Corazon Mining Ltd (ASX:CZN) has been granted a trading halt by the ASX with a capital raising announcement pending.
The halt will be in place until the start of regular trading on Wednesday, February 24, or when an announcement is released to the market, whichever occurs earliest.
Approvals for drilling South Pipe
Recently, the company received all government approvals for drilling the high-priority South Pipe target on recently acquired tenure in the southern area of Lynn Lake Nickel-Copper-Cobalt Sulphide Project in Canada.
The South Pipe target is a significant conductive anomaly on new ground acquired by Corazon in late 2020 and was generated from an aerial MobileMT geophysical survey at Lynn Lake.
This target appears analogous to the massive nickel-copper-cobalt sulphide bodies at Lynn Lake Mining Centre – specifically, the high-grade EL Mine which produced 1.9 million tonnes at 2.4% nickel and 1.15% copper to a depth of only 250 metres below surface.
Drilling at South Pipe is set to be included in the current phase of drilling at Fraser Lake.