Corazon Mining will raise $3m in a placement to fund the next phase of exploration at its Top Up Rise (TUR) project in Western Australia.
The placement, at 2.8 cents per share, will be conducted in two tranches with the second subject to shareholder approval.
Corazon said the proceeds of the placement will be primarily used for exploration and drilling activities at its TUR project, studies and exploration at the Canadian gold and nickel projects, and for general working capital purposes.
The drill rig is already on site at the TUR project with exploration anticipated to recommence in the coming weeks, including RC and diamond core drilling, as well as a VTEM airborne electromagnetic survey.
The current phase of exploration will further test the TUR gravity anomaly and for economic concentrations of the styles of mineralisation intersected in the recently completed inaugural drilling programme.
Corazon noted that drill targets with structures and lithologies favourable for base and precious metal mineralisation are currently being identified.
The VTEM survey will test for zones of massive sulphides and the recent drilling conducted at the site had intersected small zones of massive sulphide, mainly pyrrhotite with around 1% copper sulphide and a general base-metal anomalism.
Corazon Mining managing director Brett Smith said it was very encouraging to receive such good support for the placement.
"This is an excellent validation of the prospectivity of Corazon's Top Up Rise project. We will now be fully funded for the next phase of high-impact exploration of this very large mineralised system," Smith said.
Image: Exploration work at TUR site is anticipated to recommence shortly. Photo: Courtesy of FreeDigitalPhotos.net.