Corazon Mining Nets A$350K from Miriam Divestment, Adds Simon Coyle to Board
Corazon Mining has completed the sale of its remaining interest in the Miriam Project, appointed Simon Coyle to its board, and continues to push exploration in Canada and Australia amid a strategic review.
- Divestment of remaining 15% interest in Miriam Project for A$350,000 cash
- Relinquishment of base and precious metal rights at Miriam, retention of lithium rights via FBM shares
- Appointment of Simon Coyle as Non-Executive Director, resignation of Andrew Strickland
- Ongoing exploration at MacBride, Lynn Lake, and Mt Gilmore projects
- Quarter-end cash position approximately A$649,000 amid strategic project review
Strategic Divestment of Miriam Project
Corazon Mining Limited (ASX – CZN) has finalized the divestment of its remaining 15% stake in the Miriam Project located in Western Australia, receiving A$350,000 in cash from Future Battery Minerals Limited (ASX – FBM). This transaction marks the company’s full exit from base and precious metal rights at Miriam, while retaining a significant shareholding of over 16 million FBM shares tied to lithium and industrial mineral rights. The move aligns with Corazon’s ongoing strategic review aimed at maximising shareholder value by focusing on core assets.
Board Refresh and Leadership Outlook
In a notable corporate update, Corazon appointed Simon Coyle as a Non-Executive Director following the resignation of Andrew Strickland. Mr. Coyle brings over two decades of experience across gold, iron ore, manganese, and lithium sectors, including senior operational roles at Pilbara Minerals and Velox Energy Materials. His expertise is expected to bolster Corazon’s strategic reset and exploration ambitions. Meanwhile, Kristie Young and Scott Williamson continue in their leadership roles, providing continuity during this transition.
Exploration Momentum in Canada and Australia
Corazon’s exploration activities remain robust across its key projects. At the MacBride Base and Precious Metals Project in Manitoba, Canada, recent aerial geophysical surveys have identified multiple conductors supporting the potential for new massive sulphide discoveries. Similarly, the Lynn Lake Nickel Sulphide Project, also in Manitoba, benefits from extensive historical mining infrastructure and promising resource upside, positioning Corazon well within emerging battery metals markets in North America and Europe.
In New South Wales, the Mt Gilmore Cobalt-Copper-Gold Project continues to reveal encouraging signs of a district-scale mineralised system. Recent drilling at the May Queen Prospect intersected altered porphyritic intrusive rocks with widespread sulphide mineralisation, underpinning the potential for large porphyry copper-gold deposits. Further geophysical work is anticipated to refine drill targets in this highly prospective region.
Financial Position and Forward Strategy
Corazon closed the quarter with approximately A$649,000 in cash, reflecting disciplined expenditure on exploration and corporate activities. Payments to related parties, including directors, amounted to A$68,000, while exploration expenditure totaled A$105,000. The company’s strategic review remains underway, with a focus on optimising its project portfolio and appointing a suitable CEO or Managing Director to lead the next phase of growth.
Bottom Line?
Corazon’s divestment and board changes set the stage for a strategic pivot, with exploration results and leadership appointments poised to shape its next chapter.
Questions in the middle?
- What are the potential outcomes and timelines of Corazon’s ongoing strategic review?
- How will Simon Coyle’s operational experience influence Corazon’s project development priorities?
- What exploration results can investors expect next from the MacBride, Lynn Lake, and Mt Gilmore projects?