Corazon's cobalt gets Chinese backing

COBALT and nickel explorer Corazon Mining has attracted Chinese backing for its ventures, with the recent seller of the Southern Cross gold assets, Hanking, investing $1.68 million as part of a $1.8 million raising.

Corazon's cobalt gets Chinese backing Corazon's cobalt gets Chinese backing Corazon's cobalt gets Chinese backing Corazon's cobalt gets Chinese backing Corazon's cobalt gets Chinese backing

The raising was priced at 1.4 cents per share, a premium to the stock’s last closing price but well down on the “heavily oversubscribed” $3 million raising six months ago when new shares were priced at 3.5c.

Corazon’s focus of late has been on the nickel-cobalt-copper potential of Lynn Lake in Canada and, more recently, the Mt Gilmore cobalt-copper-gold project in New South Wales.

Hanking, which earlier this year sold its Southern Cross gold operations for $330 million, is said to be investing for Corazon’s cobalt potential.

Funds from the raising are be used primarily to fund ongoing exploration at Mt Gilmore, focusing largely on the Cobalt Ridge prospect – described as an advanced, drill defin...