Corazon Mining's December 2024 quarterly report reveals promising exploration progress at its MacBride and Lynn Lake projects in Canada, alongside encouraging drilling results at Mt Gilmore in NSW. A recent capital raise aims to accelerate drilling in early 2025.
- Acquisition expands MacBride project tenure to 56km² with nine priority EM conductors identified
- Aerial VTEM Plus survey underway to refine drill targets along 14km prospective stratigraphy
- Maiden drilling at Mt Gilmore confirms copper sulphide mineralisation supporting porphyry copper-gold model
- Future Battery Minerals extends lithium anomaly at Miriam Project, preparing for H1 2025 drilling
- Pro-rata entitlement offer raised approximately A$2.3 million to fund exploration activities
MacBride Project Expansion and Exploration Upside
Corazon Mining has significantly expanded its footprint at the MacBride Base and Precious Metals Project in Manitoba, Canada, increasing the tenure from approximately 26km² to 56km². This contiguous landholding now covers a 14-kilometre strike length of highly prospective stratigraphy for copper-zinc-gold-silver volcanogenic massive sulphide (VMS) deposits. The acquisition consolidates control over the MacBride, Wellmet, and Barrington prospects, with the MacBride deposit itself showing strong potential as a standalone exploration target.
Processing of historical 2008 aerial VTEM geophysical data has revealed nine priority electromagnetic (EM) conductors along a 7km horizon, including one coincident with the known high-grade MacBride deposit. The remaining eight conductors remain untested by drilling, presenting compelling targets for discovery. To advance this, Corazon has commenced a modern aerial VTEM Plus survey covering the entire 14km strike, expected to deliver high-resolution data to guide drilling planned for early 2025.
Lynn Lake Project: Strategic Positioning in a Battery Metals Hub
Corazon retains 100% ownership of the Lynn Lake Nickel-Copper-Cobalt Sulphide Project, a historically mined district with existing JORC resources and infrastructure advantages such as hydro-power and a mining township. While nickel prices have tempered development urgency, the company’s focus on exploration and mining centre studies aims to unlock cost efficiencies and resource growth. The MacBride acquisition complements Lynn Lake’s portfolio, positioning Corazon to capitalize on the growing demand from North American and European battery industries.
Mt Gilmore Drilling Validates Porphyry Copper-Gold Potential
In New South Wales, Corazon completed its maiden two-hole, 798-metre drill program at the May Queen target within the Mt Gilmore Project. Although the drilling did not intersect economic-grade mineralisation, it confirmed the presence of copper sulphide minerals such as bornite and chalcopyrite within intensely altered porphyritic intrusive rocks. These findings support the conceptual model of a large-scale porphyry copper-gold system. The company is considering further geophysical surveys to refine drill targets across the extensive +2km strike of the May Queen area.
Miriam Lithium & Nickel Sulphide Project: Lithium Anomaly Extension
Corazon’s divestment of 85% lithium rights at the Miriam Project to Future Battery Minerals Limited (FBM) has yielded promising exploration results. FBM’s recent soil sampling identified a 750-metre-long lithium anomaly, extending previous zones by approximately 450 metres, along with four additional anomalous lithium zones. Preparations are underway for FBM’s initial drilling campaign scheduled for the first half of 2025, which could unlock further value in this battery metals-focused asset.
Capital Raising to Accelerate Exploration
To fund its aggressive exploration agenda, particularly at MacBride, Corazon completed a pro-rata non-renounceable entitlement offer, raising approximately A$2.3 million before costs. The offer included one new share for every share held, priced at $0.003, accompanied by one new option per share subscribed. The capital raise was partially underwritten and supplemented by a placement raising an additional A$300,000. This infusion of funds is timely to support the upcoming drilling programs and geophysical surveys slated for early 2025.
Bottom Line?
With fresh capital and a robust pipeline of exploration targets, Corazon is poised to unlock value across its Canadian and Australian projects in 2025.
Questions in the middle?
- Will the upcoming VTEM Plus survey at MacBride confirm new drill targets beyond the known deposits?
- How will Corazon balance exploration spending between its Canadian base metals projects and Australian battery metals assets?
- What are the potential timelines and capital requirements for advancing Mt Gilmore towards resource definition?