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Corporate Spotlight

Corazon Mining Limited (CZN) is a Perth-based exploration company exploring an old nickel-copper mining camp in Canada. Corazon's flagship projects include the Lynn Lake Project in Canada and Mt Gilmore Cobalt-Copper-Gold Project in Australia.
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CAPITAL RAISING

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CORAZON CAPITAL RAISING – PLACEMENT AND SHARE PURCHASE PLAN 

ASX Announcement 3 April 2019 


  • Receipt of firm commitments totalling up to approximately $350,000 through a placement to sophisticated and professional investors 
  • Corazon is also proposing to raise up to $1 million via a Share Purchase Plan by providing existing shareholders with an opportunity to subscribe for shares in Corazon on the same terms as the Placement 
  • Corazon will also seek shareholder approval for the issue of $250,000 worth of Shares to vendors to increase its interest in the Mt Gilmore Project to 80% 
  • Funds raised from the Placement and SPP will enable the commencement of next phase of exploration activities at the Mt Gilmore Copper-Cobalt Sulphide Project in New South Wales


Corazon Mining Limited (ASX: CZN) (“Corazon” or “the Company”) is pleased to announce that it has received firm commitments from sophisticated, professional and institutional investors totaling up to approximately $350,000 through a placement of up to approximately 116.7 million fully paid ordinary shares (“Shares”) at an issue price of $0.003 per Share (“Placement”). Participants in the Placement will also be issued two (2) New Options (defined below) for every three (3) Shares subscribed for in the Placement.


Corazon also intends to conduct a Share Purchase Plan (“SPP” or “Plan”) to raise up to a further $1 million on the same terms as the Placement.


The funds raised pursuant to the Placement and SPP will be used to accelerate exploration activities at the Mt Gilmore Project, in particular targeting compelling copper-cobalt-silver surface anomalies presented in ASX announcement dated 5 February 2019 and detailed in a presentation dated 7 February 2019.


In addition, the Company intends to increase its interest in the Mt Gilmore Project to 80% by issuing $250,000 of Shares to the Mt Gilmore vendors and will seek shareholder approval to do so at a general meeting to be held in late May 2019, date to be advised (“General Meeting”).


Corazon’s Managing Director, Mr Brett Smith, said:


“The recent results from exploration at Mt Gilmore are very encouraging. They identify a districtscale exploration play for large intrusive-related copper-cobalt-gold deposits and provides the Company with a unique early-stage copper-driven opportunity in eastern Australia. We were keen to give our shareholders the opportunity to participate further in this next exciting phase of the project, via the SPP. In conjunction with the funds raised under the Placement, the Company will be in a position to commence its next phase of exploration at Mt Gilmore immediately.” 


Share Purchase Plan 

Under the SPP, the Company is giving eligible shareholders the opportunity to subscribe for up to $15,000 worth of Shares at an issue price of $0.003 per Share, irrespective of the size of their shareholding. The Company confirms that the record date for participation in the SPP is Tuesday, 2 April 2019 (being the business day prior to the release of this announcement).


Further details of the SPP and associated offer timetable will be dispatched to eligible shareholders in due course.


The Company has applied to ASX for a waiver of ASX Listing Rules 7.1 and 10.11, to permit the Company to offer Shares under the SPP at an issue price of $0.003 per Share (Waiver). In the event that the Waiver is not granted, the Company intends to seek shareholder approval to issue Shares and New Options under the SPP.


Listed Options 

Corazon will seek shareholder approval at the General Meeting to issue two (2) free attaching options (“New Options”) for every three (3) Shares issued to participants in the Placement and the SPP. The New Options will be exercisable at 0.7 cents each and will have an expiry date 3 years from the date of issue.


Corazon intends to apply for official quotation of the New Options on ASX, subject to compliance with ASX Listing Rule 2.5.


Additional Placement Details 

The Placement Shares are intended to be issued on Wednesday, 10 April 2019, under the Company’s existing placement capacity under ASX Listing Rule 7.1.


Mt Gilmore Project Ownership Equity to increase to 80% 

The Company confirms its intention to increase its interest in the Mt Gilmour Project from 51% to 80% project equity, by issuing the vendors of the Project $250,000 worth of Shares in the Company. Further details of the purchase agreement are set out in the ASX announcement released on 16 June 2016. 


The issue of Shares will be subject to Shareholder approval, which the Company will seek at the General Meeting to approve the issue of Options and other approvals related to the SPP.


Click here to view the full announcement

RIU PRESENTATION

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ADDITIONAL TECHNICAL INFORMATION

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HIGH GRADE NICKEL AND COPPER CONCENTRATES PRODUCED AT LYNN LAKE PROJECT 

- ADDITIONAL TECHNICAL INFORMATION -

ASX Announcement 12 February 2019 



  • Additional Information is provided in relation to the recently announced Lynn Lake metallurgical results 
  • Metallurgical testwork on Lynn Lake sulphide mineralisation has produced separate highvalue and high-purity nickel and copper concentrates: 
    • Results far surpass those delivered by the historical processing methods 
    • New nickel concentrate grades at 26% nickel with recoveries of 71% 
    • New copper concentrate grades at 27% copper with recoveries of 77% 
    • On-going work is expected to optimise and improve these excellent results 
  • Exceptional results mean Lynn Lake may deliver separate high-value nickel and copper products – providing greater optionality for processing methods and product sale points associated with any future development of Lynn Lake 
  • Outstanding results support Corazon’s beliefs that modern processing techniques have the potential to deliver meaningful operational improvements

Corazon Mining Limited (ASX: CZN) (Corazon or Company) is pleased to announce additional information and results from its initial metallurgical testwork completed at the Lynn Lake NickelCopper-Cobalt Sulphide Project (Project or Lynn Lake) in Canada.


The initial results from the metallurgical testwork program at Lynn Lake have been exceptional and, for the first time, have delivered separate high-value nickel and copper concentrates. The results include;


  • New nickel concentrate with a grade of 26% nickel with recoveries of 71% 
  • New copper concentrate with a grade of 27% copper with recoveries of 77%


These results have not been fully optimised and it is expected that on-going work will deliver further improvements. 


This significant technical breakthrough represents an important step forward in Corazon’s development pathway for Lynn Lake. It supports the production and dispatch of separate copper and nickel concentrates from site to smelters and removes the need for potentially costly secondary processing from a bulk (nickel-copper) concentrate onsite.


Historical operations and metallurgical testwork completed since mine closure, as far as is reported, were neither able to achieve the nickel grades observed in this current testwork, or able to produce separate nickel and copper concentrates with the purity of this testwork. 


Current Testwork 
Testwork currently underway is focused on ore characterisation, flotation and product definition for down-stream processing, and is designed to provide key data for future mining and development studies for the possible re-commencement of mining at Lynn Lake.


Approximately 500 kilograms of fresh broken, mineralised fist-sized pieces of rock sample was transported from site to Australia for analysis. The sample was delivered to ALS Metallurgy, Balcatta, Western Australia, and internationally recognised metallurgical consultants, METS Engineering, have managed the testwork.


The sulphide sample is a portion of a bulk sample taken from outcrops (Figure 2) in 2011 by Prophecy Platinum Corp (a Canadian company) as part of their 2011 flotation and bioleach metallurgical testwork program (conducted by Mintek in South Africa).


The samples for Corazon’s testwork were dressed by cutting off any oxidized material (“oxidized rind”) on-site prior to shipment. In Perth, the sample was crushed and homogenized with representative subsampled splits taken for testwork and analysis. This work is reported in greater detail in Table 3, appended.


The testwork included an initial flotation process to concentrate the copper and a subsequent flotation process to concentrate the nickel and cobalt. Modern advances in processing technologies and reagents have delivered substantial benefits and efficiencies with respect to metal recoveries and product quality, which may in turn deliver significant reductions in both operating and capital costs associated with any future development of Lynn Lake.


Results from this recent testwork are presented in the tables 1 to 3 below.

Table 1: Nickel and Cobalt concentrate grades and recoveries
Nickel recovery = Nickel in concentrate / nickel in feed
= Nickel concentrate grade × concentrate mass yield / nickel grade in feed
= 25.8%×5.07% / 1.84%
= 71.1% 

Table 2: Copper concentrate grades and recoveries
Copper recovery = Copper in concentrate / copper in feed
= Copper concentrate grade × Concentrate mass yield / copper grade in feed
= 27.1%×1.92% / 0.67%
= 77.5% 

Copper sulphides are captured separately from the nickel and cobalt in the flotation process. However, the copper concentrate retains a small amount of nickel and the nickel concentrate does contain a small amount of copper. As such, Corazon’s on-going work aims to determine how much the recoveries can be improved while maintaining high concentrate grades. Historically, the recovery of copper remained relatively constant, irrespective of the feed grade, while there was a reduction in recovery of nickel at lower feed grades (under 0.65% nickel). It is expected additional testwork will be required to further optimise recoveries for variable feed grades.


Click here to view the full announcement

HIGH GRADE CONCENTRATES

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HIGH GRADE NICKEL AND COPPER CONCENTRATES PRODUCED AT LYNN LAKE PROJECT 

- TESTWORK DELIVERS MAJOR TECHNICAL BREAKTHROUGH -

ASX Announcement 11 February 2019 



  • Initial metallurgical testwork on Lynn Lake sulphide mineralisation has produced separate high-value and high-purity nickel and copper concentrates: 
    • Results far surpass those delivered by the historical processing methods 
    • New nickel concentrate grades at 26% nickel with recoveries of 71% 
    • New copper concentrate grades at 27% copper with recoveries of 77% 
    • On-going work is expected to optimise and improve these excellent results 
  • Exceptional results mean Lynn Lake may deliver separate high-value nickel and copper products – providing greater optionality for processing methods and product sale points 
  • First detailed metallurgy at Lynn Lake since mine closure in 1976
  • Results support Corazon’s beliefs that modern processing techniques have the potential to deliver meaningful operational improvements

Corazon Mining Limited (ASX: CZN) (Corazon or Company) is pleased to announce results from initial metallurgical testwork completed at the Lynn Lake Nickel-Copper-Cobalt Sulphide Project (Project or Lynn Lake) in Canada.


The initial results from the metallurgical testwork program at Lynn Lake have been exceptional and, for the first time, have delivered separate high-value nickel and copper concentrates. The results include; 

  • New nickel concentrate with a grade of 26% nickel with recoveries of 71% 
  • New copper concentrate with a grade of 27% copper with recoveries of 77%


These results have not been fully optimised and it is expected that on-going work will deliver further improvements . 


This significant technical breakthrough represents an important step in Corazon’s development pathway for Lynn Lake. It supports the production and dispatch of separate copper and nickel concentrates from site to smelters, and removes the need for potentially costly secondary processing from a bulk (nickel-copper) concentrate onsite.


Testwork currently underway is focused on ore characterisation, flotation and product definition for down-stream processing and is designed to provide key data for future mining and development studies for the possible re-commencement of mining at Lynn Lake.


Lynn Lake is historically one of Canada’s most prolific nickel producing mining centres and was active for more than 24 years before closing in 1976. The processing technology used for the extraction of nickel, copper and cobalt metals at Lynn Lake was developed in the 1950’s and 1960’s, and this is the first detailed testwork completed on the Lynn Lake mineralisation since mine closure.


Since then, modern advances in processing technologies have delivered substantial benefits and efficiencies with respect to metal recoveries and product quality, which may in turn deliver significant reductions in both operating and capital costs associated with any future development of Lynn Lake.


Summary of Flotation Results 

Nickel and cobalt are captured together in the flotation process and separated from the copper sulphides. The nickel concentrate does contain a small amount of copper and the copper concentrate retains a small amount of nickel, as such, Corazon’s on-going work aims to determine how much the recoveries can be improved while maintaining high concentrate grades.


Current results are presented in the tables below. Additional information on this testwork is presented in Table 3 (attached). 


Table 1: Nickel and Cobalt concentrate grades and recoveries 

Table 2: Copper concentrate grades and recoveries 

The metallurgical testwork is being managed by internationally recognised metallurgical consultants, METS Engineering, and is expected to be completed the March quarter. Significant results will be released to the market as they become available.


Click here to view the full announcement

INTERVIEW

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