Corazon Mining Ltd (ASX:CZN) is in a trading halt ahead of an announcement in regard to the execution and planning of a capital raising.
The trading halt will be in place until the start of regular ASX trading on Wednesday, July 1, or when an announcement is released to the market, whichever occurs earliest.
High-grade nickel, copper and cobalt
In early May the company reported high-grade assays from its latest phase of drilling at the Lynn Lake Nickel-Copper-Cobalt Sulphide Project in Manitoba province, Canada.
All results have now been returned from the three-hole, 243.4-metre drill program completed at the A ore body within the Lynn Lake Mining Centre.
The results have delivered further exceptional high-grade nickel, copper and cobalt intersections, including:
- 37 metres at 1.34% nickel, 0.50% copper, 0.040% cobalt from 8 metres including 8.35 metres at 2.36% nickel, 0.66% copper, 0.063% cobalt from 17 metres; and
- 21 metres at 0.67% nickel, 0.50% copper, 0.020% cobalt from 8 metres.
This phase of work explored areas highlighted in drilling completed by Corazon in December 2019, in a program testing the potential for high-grade nickel-copper-cobalt surface extensions of historically mined underground deposits.