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Mining industry

Corazon Mining Limited Secures Two Pools Gold Project with $2 Million Capital Raising and Appoints Experienced MD

Strategic Insights

— 1 min read

Corazon Mining Limited has made a significant move by entering a binding Heads of Agreement to acquire the Two Pools Gold Project in Western Australia's Plutonic Greenstone belt. The company has also raised approximately A$2,000,000 through a placement of 1,000 million fully paid ordinary shares, which will be used to fund exploration at the project and its existing projects. The appointment of Mr. Simon Coyle as Managing Director brings over 20 years of mining experience to the role and is seen as a critical component of the company's strategy to strengthen its leadership and deliver on its exploration objectives.

Key Takeaways:

  • Corazon Mining Limited has entered a binding Heads of Agreement to acquire the Two Pools Gold Project in Western Australia's Plutonic Greenstone belt.
  • The company has raised approximately A$2,000,000 through a placement of 1,000 million fully paid ordinary shares.
  • The funds raised will be used to fund exploration at the Two Pools Gold Project and the company's existing projects.
  • Mr. Simon Coyle has been appointed as the Managing Director of Corazon Mining Limited, bringing over 20 years of mining experience to the role.
  • The Two Pools Gold Project is located in the eastern Gascoyne region of Western Australia within the Marymia Inlier.
  • The project has a proven track record with historic drilling by Great Central Mines Limited identifying widespread gold mineralisation along the full length of the exposed greenstone belt.
  • Significant intersections were recorded in a fold hinge zone near the eastern extent of the project area.

Statistics:

  • The Two Pools Gold Project covers approximately four kilometres of mapped and outcropping greenstone.
  • Historic drilling by Great Central Mines Limited identified widespread gold mineralisation (0.5 g/t Au) along the full length of the exposed greenstone belt.
  • The gold mineralisation intersects are associated with quartz veining hosted within mafic and ultramafic amphibolite units.
  • High-grade intercepts (3.0 g/t Au) occurred within broader mineralised zones (0.3 g/t Au).
  • Over 6 million ounces of gold have been produced since 1990 from the Plutonic-Marymia greenstone belt.

Sources:

  • Corazon Mining Limited (ASX: CZN)
  • Mining Equities Pty Ltd

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