THE BOURSE WHISPERER: Corazon Mining (ASX: CZN) has picked up an exclusive option to acquire the Miriam nickel project in the Goldfields of Western Australia.
Corazon Mining believes the acquisition of the Miriam project will complement the company’s core asset, being the more advanced Lynn Lake nickel-copper-cobalt sulphide project in Canada.
The Miriam project is a prospective nickel exploration project hosting the Miriam nickel deposit, where historic drilling intersected high nickel tenor massive and disseminated sulphides.
Initial defining drill intercepts for the Miriam deposit included:
9.6 metres at 5.6 per cent nickel;
12.5m at 0.56 per cent nickel;
3.2m at 2.59 per cent nickel;
0.9m at 5.57 per cent nickel; and
6.1m at 0.9 per cent nickel.
The company sees the Miriam project acquisition as a strategic opportunity to expand its portfolio of nickel sulphide assets and add to its nickel inventory, in a rapidly increasing global market appetite for quality Class-1 nickel, driven by the rising demand from the rechargeable battery sector.
“The Miriam project presents an opportunity to strategically add to our nickel project portfolio and provide a new exploration asset to complement our quality nickel sulphide project at Lynn Lake in Canada,” Corazon Mining chairman Terry Streeter said in the company’s ASX announcement.
“What attracted us to Miriam is the amount of sulphide that has been identified on that trend from the historical, widely spaced exploration drilling.
“There is a lot of smoke, and we believe, that with modern high-powered geophysics, there is a good opportunity to better define nickel sulphide concentrations along strike or down-dip from the defined prospects.
“The Miriam project exhibits a high-nickel content in the nickel sulphides intersected in previous drilling.
“There are multiple channel sequences that have potential to host nickel sulphide, along with broad zones of cloud sulphide within the ultramafics drilled along strike to the north and south.
“We are currently undertaking project due diligence and once its completed, we will advise of the outcome.”
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