THE BOURSE WHISPERER: Corazon Mining (ASX: CZN) was up early this morning exercising its Option to Acquire 100 per cent of the Miriam nickel sulphide project near Coolgardie in Western Australia’s Goldfields.
Corazon Mining took an option to acquire the Miriam project sometime around July, subject to completion of due diligence, which it has now completed and subsequently exercised its option to acquire the project making the agreed Stage 1 consideration payment to the vendors of $125,000.
Corazon considers Miriam a highly prospective nickel exploration project, representing a strategic addition to the company’s portfolio of nickel sulphide assets that includes the Lynn Lake nickel sulphide project in Canada where the company is currently undertaking its next phase of drilling.
The Miriam project comprises five Prospecting Licence applications (P15/6135 to P15/6139 inclusive) and is located approximately 10 kilometres south-southwest of Coolgardie on an ultramafic trend that hosts Auroch Minerals’ (ASX: AOU) Miriam and Nepean nickel deposits.
Having exercised its option to acquire the project, Corazon is now working to secure the granting of the tenement applications before commencing on-ground exploration programs.
This work should culminate in a first phase of drilling, targeting the Miriam nickel deposit, as well as other known nickel occurrences along the Miriam Trend.
Past exploration results, including drilling and geophysics, will be integrated into the company’s drill targeting exercise.