Australian exploration company Corazon Mining (ASX: CZN) has acquired the option to purchase additional ground contiguous to its Lynn Lake Nickel Sulphide Project in Canada.
The company will pay CAD$100,000 along with 1 million CZN ordinary shares to have three mineral claims included in the current agreement whereby the Corazon Canadian subsidiary, Manitoba Nickel Inc, can earn 100% equity in the project.
Ground includes several nickel sulphide geophysical targets as well as the Eldon East zinc-copper-silver volcanogenic massive sulphide (VMS) deposit.
Corazon is established as the largest landholder in the camp, controlling six drill defined zinc-copper VMS deposits in addition to its flagship nickel/copper sulphide assets.
Work is currently underway to validate the quality of historical work and rank these deposits for on-going exploration.
Corazon has been exploring the Lynn Lake Nickel Sulphide Project since July 2010 and has recently established an initial inferred resource at the EL Mine of 1.8Mt at 1.0% Ni Equiv.
This resource is part of a much larger system for which the company has defined an exploration targets of between 3.5Mt and 4.6Mt.
The EL Mine target has grade ranges of between 0.8% and 1.45% nickel, 0.4 and 0.7% copper, along with 0.01% and 0.03% cobalt.
The new ground includes three mineral claims that will be explored in forthcoming winter exploration activities.