ENERGY MINERALS

Nickel ducks lining up for unloved Corazon

IT HAS a fast-dwindling cash position and, judging by its lowly market capitalisation, very little investor interest in its story.

 Corazon drilling in the harsh Canadian winter

Corazon drilling in the harsh Canadian winter

But with a bit of luck Corazon Mining's time could be coming given a confluence of factors, including the strongly improving nickel price, a new mining plan in the making for its resources at Lynn Lake, hydroelectric power for any development, and key exploration drilling set to get underway before the end of the month.

Exploration success can turnaround any ‘tired' story, that's a given.

Corazon is to drill downhole conductors at Lynn Lake's Fraser Lake Complex, and massive nickel sulphides are the big hope.

Fair to say exploration here has been tough over the years.

The challenge on the Lynn Lake ground has been the high amount of surface conductive material at the project making nickel targeting difficult.

Result: "We haven't been able to nail the massive sulphides," managing director Brett Smith told the New World Metals conference in Perth this week.

But ever-increasing, evolving understanding of the geology increases the chances of success.

Meanwhile, mining studies are looking to reinvent Lynn Lake as a bulk mining opportunity, with Smith pointing out the 16.3 million tonnes at 0.72% nickel and 0.33% copper (plus cobalt), goes to circa 43Mt when the cut-off grade is lowered from 0.5% to 0.4%.

Any mining plan developed will benefit by the fact all Manitoba's power is hydroelectrically generated, perfect for the green zeitgeist of the current era.

Speaking of Canada, Twiggy Forrest and BHP's interest in Noront and its nickel in Ontario is playing out in the background.

So far as the here and now is concerned, Corazon needs some money.

Corazon has an enterprise value of A$7 million. 

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

editions

MiningNews.net Research Report 2024

Access a multi-pronged tool to identify critical risks and opportunities in Australia’s mining industry.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.