Corazon Mining gains access to Top Up Rise from traditional owners

THE BOURSE WHISPERER: Corazon Mining (ASX: CZN) has completed a land access agreement with the Tjamu Tjamu (Aboriginal Corporation) RNTBC and Ngaanyatjarra Land Council (Aboriginal Corporation).

The agreement will facilitate the exploration of the company’s recently-acquired Top Up Rise project (TUR) in Western Australia.

The TUR project is located in the Gibson Desert region of north-eastern Western Australia and is considered by Corazon to be prospective for large gold-copper intrusive related deposits, similar in style to Olympic Dam, Prominent Hill and Carapateena.

The company said the signing of the Land Access Agreement is a significant step forward for the development of the TUR project, which includes an exploration licence that was granted in May 2011.

“This access agreement allows the company to seek a Ministerial Access Permit, which will provide authorisation for Corazon’s exploration teams to commence on-ground work within the project area,” Corazon Mining said in its ASX announcement.

“It is expected the current processes will see on-ground heritage clearances for proposed work programs commence in early 2013, with ground geophysics scheduled to be completed in the first quarter of 2013 and drilling to follow late in the first quarter/early in the second quarter 2013.”

“Corazon has secured an option to earn up to 75 per cent of private company Border Exploration, which owns 100 per cent of the TUR project.

The acquisition is conditional on both the granting of a Ministerial Access Permit and Corazon Shareholder approval.

Corazon has engaged an Independent Expert to prepare an Independent Valuation Report for the Top Up Rise Earn-In Agreement with Border.

This report will be included in the Notice of Meeting which the Company expects to put to its Shareholders in the coming weeks; the meeting is planned for January 2013.