2023-057 (refer to Figure 3).
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Figure 2 – Lynn Lake Project – Interpreted geology with 3D DCIP and MT geophysical survey area defined.
DIRECTORS & OFFICERS
REGISTERED OFFICE
CORAZON MINING LTD Terry Streeter Non-Executive Chairman Level 3, 33 Ord St Brett Smith Executive Managing Director West Perth WA 6005 Jonathan Downes Non-Executive Director PO Box 8187 Dr. Mark Yumin Qiu Non-Executive Director Subiaco East WA 6008 Robert Orr Company Secretary & CFO T: +61 8 6166 6361 E: [email protected]
ASX: CZN
corazon.com.au
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Figure 3 – MT Resistivity Inversion Cross-Section – hot colours depicting strong conductivity. Image includes approximate location of drill holes FLC-2023-057 and FLC-2023-058. Section location shown in Figure 4.
The fine grain size of the mineralisation makes it impossible to distinguish the sulphide mineral types. Pyrrhotite (iron sulphide) is dominant and there appears to be very little of the distinctive chalcopyrite (copper sulphide, typically associated with the Lynn Lake nickel sulphide mineralisation). Isolated, large sulphide “clots” have been interpreted to include pentlandite (nickel sulphide). Encouragingly, both drill holes FLC2023-057 and -058 indicated the centre of the mafic/ultramafic pipe has a two to three metre-thick down-hole zone with coarse pentlandite (nickel) and chalcopyrite (copper) sulphides.
Laboratory analysis is being conducted on core samples. Until this analysis has been completed, the Company advises caution regarding any assumption that the Sulphide Zone is nickel bearing.
Corazon’s Managing Director, Mr. Brett Smith, stated: “ The most significant outcome from this drilling is proving that our new geophysical techniques can identify the targeted magmatic sulphides, as well as these late, metal-rich ultramafic pipes. This drilling is the first in testing several similar geophysical anomalies, some of which link into areas of known nickel mineralisation. Although we have not previously seen barren magmatic sulphides associated with these rocks, the fine-grained nature of the sulphide mineralisation is atypical of the coarse grained Lynn Lake sulphide bodies, and as such we advise caution in assuming the tenor of nickel within the sulphide zone.”
DIRECTORS & OFFICERS
REGISTERED OFFICE
CORAZON MINING LTD Terry Streeter Non-Executive Chairman Level 3, 33 Ord St Brett Smith Executive Managing Director West Perth WA 6005 Jonathan Downes Non-Executive Director PO Box 8187 Dr. Mark Yumin Qiu Non-Executive Director Subiaco East WA 6008 Robert Orr Company Secretary & CFO T: +61 8 6166 6361 E: [email protected]
ASX: CZN
corazon.com.au
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Figure 4 – MT Resistivity Inversion Image at ~350m below surface. Hot colours depict strong conductivity. Figure 1 section line (A-A’), “MTC” targets and drill holes FLC2023-057 and -058 are located on this plan. The location of the MT geophysical survey area, within the Lynn Lake Project, is shown in Figure 2.
Detailed Drilling Results
The FLC is a key exploration focus for the discovery of additional nickel sulphide deposits at Lynn Lake (Figure 2). Corazon has defined a large magmatic sulphide system, approximately six kilometres by three kilometres, which has been subject to wide-spaced drilling over a small portion of the system, of approximately 1.5 by 1.5 kilometres.
Drill hole FLC-2023-057 is Corazon’s thirty-seventh drill hole at the FLC, where it is targeting a 3D MT conductive anomaly (MTC3 in Figure 4), approximately 80 metres in diameter, pipe-like in form and extends from near surface to more than 700 metres below surface (Figure 3).
Drill hole FLC-2023-057 has intersected a mela-gabbronorite (bordering on a pyroxenite), with a significant body of magmatic sulphide on the hanging wall contact (the Sulphide Zone), as well as a two to three-metre sulphide rich zone at the centre (core) of the intrusion. This central sulphide material has also been intersected in hole FLC-2023- 058, approximately 170 metres up-dip closer to the surface (Figure 3).
DIRECTORS & OFFICERS
REGISTERED OFFICE
CORAZON MINING LTD Terry Streeter Non-Executive Chairman Level 3, 33 Ord St Brett Smith Executive Managing Director West Perth WA 6005 Jonathan Downes Non-Executive Director PO Box 8187 Dr. Mark Yumin Qiu Non-Executive Director Subiaco East WA 6008 Robert Orr Company Secretary & CFO T: +61 8 6166 6361 E: [email protected]
ASX: CZN
corazon.com.au
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Summary drill logs for holes FLC-2023-057 and FLC-2023-058 are provided in Table 1.
Drill Hole Quick Log - FLC-2023-057
| From Depth (m) Interval (m) |
From Depth (m) Interval (m) |
Overview | Additional Description |
|---|---|---|---|
| 0.00 | 4.00 | Overburden | |
| 4.00 | 29.09 | Gabbronorite | |
| 33.09 | 11.96 | Gabbro with volcanic xenoliths | |
| 45.05 | 49.35 | Mela-gabbronorite | |
| 94.40 | 37.84 | Meta mafic volcanic | |
| 132.24 | 3.27 | Sulphide Zone | Mela-gabbronorite + indications of mafic volcanic inclusions. Overall 20-25% fine grained pyrrhotite with local massive sulphide (+65% sulphide)intervals of ~20cm |
| 135.51 | 22.44 | Meta mafic volcanic | Traces and weak disseminations of sulphide |
| 157.95 | 55.40 | Sulphide Zone | Overall sulphide content approx 35%. Metre scale intervals of massive (+65%) sulphide intermixed with semi-massive (15-65%) to disseminated (<15%) intensity sulphide. Very fine grained sulphides, predominantly pyrrhotite, isolated blebs of pentlandite, negligible indication of chalcopyrite. |
| 213.35 | 12.95 | Mela-gabbronorite | Traces and weak disseminations of sulphide |
| 226.30 | 2.69 | Mineralised core of mela- gabbronorite intrusion |
Blebby and patchy coarse grained pyrrhotite (3-5%) >pentlandite (1- 2%)>chalcopyrite(1%). |
| 228.99 | 34.01 | Mela-gabbronorite | Traces and weak disseminations of sulphide |
| 263.00 | 18.00 | Mela-gabbro | |
| 281.00 | 54.00 | Mela-gabbro with volcanic | |
| 335.00 | 72.00 | Mela-gabbro and gabbronorite, minor volcanic xenoliths |
Drill Hole Quick Log - FLC-2023-058
| From Depth (m) Interval (m) |
From Depth (m) Interval (m) |
Overview | Additional Description |
|---|---|---|---|
| 0.00 | 8.50 | Mediumgrainedgabbronorite | Localized taxiticgabbro and layer anorth.gabbronorite |
| 8.50 | 13.95 | Medium grained equigranular gabbronorite |
|
| 22.45 | 4.55 | Sulphidic melagabbronorite | Mineralised zone including coarse net-textured and semi-massive magmatic sulphide. Intervals of 200mm scale containing 10-15% interstitial sulphide. Pyrrhotite dominant, Isolated pentlandite clots and trace to 1% chalcopyrite. |
| 27.00 | 40.00 | Mediumgrainedgabbronorite | |
| 67.00 | 5.00 | Taxiticgabbronorite | Trace to disseminated sulphides |
| 72.00 | 25.00 | Mediumgrainedgabbronorite | |
| 97.00 | 3.00 | Mediumgrainedgabbronorite | Localizedpatches and bands of fine diss sulphide(1-2%) |
| 100.00 | 22.00 | Mediumgrainedgabbronorite | |
| 122.00 | 3.00 | Gabbronorite-lucogabbronorite | Localizedpatches and bands of fine diss sulphide(1-2%) |
| 125.00 | 9.00 | Finegrainedgabbronorite |
Table 1 – Drill hole summary logs
The sulphide mineralisation within the core of the intrusion, in both holes, is coarse grained with identifiable pyrrhotite>pentlandite>chalcopyrite, typical of the Lynn Lake style of mineralisation. It is encouraging that the geophysical survey method can identify such features, with a number of similar anomalies yet to be drilltested.
REGISTERED OFFICE
DIRECTORS & OFFICERS
CORAZON MINING LTD Terry Streeter Non-Executive Chairman Level 3, 33 Ord St Brett Smith Executive Managing Director West Perth WA 6005 Jonathan Downes Non-Executive Director PO Box 8187 Dr. Mark Yumin Qiu Non-Executive Director Subiaco East WA 6008 Robert Orr Company Secretary & CFO T: +61 8 6166 6361 E: [email protected]
ASX: CZN
corazon.com.au
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The Sulphide Zone intersected in hole FLC-2023-057 on the hanging wall contact of the mela-gabbronorite pipe has very fine-grained sulphides and it is difficult to conclusively identify any sulphide type, other than the dominant pyrrhotite. The sulphide textures identify the mineralisation as “magmatic” and associated with the intrusive mela-gabbronorite pipe.
Next Steps at Fraser Lake
Core samples from drill holes FLC-2023-057 and -058 have been submitted for analysis. Further drill testing of the MTC3 target is dependent on these results.
The MTC3 anomaly was the first to be tested, due to being the most easily accessed. Access to targets MTC1 and MTC2 is not yet possible due to seasonal wet ground conditions. Typically, the best time for regional exploration drilling at Lynn Lake is during winter. However, access to priority targets within the FLC will continue to be monitored, such that drilling can occur at the earliest possible time.
Environmental Assessment Work Commenced for the Proposed Redevelopment of Lynn Lake
Global consulting group, Stantec Consulting Ltd, engaged to help secure environmental approval for the recommencement of mining at Lynn Lake.
During the Quarter, Corazon announced the engagement of Stantec Consulting Ltd (Stantec) to provide environmental and engineering services for the Company’s proposed re-development of the Lynn Lake Mining Centre (ASX announcement 21 June 2023).
Stantec is a global leader in sustainable design, providing environmental and engineering consulting services to the mining, minerals and metals sector. The consultancy is known for its commitment to sustainability and their work on numerous projects that prioritise responsible mining practices and environmental stewardship. The ultimate objective of Stantec’s environmental and engineering services is to support the development of a mine plan for the Lynn Lake Project, and to guide Corazon through the environmental approvals process for a proposed new nickel-copper-cobalt sulphide mine at Lynn Lake.
Under Phase One of its engagement, Stantec will collate all historical environmental baseline data for the Lynn Lake Project, define areas with information gaps and implement a baseline data-gathering program. Stantec will also work with Corazon’s Australian engineering consultants, Palaris, on the conceptual/initial mine plan and provide guidance to advance Lynn Lake through the environmental approvals process for the possible restart of mining operations.
Stantec’s long history of involvement in environmental monitoring at Lynn Lake will be beneficial for the environmental studies Corazon is currently undertaking. From 2008 to 2016, Stantec was involved in the Manitoba Government’s remediation/reclamation of the historical Lynn Lake mine area, along with the postremediation water quality monitoring. More recently Stantec has worked with Alamos Gold Inc. (TSX:AGI; NYSE:AGI) to secure both provincial and federal government approvals for the commencement of their gold mining operations at Lynn Lake.
REGISTERED OFFICE
DIRECTORS & OFFICERS
ASX: CZN
Terry Streeter Non-Executive Chairman Brett Smith Executive Managing Director Jonathan Downes Non-Executive Director Dr. Mark Yumin Qiu Non-Executive Director Robert Orr Company Secretary & CFO
CORAZON MINING LTD Level 3, 33 Ord St West Perth WA 6005 PO Box 8187 Subiaco East WA 6008 T: +61 8 6166 6361 E: [email protected]
corazon.com.au
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Miriam Nickel Sulphide & Lithium Project – W.A.
Overview
The Miriam Nickel Sulphide and Lithium Project (Miriam) is located approximately 10 kilometres southsouthwest of Coolgardie on a trend of ultramafics best identified by the Miriam and Nepean nickel deposits (Figure 5). Corazon holds 100% of the Miriam Project and has sole control and management of the project. Miriam is a highly prospective nickel exploration project, representing a strategic addition to Corazon’s portfolio of nickel sulphide assets.
The Miriam Nickel Sulphide Deposit was discovered in 1969, with ‘high nickel tenor’ massive and disseminated sulphides intersected in drilling. Miriam has not been extensively explored and there is extensive untested opportunity for nickel sulphide mineralisation at depth and along strike from previous drilling. The existence of the defined target trend will allow Corazon to undertake focused and detailed exploration programs, utilising modern higher-powered electromagnetic (EM) geophysics.
Corazon’s recent exploration work revealed Miriam’s potential to host multiple lithium-rich pegmatites (ASX announcement 8 December 2022); subsequently, lithium exploration has become a priority alongside the exploration and expansion of the undeveloped Miriam Nickel Sulphide Deposit.
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Figure 5– Miriam Project location map
REGISTERED OFFICE
DIRECTORS & OFFICERS
ASX: CZN
CORAZON MINING LTD Terry Streeter Non-Executive Chairman Level 3, 33 Ord St Brett Smith Executive Managing Director West Perth WA 6005 Jonathan Downes Non-Executive Director PO Box 8187 Dr. Mark Yumin Qiu Non-Executive Director Subiaco East WA 6008 Robert Orr Company Secretary & CFO T: +61 8 6166 6361 E: [email protected]
corazon.com.au
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High Grade Lithium at Miriam Project
Soil sampling program around new spodumene-bearing pegmatite discovery expands target to ~1.6km in length
Corazon’s recently completed soil sampling program at Miriam expanded the project’s lithium target zone to approximately 1.6 kilometres in length (ASX announcement 17 January 2023).
Corazon’s discovery of spodumene (lithium mineral) bearing pegmatite along with widespread indicators of pegmatite in a field-mapping program at Miriam (Figure 6), was verified using Raman Spectroscopy (ASX announcements 8 December and 15 December 2022), with laboratory analysis returning results up to 1.85% Li2O from partially weathered pegmatite.
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Figure 6 – Miriam Project interpreted geology over aeromagnetic image with sample locations.
DIRECTORS & OFFICERS
REGISTERED OFFICE
CORAZON MINING LTD Terry Streeter Non-Executive Chairman Level 3, 33 Ord St Brett Smith Executive Managing Director West Perth WA 6005 Jonathan Downes Non-Executive Director PO Box 8187 Dr. Mark Yumin Qiu Non-Executive Director Subiaco East WA 6008 Robert Orr Company Secretary & CFO T: +61 8 6166 6361 E: [email protected]
ASX: CZN
corazon.com.au
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As a next step in the systematic exploration of Miriam’s lithium potential, a soil-sampling program designed to define the extents of the spodumene-rich pegmatite for first pass drill testing was completed. The program identified a large lithium geochemical anomaly of approximately 1.6 kilometres in strike and up to 300 metres in width (Figures 7 and 8); with a second trend of approximately 600 metres also defined. The soil assays returned a peak result of 99 ppm lithium (Li), with the results close to the spodumene rich outcrop returning grades between 22.1 ppm and 76.4 ppm lithium.
Corazon plans to conduct a shallow drilling program to test the lithium anomalism, in parallel with its aggressive, ongoing nickel sulphide exploration program at the Miriam nickel sulphide trend to the west.
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Figure 7 – Miriam Project “lithium in soils” image over aerial photograph. Location and grade ranges of soil samples provided in Figure 9.
DIRECTORS & OFFICERS
REGISTERED OFFICE
CORAZON MINING LTD Terry Streeter Non-Executive Chairman Level 3, 33 Ord St Brett Smith Executive Managing Director West Perth WA 6005 Jonathan Downes Non-Executive Director PO Box 8187 Dr. Mark Yumin Qiu Non-Executive Director Subiaco East WA 6008 Robert Orr Company Secretary & CFO T: +61 8 6166 6361 E: [email protected]
ASX: CZN
corazon.com.au
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Next Steps – Drilling Plans Underway
Corazon’s dual focus at Miriam, incorporates nickel sulphide exploration along the Miriam Trend (ASX announcement 22 March 2023) and the search for lithium (spodumene) rich pegmatites. Initial exploration on both fronts has been successful, and the Company is now proceeding with requisite approvals for two drilling programs. It is expected this drilling will include –
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Nickel Sulphide: Reverse circulation (RC) and diamond core (core) drilling of three large komatiite (ultramafic lava) channels, all with nickel sulphide anomalism in previous drilling, one of which hosts the historic drill-defined Miriam Nickel Sulphide Deposit; and
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Lithium: Shallow RC and potentially core drilling of the lithium soil anomaly.
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Figure 8 – Miriam Project “lithium in soils” results over aerial photograph. Assay results ranges are presented as parts per million (ppm) lithium (Li).
DIRECTORS & OFFICERS
REGISTERED OFFICE
CORAZON MINING LTD Terry Streeter Non-Executive Chairman Level 3, 33 Ord St Brett Smith Executive Managing Director West Perth WA 6005 Jonathan Downes Non-Executive Director PO Box 8187 Dr. Mark Yumin Qiu Non-Executive Director Subiaco East WA 6008 Robert Orr Company Secretary & CFO T: +61 8 6166 6361 E: [email protected]
ASX: CZN
corazon.com.au
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Mt Gilmore Cobalt-Copper-Gold Project – N.S.W.
Overview
The Mt Gilmore Cobalt-Copper-Gold Project (Mt Gilmore) is located 35 kilometres from the city of Grafton in north-eastern New South Wales (N.S.W.) (Figure 9). Corazon owns an 80% interest in Mt Gilmore and is managing and sole funding exploration until any future decision to mine is made.
Corazon’s recent exploration of the prospective “Mt Gilmore trend” has uncovered a major copper–cobalt– silver-gold geochemical trend, potentially representing a district-scale exploration play for large intrusive related copper-cobalt-gold deposits.
The surface anomalism for metals at Mt Gilmore covers a large area (Figure 10). The recognition of the surface expression of a large hydrothermal system of more than 20 kilometres in strike (ASX announcement 5 February 2019), possibly associated with mineralised intrusive rocks (ASX announcement 9 October 2020), presents an exciting exploration undertaking for Corazon.
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Figure 9 – Mt Gilmore Project location map
Corazon recently announced it is the recipient of an Australian Government Innovation Connections Grant to help advance exploration and assessment of the Mt Gilmore Project (ASX Announcement 13 December 2022). The geochemical testwork program being undertaken with the University of Tasmania’s (UTAS), Centre of Ore Deposit and Earth Sciences (CODES) has so far successfully confirmed that Mt Gilmore hosts key geochemical characteristics specific to large porphyry copper-gold deposits (ASX announcement 12 July 2022).
The second phase of the program is currently underway and is designed to expand on the first phase studies and deliver more precise targeting from which exploration drilling can be planned (ASX announcement 4 October 2022). This study is titled “Enhanced geochemical targeting at the Mt Gilmore Cu-Au-Co trend” and has successfully been awarded an Australian Government Innovation Connections Grant to help CODES complete its geochemical studies at Mt Gilmore.
DIRECTORS & OFFICERS
REGISTERED OFFICE
CORAZON MINING LTD Terry Streeter Non-Executive Chairman Level 3, 33 Ord St Brett Smith Executive Managing Director West Perth WA 6005 Jonathan Downes Non-Executive Director PO Box 8187 Dr. Mark Yumin Qiu Non-Executive Director Subiaco East WA 6008 Robert Orr Company Secretary & CFO T: +61 8 6166 6361 E: [email protected]
ASX: CZN
corazon.com.au
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Figure 10 – Mt Gilmore Project interpreted geology with a copper in soils geochemical image over the sedimentary/volcaniclastic basement rocks, with mineral occurrences and prospect locations.
DIRECTORS & OFFICERS
REGISTERED OFFICE
CORAZON MINING LTD Terry Streeter Non-Executive Chairman Level 3, 33 Ord St Brett Smith Executive Managing Director West Perth WA 6005 Jonathan Downes Non-Executive Director PO Box 8187 Dr. Mark Yumin Qiu Non-Executive Director Subiaco East WA 6008 Robert Orr Company Secretary & CFO T: +61 8 6166 6361 E: [email protected]
ASX: CZN
corazon.com.au
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Corporate
Corazon closed the Quarter with approximately $2,491,000 in cash; the Company’s quarterly summary of financials are presented as a separate ASX release in the Appendix 5B.
In accordance with Listing Rule 5.3.1, 5.3.2 and 5.3.5 the Company hereby provides disclosure to reflect the information required in the quarterly report and the Appendix 5B, the information required is as follows:
Item 6.1 in the Appendix 5B included an amount of $103,000 as payment to related parties; this reflected payments to directors including non-executive directors for fees, salaries and consulting costs for the quarter.
Item 2.1 in the Appendix 5B included expenditure of $685,000 on Exploration Activities, associated predominantly with activities at the Lynn Lake Project in Canada.
This announcement has been authorised on behalf of Corazon Mining Limited by Managing Director, Mr. Brett Smith.
For further information visit www.corazon.com.au or contact:
Brett Smith
Brett Smith James Moses Managing Director Media & Investor Relations Corazon Mining Limited Mandate Corporate P: +61 (08) 6166 6361 M: +61 (0) 420 991 574 E: [email protected] E: [email protected]
Competent Persons Statement
The information in this report that relates to nickel 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 that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that 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. 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 lithium Exploration Results and Targets is based on information compiled by Dr Ben Li, Member AIG and an employee of Corazon Mining Limited. Dr Li has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that 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”. Dr Li 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 Mineral Resources for the EL, Disco, Gulf, ‘N’, ‘O ’and ‘P’ deposits contained within the Lynn Lake Nickel Project is based on information compiled by Mr Stephen Hyland who is a Fellow of the Australasian Institute of Mining and Metallurgy and who has provided expert guidance on
REGISTERED OFFICE
CORAZON MINING LTD Level 3, 33 Ord St West Perth WA 6005 PO Box 8187 Subiaco East WA 6008 T: +61 8 6166 6361 E: [email protected]
DIRECTORS & OFFICERS
Terry Streeter Non-Executive Chairman Brett Smith Executive Managing Director Jonathan Downes Non-Executive Director Dr. Mark Yumin Qiu Non-Executive Director Robert Orr Company Secretary & CFO
ASX: CZN
corazon.com.au
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resource modelling and resource estimation. Mr Hyland is a Principal Consultant Geologist at HGMC consultants and has sufficient experience 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.
Forward-looking statements are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forwardlooking information and statements.
These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the Company’s prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.
The Company believes that it has a reasonable basis for making the forward-looking Statements in the announcement based on the information contained in this and previous ASX announcements.
The Company is not aware of any new information or data that materially affects the information included in this ASX release, and the Company confirms that, to the best of its knowledge, all material assumptions and technical parameters underpinning the exploration results in this release continue to apply and have not materially changed.
REGISTERED OFFICE
DIRECTORS & OFFICERS
ASX: CZN
Terry Streeter Non-Executive Chairman Brett Smith Executive Managing Director Jonathan Downes Non-Executive Director Dr. Mark Yumin Qiu Non-Executive Director Robert Orr Company Secretary & CFO
CORAZON MINING LTD Level 3, 33 Ord St West Perth WA 6005 PO Box 8187 Subiaco East WA 6008 T: +61 8 6166 6361 E: [email protected]
corazon.com.au
Schedule of Tenements
==> picture [168 x 38] intentionally omitted <==
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 |
| MT GILMORE | EL 8379 | New South Wales | 80% | |
| LYNN LAKE | P3164F | Canada | 100% | |
| LYNN LAKE | P3165F | Canada | 100% | |
| LYNN LAKE | P2291F | Canada | 100% | |
| LYNN LAKE | P3534F | Canada | 100% | |
| LYNN LAKE | MB2482 | Canada | 100% | |
| LYNN LAKE | MB3566 | Canada | 100% | |
| LYNN LAKE | MB3567 | Canada | 100% | |
| LYNN LAKE | P1045F | Canada | 100% | |
| LYNN LAKE | MB3580 | Canada | 100% | |
| LYNN LAKE | MB3581 | Canada | 100 | |
| LYNN LAKE | MB7346 | Canada | 100% | |
| LYNN LAKE | MB7349 | Canada | 100% | |
| LYNN LAKE | MB7350 | Canada | 100% | |
| LYNN LAKE | MB7025 | Canada | 100% | |
| LYNN LAKE | MB7361 | Canada | 100% | |
| LYNN LAKE | MB7362 | Canada | 100% | |
| LYNN LAKE | MB6364 | Canada | 100% | |
| LYNN LAKE | MB5175 | Canada | 100% | |
| LYNN LAKE | MB5701 | Canada | 100% | |
| LYNN LAKE | MB8734 | Canada | 100% |
DIRECTORS & OFFICERS
REGISTERED OFFICE
CORAZON MINING LTD Terry Streeter Non-Executive Chairman Level 3, 33 Ord St Brett Smith Executive Managing Director West Perth WA 6005 Jonathan Downes Non-Executive Director PO Box 8187 Dr. Mark Yumin Qiu Non-Executive Director Subiaco East WA 6008 Robert Orr Company Secretary & CFO T: +61 8 6166 6361 E: [email protected]
ASX: CZN
corazon.com.au
==> picture [168 x 38] intentionally omitted <==
| LYNN LAKE | MB8735 | Canada | 100% | |
|---|---|---|---|---|
| LYNN LAKE | MB9218 | Canada | 100% | |
| LYNN LAKE | MB5399 | Canada | 100% | |
| LYNN LAKE | MB6360 | Canada | 100% | |
| LYNN LAKE | MB6361 | Canada | 100% | |
| LYNN LAKE | MB6362 | Canada | 100% | |
| LYNN LAKE | MB6363 | Canada | 100% | |
| LYNN LAKE | MB9453 | Canada | 100% | |
| LYNN LAKE | MB5672 | Canada | 100% | |
| LYNN LAKE | MB5669 | Canada | 100% | |
| LYNN LAKE | MB10070 | Canada | 100% | |
| LYNN LAKE | MB10071 | Canada | 100% | |
| LYNN LAKE | MB10085 | Canada | 100% | |
| LYNN LAKE | MB10086 | Canada | 100% | |
| LYNN LAKE | MB10382 | Canada | 100% | |
| LYNN LAKE | MB10383 | Canada | 100% | |
| LYNN LAKE | MB10384 | Canada | 100% | |
| LYNN LAKE | MB10387 | Canada | 100% | |
| LYNN LAKE | MB10388 | Canada | 100% | |
| LYNN LAKE | MB11838 | Canada | 100% | |
| LYNN LAKE | MB11839 | Canada | 100% | |
| LYNN LAKE | MB11840 | Canada | 100% | |
| LYNN LAKE | MB11841 | Canada | 100% | |
| LYNN LAKE | MB11842 | Canada | 100% | |
| LYNN LAKE | MB11843 | Canada | 100% | |
| LYNN LAKE | MB11844 | Canada | 100% | |
| LYNN LAKE | MB12556 | Canada | 100% | |
| LYNN LAKE | MB12557 | Canada | 100% | |
| LYNN LAKE | MB11389 | Canada | 100% |
REGISTERED OFFICE
CORAZON MINING LTD Level 3, 33 Ord St West Perth WA 6005 PO Box 8187 Subiaco East WA 6008 T: +61 8 6166 6361 E: [email protected]
DIRECTORS & OFFICERS
Terry Streeter Non-Executive Chairman Brett Smith Executive Managing Director Jonathan Downes Non-Executive Director Dr. Mark Yumin Qiu Non-Executive Director Robert Orr Company Secretary & CFO
ASX: CZN
corazon.com.au
==> picture [168 x 38] intentionally omitted <==
| LYNN LAKE | MB11390 | Canada | 100% | |
|---|---|---|---|---|
| LYNN LAKE | M2228 | Canada | 100% | |
| LYNN LAKE | M2229 | Canada | 100% | |
| LYNN LAKE | M2230 | Canada | 100% | |
| LYNN LAKE | M2232 | Canada | 100% | |
| LYNN LAKE | M2233 | Canada | 100% | |
| LYNN LAKE | M2234 | Canada | 100% | |
| LYNN LAKE | M2248 | Canada | 100% | |
| LYNN LAKE | M2249 | Canada | 100% | |
| LYNN LAKE | M2251 | Canada | 100% | |
| LYNN LAKE | M2252 | Canada | 100% | |
| LYNN LAKE | M2253 | Canada | 100% | |
| LYNN LAKE | M2254 | Canada | 100% | |
| LYNN LAKE | M2255 | Canada | 100% | |
| LYNN LAKE | M2256 | Canada | 100% | |
| LYNN LAKE | ML77 | Canada | 100% | |
| LYNN LAKE | ML90 | Canada | 100% | |
| MIRIAM | P15/6135 | W.A. | Application | |
| MIRIAM | P15/6136 | W.A. | 100% | 100% |
| MIRIAM | P15/6137 | W.A. | 100% | 100% |
| MIRIAM | P15/6138 | W.A. | 100% | 100% |
| MIRIAM | P15/6139 | W.A. | 100% | 100% |
DIRECTORS & OFFICERS
REGISTERED OFFICE
CORAZON MINING LTD Terry Streeter Non-Executive Chairman Level 3, 33 Ord St Brett Smith Executive Managing Director West Perth WA 6005 Jonathan Downes Non-Executive Director PO Box 8187 Dr. Mark Yumin Qiu Non-Executive Director Subiaco East WA 6008 Robert Orr Company Secretary & CFO T: +61 8 6166 6361 E: [email protected]
ASX: CZN
corazon.com.au