Corazon Mining Limited is a Perth-based ASX listed exploration company (ASX: CZN) exploring an old nickel-copper mining camp in Canada.
Corazon was established in 2005 as Graynic Metals Limited (GYN) to explore for precious and base metals in Australia. In 2009, under the name of Graynic Metals Limited (GYN) and Xanadu Resources Limited (XNU), the company assessed the potential of nickel laterite deposits in Cuba. On the 30th June 2010, Company shareholders approved the acquisition of an option to purchase a 100% interest in a quality nickel sulphide deposit in Canada, as well as a change in the company name to Corazon Mining Limited. Corazon commenced exploration at Lynn Lake in May 2010.
The Lynn Lake region in the central Canadian Province of Manitoba is historically the third largest nickel producing centre in Canada. More than 22 million tonnes were mined over 23 years until it closed down in 1976.
Corazon’s project includes the EL Mine, which was the highest grade deposit in the Lynn Lake Nickel Camp, producing 1.9Mt @ 2.5% nickel and 1.15% copper.
In May 2011 the Company announced that it had discovered a new high-grade nickel-copper sulphide breccia at depth below the EL Mine. Discovery hole XND001W1 returned:
- 23.75 m @ 3.34% Ni, 1.54% Cu & 0.08% Co
- Including 13 m @ 4.27% Ni & 0.89% Cu
In December 2011 Corazon determined an Exploration Target* for the lower zone beneath the EL Mine of 0.9Mt to 2.8Mt at grade ranges of 2.4% to 3.8% nickel, 0.9 % to 1.4% copper and 0.06% to 0.11% cobalt; within a global exploration target of 5.2Mt to 7.4Mt and contained metal ranges of 52,000t to 139,000t nickel, 23,000t to 55,000t copper and 1,200t to 3,900t cobalt.
The Company continues to highly value the Lynn Lake asset, and the project provides a significant development opportunity for Corazon and excellent leverage to improvements in the nickel price.