Corazon makes another Canadian nickel investment
PERTH (miningweekly.com) – Perth-based explorer Corazon Mining has inked an agreement to acquire the Victory nickel project, in Canada, from TSX-listed Victory Nickel.
Under the terms of the acquisition, Corazon would issue about 40-million of its own shares to Victory upon the settlement of the transaction, with Victory retaining a 1.5% net smelter royalty on all production from the Victory project.
Corazon could purchase 1% of this net smelter royalty for A$1-million.
Furthermore, over the five years following the execution of the transaction, Corazon would be required to spend $3.5-million on exploration and resource development at the Victory project. Victory would also receive a A$1-million payment within 30 days after ore processing was restarted at Corazon’s Lynn Lake project.
The Victory project is located immediately adjacent to the Lynn Lake nickel project, and Corazon told shareholders on Thursday that the Victory acquisition would consolidate the Lynn Lake nickel/copper field for the first time since the Lynn Lake project was closed in 1976.
The company believed that bringing the two nickel projects together would improve the economics of any potential mining operation, and would provide benefits in scale and possible mine life, enhancing the opportunity to take advantage of an appreciating nickel price market.
The Victory project currently has a measured, indicated and inferred resource of 17-million tonnes, grading 0.66% nickel and 0.33% copper.
On completion of the acquisition, Corazon would work to turn the resource estimate into a Joint Ore Reserves Committee-compliant estimate, while mining studies would also be progressed.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
