Corazon Mining Ltd (ASX:CZN) is preparing to outline details in relation to its capital raising, and the ASX has granted the company a trading halt to prepare.
The halt will remain in place until the opening of trade on Wednesday 24th January 2018, or earlier if an announcement is made to the market.
Corazon recently received final assay results from its 18-hole 3.2 kilometre drilling program at Cobalt Ridge, which included an intersection of 5 metres at 0.53% cobalt, 0.16% copper and 0.08 g/t gold.
READ: Corazon Mining's Cobalt Ridge drill results prompt management to identify extensions
The Cobalt Ridge prospect is located within the Mt Gilmore cobalt-copper-gold project in New South Wales. Corazon’s primary target is the main cobalt lode which is up to 25 metres in true width.
The company owns a 51% interest in the Mt Gilmore project with an exclusive right to earn up to an 80% interest, and with its prospectivity improving the company may well exercise this option.