- Corazon Mining (CZN) completes the next stage of its acquisition of the Miriam Nickel Sulphide Project near Coolgardie in Western Australia
- Stage two of the acquisition means Corazon will take sole responsibility and management of the project, after entering an agreement with Limelight Industries
- Limelight will retain the right to mine mullock dumps for gold mineralisation, and to metal detect on the area for the first three years post grant of the relevant tenure
- The company completed the acquisition by paying $400,000, while Limelight will retain a net smelter return royalty of two per cent
- CZN shares last traded at 3.2 cents prior to market open
Corazon Mining (CZN) has completed the second stage of its 100 per cent acquisition of the Miriam Nickel Sulphide Project near Coolgardie in Western Australia’s Goldfields minerals district.
The company previously announced it had entered into an agreement with Limelight Industries to acquire the Miriam Project.
Stage two of the acquisition means Corazon will take sole responsibility and management of the project.
However, Limelight will retain the right to mine mullock dumps for gold mineralisation, and can metal detect on the area for the first three years of the deal, post grant of the relevant tenure.
Subsequent to Corazon’s election to exercise and the payment of a non-refundable amount of $125,000 to Limelight in stage one, Corazon was able to complete the acquisition by paying an amount of $400,000 in stage two.
Limelight will retain a net smelter return royalty of two per cent.
The Miriam Project covers an area of around six kilometres by 1.5 kilometres, and comprises five prospecting licence applications (P15/6135 to P15/6139 inclusive).
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 300m.
Corazon has highlighted extensions to areas of known mineralisation as the initial priority exploration focus.
CZN shares last traded at 3.2 cents prior to market open.