Shares in Corazon Mining (ASX:CZN) experienced an impressive surge by as much as 33.3% to A$0.02, marking their biggest intraday percent gain since July 13.

This put the stock at its highest level since July 17.

The mining company disclosed that they have entered into a new exploration agreement with Marcel Colomb First Nation (MFCN) in the Lynn Lake area in Manitoba, Canada.

This agreement is set up for exploration and development activities at the Lynn Lake Nickel Sulphide Project and, in addition, the Fraser Lake Project in Canada.

In accordance with the agreement, MFCN will be issued up to A$75,000, along with an estimated 5.3 million shares at an issue price of $0.014 per share and one Corazon option for each share issued.

Despite the promising development, Corazon Mining’s stock is down by 28.6% this year, as of the last close.

Corazon Mining (ASX:CZN) is a company focused on the exploration of mining projects in Canada.