- Australian resource company Corazon Mining (CZN) has acquired the final part of the Lynn Lake Nickel Copper Cobalt Project in Canada
- Already, Corazon owned the Victory Project area at Lynn Lake
- Now, the company has exercised an option to acquire the Dunlop Project area and the title is being transferred
- Corazon will now pay a final consideration of 4.5 million shares which, at their current market value, would be worth A$13,500
- This marks the first time since 1976 that the entire Lynn Lake Mining Centre has been owned by one company
- Company shares are trading 25 per cent higher at 0.3 cents each
Australian resource company Corazon Mining (CZN) has acquired the final part of the Lynn Lake Nickel Copper Cobalt Mining Centre in Canada.
In line with long-standing commitments, the company has exercised an option to acquire the Dunlop Project area at Lynn Lake in Manitoba.
It is the first time since 1976 that the entire Lynn Lake Mining Centre has been under the ownership of one company.
Already, Corazon owned the Victory Project area at Lynn Lake which it acquired 100 per cent ownership of in 2015.
Corazon has now satisfied all obligations allowing it to exercise the option to acquire 100 per cent of the Dunlop Project area and the ownership title is being transferred.
Corazon will also pay the original vendors of the holding companies a consideration of 4.5 million shares which, at their current market valuation, is worth AU$13,500.
Importantly, the Dunlop area contains the EL Mine and the Fraser Lake Complex, where drilling is currently underway.
Company shares are trading 25 per cent higher for 0.3 cents each at 12:25 pm AEST.