Corazon Mining (ASX: CZN) will raise up to $3 million at $0.028 per share in an over-subscribed placement to fund the next phase of exploration at its Top Up Rise Project in Western Australia.
The proceeds will be primarily used for exploration and drilling at Corazon’s TUR Project, and studies and exploration at its Canadian gold and nickel projects.
The drill rig is already on site at TUR, and exploration is planned to recommence in the coming weeks, with RC and diamond core drilling, as well as a VTEM (airborne electromagnetic) survey.
This phase of exploration will further test the TUR gravity anomaly and will also test for economic concentrations of the styles of mineralisation intersected in the recently completed inaugural drilling programme.
Drill targets with structures and lithologies favourable for base and precious metal mineralisation are currently being identified.
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