Corazon Mining Ltd is ready to take full control of the Miriam Nickel Sulphide Project in WA’s Goldfields.
The explorer moved to acquire 100% of the base metal asset from vendor Limelight Industries by completing stage two of the buy.
In exchange, Corazon will hand over $400,000 and a 2% net smelter royalty.
With stage two complete, Corazon is ready to pick up a high nickel tenor asset that’s seen exploration since the 1960s and 70s.
About Miriam
Corazon’s newest wholly-owned project is 10 kilometres south-southwest of Coolgardie. It covers a 6-kilometre by 1.5-kilometre area and is made up of five prospecting licence applications.
In 1969, Anaconda Australia Ltd discovered the Miriam Deposit and conducted most of the known nickel exploration during the late 1960s and early 1970s.
This work defined the core of the Miriam Deposit over a strike of about 150 metres and to a depth of at least 150 metres below surface.
In places, subsequent drilling extended the drilled depth to about 300 metres below surface, and historical work has defined a nickel-copper endowment at the Miriam deposit.
This work is not compliant with current JORC standards, however, and further drilling is required to establish a JORC resource estimate at Miriam.
Corazon believes there is extensive, untested opportunity to target nickel sulphide mineralisation at depth and along strike from previous, historical drilling.
More recent nickel exploration campaigns were undertaken during the mid-1990s and early-mid 2000s. This continued to identify massive and disseminated nickel sulphides at Miriam.
The project's defined target trend will guide Corazon as it undertakes detailed exploration programs using modern, higher-powered electromagnetic geophysics.
The most recent geophysical test-work for nickel sulphide exploration was completed in the early 2000s, where electromagnetics identified drill-defined mineralisation at the Miriam deposit.
The fine print
Corazon entered an option agreement to secure all of the Miriam asset in July last year.
Under the deal, it secured an exclusive option to conduct due diligence on the project over three months, in exchange for $75,000.
Corazon elected to exercise its option in October, and under stage one of the buy, it handed over $125,000.
Six months on, it’s completed stage two by giving $400,000 to Limelight, along with the 2% net smelter royalty.
Limelight retains the right to mine Miriam’s mullock dumps for gold mineralisation. It can also metal detect in the area for three years after the tenements are put in Corazon’s name.