Shares on Issue- 527m
M/cap 11.5m
Net Assets - $1,822,619
T20- 32.45%
Management- 5.75%
Free Float- Circa 326m
Cash Position $951k
Admin cash burn- Very respectable 90k last Qtr
Raised 1m recently at .055c
Flagship Lynn Lake Nickel Copper-Cobalt Project in Canada. During the financial year, Corazon completed the acquisition of the Victory Nickel Project, consolidating the Lynn Lake Nickel-Copper-Cobalt Field for the first time since the Lynn Lake Mine closed in 1976, subsequent to 24 years of continuous operation as a large tonnage, low cost mine. The new terms removed the requirement for the C$1,000,000 lump sum payment and are replaced by half-yearly payments of C$100,000 until payments totalling C$1 million are made (which would be 20 April, 2019). Twenty (20) high priority targets of significant strength and depth-extents to warrant drill testing or further exploration follow-up have been identified in the surveyed area. Assay results are expected to be available in October 2016. Perth based independent mining consultants Ravensgate have defined an Indicated and Inferred Resource of 9.4Mt @ 0.88% nickel and 0.40% copper, for 83,000 tonnes of contained nickel and 37,800 tonnes of contained copper. There is no Cobalt jorc on this project.
Also secured the right to earn up to an 80% interest new asset to its project portfolio, being the Mt Gilmore Cobalt-Copper Gold Project in New South Wales, Mt Gilmore includes the advanced, drill-defined, high-grade Cobalt Ridge prospect, in addition to multiple promising, newly defined cobalt targets over a strike of approximately 11 kilometres. The Cobalt Ridge Prospect represents an advanced cobalt play with shallowly drilled Co-Cu-Au lodes open along strike and at depth. With a small amount of infill and extensional drilling, the Company believes the potential exists to define a JORC resource in the short term. Drilling at Cobalt Ridge is proposed for October 2016
Under the terms of the agreement with the Vendor and subsequent to a satisfactory due diligence study by the Company (Company satisfaction of due diligence announced 4 July 2016) the Company can initially earn a 51% interest during the first earn-in period by: - The issuance of 25 million Company shares to the Vendor (issued 4 July 2016); - Paying cash reimbursements of costs totaling $100,000 (paid 11 July 2016); and - Achieving an exploration spend of $200,000 on the Project within the first 12 months from the commencement date of the first earn-in period (commencement date 4 July 2016). Once the Company has achieved the acquisition of 51% of the Project, the Company can earn a further 29% interest (totaling 80%) during the second earn-in period by: - Completing expenditure of $2 million on exploration within 3 years of the commencement date of the second earn-in period; - Paying $150,000 in cash or shares to the Vendor upon the earlier of the commencement of the third year and the Company spending a minimum of $500,000 (of the $2 million commitment) on the Project’s exploration expenditure; and - Paying $250,000 in cash or shares upon achieving the previous two conditions; also - The Company has the opportunity to extend this earn-in period by one year by paying $50,000 in cash or shares.
This seems like a news setup and why not. If my maths serve me right here due to expenditure commitments and aggressive approach can expect another raise probably sometime after Mt Gilmore drill assays come through. Even though drill assay may contain high grades of Cobalt...profitable extraction is the key and very challenging.
I always like to hear how an MD talks either by phone or seeing video footage. It's very dated from 2013 but here is a video.
Have a greet weekend Pal.....this was done briefly and apologies if I missed anything of note
