Corazon Mining Ltd (ASX:CZN) is preparing to recommence drilling by the end of this month at Lynn Lake Nickel-Copper-Cobalt Sulphide Project in Manitoba Province of Canada.
Recent exploration activities were interrupted due to seasonal local flooding caused by the northern hemisphere spring melt.
The current phase of drilling at Lynn Lake is focused on its priority exploration target, the Fraser Lake Complex (FLC), around five kilometres south of the Lynn Lake Mining Centre, which displays widespread areas of sulphide mineralisation.
New target testing
The company is testing a compelling new nickel-sulphide target at the FLC where an initial drill hole was partially completed in the previous quarter.
Previous drilling reached the top of the defined target anomaly at a downhole depth of 523.4 metres (around 400 metres below surface).
Corazon has now completed a site inspection and green-lighted the recommencement of drilling with personnel and equipment being mobilised to site.
Drilling is scheduled to recommence by the end of July.
Fraser Lake Complex matrix trend (high IP chargeability anomaly), target area, and past drilling.
Rights issue extended
Corazon advises that the closing date for its non-renounceable entitlement offer has been extended from Thursday, July 23, 2020, to Thursday, August 6, 2020.
It is seeking to raise up to A$963,958 through a pro-rata non-renounceable entitlement offer of one fully paid ordinary share for every five shares held by eligible shareholders at an issue price of A$0.002 per share.
The revised indicative timetable is set out in the ASX announcement on 20 July 2020.