Lynn Lake's latest resource estimate totals 15.3 million tonnes at 0.72% nickel, 0.34% copper and 0.034% cobalt (using an 0.5% nickel cut-off) , within which there's 5.2Mt at 1% nickel, 0.41% copper and 0.044% cobalt (at an 0.7% nickel cut-off).
The met testwork is expected to be completed by the end of the year, after which it's anticipated mining development studies will be undertaken.
Lynn Lake in Manitoba is a previously mined camp that was closed in 1976.
Corazon, which is also focused on a cobalt exploration project closer to home in New South Wales, is into its ninth year on the ground at Lynn Lake.
The company is currently estimated to have about A$1.4 million cash.
Shares in Corazon were trading this week at 0.7c, capitalising the company at $8.8 million.
The stock has been drifting lower over the past 12 months from levels around 2c.
Corazon's MD Brett Smith told MNN it was "a tough market to be putting good news into".
"I can see on the register, a lot of buyers have left our end of the market … or the market in general.
"The brokers are saying the same thing. When there are no buyers, there is only downward pressure on the share prices.
"We need to ride this out and ensure the company's in a position to benefit when it does turn."