- Corazon Mining (CZN) exercises its option to acquire the Miriam nickel sulphide project near Coolgardie, Western Australia
- Since entering an option agreement in July, the company has completed due diligence and has paid the vendor the stage one consideration of $125,000
- Since its discovery in the late 1960s, exploration at the project led to identifying massive and disseminated nickel sulphides
- Once certain tenements are granted, Corazon plans to conduct exploration work and drilling
- Company shares are up 3.09 per cent to trade at 4 cents at 1:30 pm AEDT
Corazon Mining (CZN) has exercised its option to acquire the Miriam nickel sulphide project near Coolgardie, Western Australia.
In late July, the company entered an option agreement with Limelight Industries to acquire up to 100 per cent of the project which comprises five prospecting licence applications.
Corazon has now completed the required due diligence process and has made the stage one consideration payment of $125,000 as part of the deal with Limelight. Limelight will retain a net smelter return royalty of 2 per cent as well as the right to mine mullock dumps and to metal detect for three years.
The Miriam deposit, within the project, was discovered by Anaconda Australia in 1969. Anaconda conducted most of the known nickel exploration in the late 1960s and early 1970s which defined the core over a 150-metre strike and to a depth of at least 150 metres below surface. Follow-up drilling extended the depth up to about 300 metres.
Exploration conducted during the mid-1990s and early 2000s continued to identify massive and disseminated nickel sulphides which provide a basis for Corazon to conduct detailed exploration work.
Historical nickel results include 9.6 metres at 5.6 per cent nickel, 3.2 metres at 2.59 per cent nickel, 6.1 metres at 0.9 per cent nickel and 0.9 metres at 5.57 per cent nickel.
Corazon Chairman Terry Streeter said at the time of signing the agreement that the project would add strategic value.
“The Miriam project presents an opportunity to strategically add to our nickel project portfolio, and provide a new exploration asset to complement our quality nickel sulphide project at Lynn Lake in Canada,” Mr Streeter said.
Now that it has exercised the option, Corazon will work towards securing the granting of the tenement applications before it begins exploration programs which will include a phase one drilling program.
Company shares were up 3.09 per cent to trade at 4 cents at 1:30 pm AEDTs at 11:42 am AEDT.