The company has satisfied its obligations to acquire 100% of the Dunlop project area and ownership title is now being transferred.
Drilling is being carried out at Fraser Lake Complex in the Dunlop area
Corazon Mining Ltd (ASX:CZN) has exercised an option to acquire 100 per cent of the Lynn Lake Nickel-Copper-Cobalt Sulphide Project area in Canada after completing all earn-in requirements.
The company has consolidated the entire mining centre in Manitoba with the option covering all of the Dunlop project area being the crucial final piece of the puzzle.
This area includes the high-grade historical EL Mine and the very prospective Fraser Lake Complex (FLC), where drilling is underway.
Title being transferred
Ownership title is now being transferred to Corazon and this follows the previous acquisition of 100% of the Victory Nickel-Copper Project at Lynn Lake.
It is the first time Lynn Lake has been under the control of one company since mine closure in 1976.
The change of ownership also triggers a payment of 4.5 million Corazon shares to the original vendors of the Australian and Canadian holding companies.
This was a consideration conditional on the completion of the transaction.
Targeted drilling
The FLC intrusion is five kilometres south of the Lynn Lake mining centre and is the site of a targeted drilling program.
Corazon’s Lynn Lake drilling, including at FLC, is progressing well with a company update on current exploration activities expected next week.
Lynn Lake regional geology interpretation and project area outlines.
Development opportunity
With large JORC-compliant resources and beneficial infrastructure, Lynn Lake presents Corazon with a major development opportunity.
The company is particularly encouraged by recent market movements with increases in the value of nickel and cobalt.
In Australia Corazon also has the Mt Gilmore Cobalt-Copper-Gold Sulphide Project in NSW, which includes Cobalt Ridge, a unique high-grade cobalt-dominant sulphide deposit.
The Canadian and NSW projects place Corazon in a strong position to take advantage of the growing demand for commodities critically required for the booming rechargeable battery sector.