CORAZON MINING LIMITED — Capital/Financing Update 2016

Jun 15, 2016

Announcement

16 June 2016

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CZN to Acquire High Grade Cobalt-Copper-Gold Project

• Corazon executes agreement for exclusive right to earn up to 80% of the Mt Gilmore Cobalt-Copper-Gold Project in N.S.W., Australia.

 Project includes the Cobalt Ridge Prospect - an advanced high-grade cobalt project boasting:

• Multiple drill results of +1% cobalt with copper and gold credits

• Maximum individual 1m drill results are 3.38% cobalt, 3.18% copper and 4.92 g/t gold

• Minimal drilling required to define resource

• Mineralisation remains open in all directions:

  • 300m strike drilled, width 50m to 120m

  • Multiple zones

• Numerous undrilled geochemical anomalies

• Project package also includes an emerging copper-gold district:

• Five existing large scale copper-gold targets (four undrilled)

• Multiple historic workings

• Extensive outcropping sulphide mineralisation

• The Mt Gilmore Cobalt-Copper-Gold Project complements Corazon’s Lynn Lake Nickel-Copper-Cobalt Project in Canada.

• $1 million placement completed primarily to fund the acquisition and exploration of the Mt Gilmore Project.

Australian mineral exploration company, Corazon Mining Limited (ASX:CZN) (“Corazon” or “the Company”), is pleased to announce it has secured the right to earn up to 80% of the Mount Gilmore Cobalt-Copper-Gold Project (“Project”) from private company Providence Gold and Minerals Pty Ltd (“Providence”).

The Project is located only 35km from the major centre of Grafton in north-eastern New South Wales (Figure 1). Project tenure includes one granted Exploration Licence (EL8379 – one year old), covering an area of approximately 25km by 15km.

The Cobalt Ridge Prospect

The high-grade nature of this cobalt mineralisation is published in historical records from shallow mining (maximum shaft depth 36.5m), reporting a maximum of 14.7% cobalt (Co) and up to 1.7 oz/ ton gold (Au). The richer mineralisation seemingly occurs in small lenses or pods within a broader zone of mineralisation.

Modern exploration within the Project commenced in the 1980’s; PanContinental completed ground IP and magnetic geophysical surveys, gridded soil geochemistry for Cu (copper), As (arsenic), Au and Co, 25 trenches (1,518.5m) and 17 RC drill holes (for 1,020.82m). This work has yet to be validated by the Company’s due diligence process and as such is not reported within.

Announcement

16 June 2016

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Figure 1 – Project Location

Between 2006 and 2008, Central West Gold N.L. drilled 25 holes for 2,880 metres, including 21 holes for 2,604m at Cobalt Ridge. This work defined multiple parallel sub-vertical Co-Cu-Au sulphide lodes over a strike of 300m and width of between 50m and 120m (figures 2 and 3). Significant results from this work are presented in Table 1.

Maximum individual 1m drill results include 3.38% Co, 3.18% Co and 4.92 g/t Au. These results have been incorporated in the composite assay results reported in Table 1 below.

The Cobalt Ridge Prospect represents an advanced cobalt play with shallowly drilled Co-Cu-Au lodes that remain open along strike and at depth. With a small amount of infill and extensional drilling, the Company believes the potential exists to define a JORC resource in the short term.

Numerous undrilled regional cobalt prospects exist, including several defined by soil geochemistry and geophysics close to Cobalt Ridge (Figure 2). This style of mineralisation (Co-Cu-Au sulphides) is typically responsive to geophysics, with the Cobalt Ridge mineralisation being traced for at least an additional 100m under cover outside of existing drilling.

About Cobalt

The rechargeable battery market remains a significant driver for growth in the cobalt market, with demand in this sector up 11.7% in 2015. Cobalt is the preferred cathode element in lithium ion batteries which have the greatest energy storage capacity and are accordingly set to see a significant increase in demand. As an indicator of this growth potential, automotive related battery demand rapidly gained momentum with Chinese sales of “New Energy Vehicles” up 343% in 2015.

With traditional cobalt supply constrained and limited as a by-product of nickel and copper mining, pure cobalt projects will be seen to have a unique place in the market for end users seeking to secure their supply chain.

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Announcement

16 June 2016

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Demand growth for cobalt outpaced supply growth in 2015 and the market balance is expected to move into deficit territory from 2016 onwards.

Cobalt Market Source Material:

Darton Commodities Limited – Cobalt Market Review 2015-2016 J Petersen Investor Intel.com – April, 2016 Macquarie Wealth Management – Commodities Comment – 12 May 2016

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----- Start of picture text -----

Hole ID Interval (m) Width Co % Cu % Au g/t
From To (m)
PUL 18 37 53 16 0.30 0.21 0.10
Incl. 39 41 2 0.67 0.42 0.26
Incl. 51 52 1 1.46 1.14 0.57
58 73 15 0.15 0.10 0.05
96 107 11 0.32 0.18 0.11
PUL 19 24 30 6 0.37 0.55 0.19
Incl. 25 27 2 0.53 0.75 0.22
Incl. 29 30 1 0.87 1.38 0.59
35 41 6 0.23 0.31 0.08
59 76 17 0.37 0.13 0.17
Incl. 67 70 3 1.52 0.24 0.65
PUL 24 71 79 8 0.43 0.10 0.06
Incl. 77 79 2 0.66 0.13 0.07
PUL 27 62 65 3 0.38 1.64 0.63
70 85 15 0.24 0.90 0.42
Incl. 73 76 3 0.55 2.30 0.90
PUL 29 79 98 19 0.32 0.24 0.12
Incl. 96 98 2 1.91 1.63 0.87
PUL 38 71.13 79.22 8.09 0.27 0.91 0.30
Incl. 75.43 76.5 1.07 1.40 3.18 1.30
132.8 135.43 2.63 0.51 0.90 0.17
Incl. 133.65 134.64 0.99 1.07 0.80 0.19
162 167.23 5.23 0.60 0.14 0.09
Incl. 162 163.34 1.34 1.67 0.43 0.30
172.1 175.02 2.92 0.50 0.32 0.18
Incl. 174.42 175.02 0.6 2.12 1.05 0.86
PUL 40 54 63 9 0.18 0.40 0.13
73 75 2 0.50 0.41 0.14
PUL 41 25 39 14 0.10 0.13 0.06
Incl. 33 34 1 0.48 0.07 0.12
----- End of picture text -----

Table 1 : Significant drilling intercepts as reported by Central West Gold NL between 2006 and 2008. Results >0.10% Co, utilizing a >500ppm cutoff and <3m internal dilution. Drill hole collar details presented in Table 2 attached.

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Announcement 16 June 2016

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Figure 2: Cobalt Ridge Area – drilling and cobalt soil geochemistry over aerial photograph

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Figure 3: Cobalt Ridge Area – drilling and cobalt soil geochemistry over aerial photograph, with identified drill holes intercepts (as reported in Table 1)

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Announcement

16 June 2016

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Mount Gilmore Copper-Gold Potential

The Project is located in the New England Orogen, a significant mineral province in Eastern Australia with a gold endowment of more the 35M ounces and the potential to host large copper-gold systems. This region hosts deposits such as the Mount Morgan Cu-Au Mine (+50Mt @ 5.9 g/t Au and 0.7% Cu) and Mt Rawdon Gold Mine (50Mt @ 0.71 g/t Au).

A prospective 18km trend (the Mt Gilmore Trend – Figure 4) has been identified within the Project. This zone includes:

• More than 25 historic copper, gold, cobalt and iron workings, including significant shafts, adits and drives with high-grade copper and gold mineralisation (rock chips up to grades of 26.8%Cu and 9.2 g/t Au)

• Five large scale Cu-Au targets have been defined (Figure 4).

Although mapping has identified extensive hydrothermal alteration and copper-gold mineralisation at surface, very little modern exploration has been undertaken. Aside from small-scale historic coppergold and iron mines, previous exploration has predominantly been restricted to general prospecting/ mapping, rock-chip/ grab sampling, with drilling completed at only one of the targets (the Pulganbar – Cobalt Ridge area).

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Figure 4: The Mt Gilmore Trend and Prospect Location over Regional Geological Interpretation

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Announcement 16 June 2016

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The Purchase Agreement

Under the terms of the agreement with Providence and subject to Corazon completing due diligence to its sole satisfaction on or before 30 June 2016, Corazon has the exclusive right to earn up to an 80% interest in the Project as follows:

• Corazon can earn an initial 51% interest by:

• Issuing Providence 25 million Corazon Mining Limited shares

• Paying cash reimbursements of costs totalling $100,000

• Spending $200,000 on exploration within the first 12 months from the date of satisfaction of all conditions precedent (“Commencement Date).

• Corazon can earn a further 29% interest (totalling 80%) by:

• Completing $2M in exploration within 3 years of the Commencement Date

• Paying $150,000 in cash or shares upon the earlier of the commencement of the third year and Corazon spending a minimum of $500,000 on exploration

• Paying $250,000 in cash or shares upon earning 80% equity in the Project.

• Corazon has the opportunity to extend this earn-in period by one year by paying $50,000 in cash or shares.

• Upon the Company earning 80% equity in the Project, Providence will be free carried until a decision to mine is made.

• Once a decision to mine is made Providence will then have the opportunity to contribute to expenditure requirements according to its working interest, or dilute to a net smelter royalty of 2.0%. Corazon has the right to purchase 1% of the royalty for $3M at any stage.

$1 Million Placement

Corazon is pleased to announce it has received commitments from sophisticated, professional and institutional investors to raise approximately $1 million at an issue price of 0.55 cents per share (“Placement”). The Placement was substantially oversubscribed.

The funds raised pursuant to the Placement will be used primarily to fund the acquisition and exploration at the Project and also to fund exploration at its Canadian nickel projects and for general working capital purposes.

The Placement will be completed in two tranches, with up to approximately 85.4 million shares to be issued in Tranche One, pursuant to the Company’s capacity under ASX Listing Rules 7.1 and 7.1A. The balance of up to approximately 96.4 million shares will be issued in Tranche Two, subject to shareholder approval at a General Meeting proposed to be held in late July 2016. The General Meeting will also include a resolution to approve the issue of 20 million options to Hartleys Limited in lieu of advisory fees (ex 1.5 cents, 3 year term). A Notice of Meeting will be sent to all shareholders in due course.

Leading Australian financial services firm and Corazon’s corporate advisor, Hartleys Limited, is the Lead Broker to the Offer.

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END .

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Announcement

16 June 2016

For further information visit www.corazon.com.au or contact:

Brett Smith James Moses Managing Director Media and Investor Relations Corazon Mining Limited Mandate Corporate P: +61 (8) 6142 6366 M: +61 (0) 420 991 574 E: info@corazon.com.au E: james@mandatecorporate.com.au

Important Information

Competent Persons Statement :

The information in this report that relates to Exploration Results and Targets is based on information compiled by Mr Brett Smith, B.Sc Hons (Geol), Member AusIMM, Member AIG and an employee of Corazon Mining Limited. Mr Smith has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Smith consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

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Table 2: Checklist of Assessment and Reporting Criteria

16 June, 2016

Mt Gilmore Project, New South Wales, Australia.

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	JORC Code explanation	Commentary
Sampling		Nature and quality of sampling (eg cut channels, random chips, or	Mineralisation was discovered in the Mt Gilmore Project region more than
techniques		specific specialised industry standard measurement tools appropriate	130 years ago; small scale mining was completed in the late 1870’s at
		to the minerals under investigation, such as down hole gamma	Glamorgan, Flintoffs and Federal copper and mercury mines.
		sondes, or handheld XRF instruments, etc). These examples should
		not be taken as limiting the broad meaning of sampling.	While some historical, publically available records exist for the historical
		Include reference to measures taken to ensure sample representivity	production and sampling, they are incomplete and not relied up within.
		and the appropriate calibration of any measurement tools or systems used.	Modern exploration within the Project commenced in the 1980’s when
	 	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge	PanContinental completed ground IP and magnetic geophysical surveys, gridded soil geochemistry for Cu, As, Au and Co, 25 trenches (1518.5m) and 17 RC drill holes (for 1,020.82m). This work has yet to be validated by the Company’s due diligence process and as such is not reported within.
		for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	Between 2006 and 2008 Central West Gold NL completed 25 RC holes and 2 core tails for 2,880m of RC and 163m of core. In this work, 21 holes were targeting Cobalt Ridge and 4 were completed at Gold Hill.
			Sample weights were variable (between 3kg and 25kg) suggesting that at
			times bulk samples were submitted. This was particularly the case for
			holes PUL18 to 22. Samples for holes PUL23 to 29 were between 3 and
			5kg, likely to be calico sub-samples. Holes PUL30 to 36 slightly larger at
			between 5 to 8kg. No information has been supplied for holes PUL37 to
			42.
			For the smaller sub-sample the RC bulk samples were collected every
			metre in plastic bags; subsequently, a quarter split was manually obtained
			(on site) in calico bags and sent to ALS Chemex in Brisbane for Au, Cu,
			Co, As and Ag determination.
			Drill core methodology or diameter not specified. Assays are reported
			over variable lengths and suggest intervals were based on geology.

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Table 2: Checklist of Assessment and Reporting Criteria

16 June, 2016

Mt Gilmore Project, New South Wales, Australia.

Criteria	JORC Code explanation	JORC Code explanation	Commentary
			Images for soil sampling results are presented within this report. Analysis
			was completed using fpXRF. Results are presented in ranges and should
			only be relied upon as an indicator of the tenor of the anomalism, and,
			specifically, high versus low versus background levels.
Drilling		Drill type (eg core, reverse circulation, open-hole hammer, rotary air	RC conventional hammer. Hole diameters vary between 4 ¾ inches and
techniques		blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	5 ¼ inches.
		or standard tube, depth of diamond tails, face-sampling bit or other
		type, whether core is oriented and if so, by what method, etc).	Drill core methodology or diameter not specified. Assays are reported
			over variable lengths and suggest intervals were based on geology.
Drill sample		Method of recording and assessing core and chip sample recoveries	Notes on drilling recorded ground water depths of about 20m below
recovery		and results assessed.	surface and increasing with depth. Some drill holes were terminated
		Measures taken to maximise sample recovery and ensure	early because of excess water and/ or poor recoveries. Comments in
		representative nature of the samples.	the historical reports suggest minimal contamination with visible
		Whether a relationship exists between sample recovery and grade	variations in sulphide content providing reassurances of natural
		and whether sample bias may have occurred due to preferential	variations in geology.
		loss/gain of fine/coarse material.
Logging		Whether core and chip samples have been geologically and	All drilling has been geologically logged to a good qualitative standard.
		geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical	No geotechnical data has been located in relation to the two core tails.
		studies.
		Whether logging is qualitative or quantitative in nature. Core (or
		costean, channel, etc) photography.
		The total length and percentage of the relevant intersections logged.
Sub-sampling		If core, whether cut or sawn and whether quarter, half or all core	Sample weights were variable (between 3kg and 25kg) suggesting at
techniques		taken.	times bulk samples were submitted. This was particularly the case for
and sample		If non-core, whether riffled, tube sampled, rotary split, etc and	holes PUL18 to 22. Samples for holes PUL23 to 29 were between 3 and
preparation		whether sampled wet or dry.	5kg, likely to be calico sub-samples. Holes PUL30 to 36 slightly larger at
		For all sample types, the nature, quality and appropriateness of the	between 5 to 8kg. No information has been supplied for holes PUL37 to
		sample preparation technique.	42.
	 	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in	For the smaller sub-sample the RC bulk samples were collected every metre in plastic bags; subsequently, a quarter split was manually obtained (onsite)incalico bags and sent toALS Chemex in Brisbanefor Au, Cu,

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Table 2: Checklist of Assessment and Reporting Criteria

16 June, 2016

Mt Gilmore Project, New South Wales, Australia.

Criteria	JORC Code explanation	JORC Code explanation	Commentary
		situ material collected, including for instance results for field	Co, As and Ag determination.
		duplicate/second-half sampling.
		Whether sample sizes are appropriate to the grain size of the material	One metre RC samples were field split to provide a sample for lab
		being sampled.	submission. No information provided on core sampling procedure.
			Based on this sampling methodology, it is assumed sample sizes are
			appropriate for this exploration activity and the deposits being tested.
			Lab Standards, Repeats and Blanks have been reported within the ALS
			Chemex certificates.

Quality of		The nature, quality and appropriateness of the assaying and
assay data		laboratory procedures used and whether the technique is considered
and		partial or total.
laboratory tests		For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their
		derivation, etc.
		Nature of quality control procedures adopted (eg standards, blanks,
		duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

Samples for analysis were sent to ALS Chemex in Brisbane for Co, Cu, As, Au and Ag determination. ALS certificates for this work have been provided in historical reporting.

Lab Standards, Repeats and Blanks have been reported within the ALS Chemex certificates.

Analysis methods and detection limits for the Central West Gold NL drilling are reported in the table below.

Element	Method	Detection Limit
Au	30gm FA AA finish	0.01ppm
As, Co, Cu, Ni, Sb, U	4 Acid ICPAES	Variable 1 to 2 ppm
Co	Ore Grade Co – 4 Acid	0.001%
Cu	Ore Grade Cu – Aqua Regia	0.01%

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Table 2: Checklist of Assessment and Reporting Criteria Mt Gilmore Project, New South Wales, Australia.

16 June, 2016

Criteria	JORC Code explanation	JORC Code explanation	Commentary
Verification of		The verification of significant intersections by either independent or	No information has been provided on the independent variation of
sampling and		alternative company personnel.	sampling and assaying.
assaying	 	The use of twinned holes. Documentation of primary data, data entry procedures, data	Assaying has been completed by an industry accredited Laboratory.
		verification, data storage (physical and electronic) protocols.	Selected drill-hole data has been compared with copies of original lab
		Discuss any adjustment to assay data.	certificates.
Location of		Accuracy and quality of surveys used to locate drill holes (collar and	PanContinental drilling completed in the 1980’s was surveyed using a
data points		down-hole surveys), trenches, mine workings and other locations	local grid system. These have been subsequently survey on a GDA94
		used in Mineral Resource estimation.	datum (presumably by Central West Gold NL).
		Specification of the grid system used.
		Quality and adequacy of topographic control.	Drilling by Central West Gold NL has been surveyed by hand-held GPS utilising the WGS84 datum, with a reported accuracy of+10m.
Data spacing		Data spacing for reporting of Exploration Results.	Data spacing is variable. No determination has been made regarding
and		Whether the data spacing and distribution is sufficient to establish the	data spacing and whether sample distribution is sufficient for resource
distribution		degree of geological and grade continuity appropriate for the Mineral	estimation.
		Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied.	It is assumed additional infill and extensional drilling is required before resource estimations could be undertaken.
Orientation of		Whether the orientation of sampling achieves unbiased sampling of	Analysis of sample and data bias has yet to be undertaken. No
data in		possible structures and the extent to which this is known, considering	information has been provided in the historical reporting regarding any
relation to		the deposit type.	bias.
geological		If the relationship between the drilling orientation and the orientation
structure		of key mineralised structures is considered to have introduced a
		sampling bias, this should be assessed and reported if material.
Sample		The measures taken to ensure sample security.	No information has been provided in the historical reporting regarding
security			sample security.
Audits or		The results of any audits or reviews of sampling techniques and data.	No information has been provided in the historical reporting regarding
reviews			audits of methodologies or results. Corazon is currently undertaking due
			diligence on past exploration activities and results.

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Table 2: Checklist of Assessment and Reporting Criteria Mt Gilmore Project, New South Wales, Australia.

16 June, 2016

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary
Mineral		Type, reference name/number, location and ownership including	The Mount Gilmore Project includes a single Exploration Licence
tenement and land tenure		agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests,	(EL8379) located in New South Wales, Australia. The lease was granted on 23rd June 2015 and includes 99 “Units”.
status		historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	EL8379 is owned 100% by Providence Gold and Minerals Pty Ltd, with Corazon Mining Limited currently holding the option to earn up to 80% equity in the Project (as reported in this announcement).
			The lease covers private farm (station) land and minor Crown Land.
Exploration		Acknowledgment and appraisal of exploration by other parties.	Mineralisation was discovered in the Mt Gilmore Project region more than
done by other			130 years ago with small scale mining being completed in the late 1870’s
parties			at Glamorgan, Flintoffs and Federal copper and mercury mines.
			While some historical records exist for the historical production and
			sampling, they are incomplete and not reported within.
			Modern exploration within the Project commend in the 1980’s when
			PanContinental completed ground IP and magnetic geophysical surveys,
			gridded soil geochemistry for Cu, As, Au and Co, 25 trenches (1518.5m)
			and 17 RC drill holes (for 1,020.82m). This work has yet to be validated
			by the Company’s due diligence process and as such is not reported
			within.
			Between 2006 and 2008 Central West Gold NL completed 25 RC holes
			and 2 core tails for 2,880m of RC and 163m of core. 21 of these holes
			were targeting Cobalt Ridge and 4 were completed at Gold Hill.
			The current Project holders have been focussed on developing data that
			supports a regional scale Cu-Au system along the Mt Gilmore trend.
Geology		Deposit type, geological setting and style of mineralisation.	The Project is located on the western edge of the Mesozoic Clarence-
			Morton Basin, where it abuts the Siluro-Devonian Silverwood Group.
			The Silverwoodgroupis intruded bythe Later Permian Towgon Grange

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Table 2: Checklist of Assessment and Reporting Criteria

16 June, 2016

Mt Gilmore Project, New South Wales, Australia.

Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
Granodiorite and, at the contact, tourmaline rich bodies occur that range from veinlets to breccia-fill to dyke-like bodies up to 10m wide. The tourmaline enrichment appears to correlate with copper, cobalt and gold soil anomalies. Zoning of mineralisation has been identified, with cinnabar concentrated within the granodiorite and copper and gold concentrated within the hornfels. The Project is considered prospective for tourmaline breccia hosted Co- Cu-Au deposits, Cu-Au-Fe skarns and Quartz-sulphide vein systems, including porphyry Cu-Au deposits.
Drill hole Information  A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length.  If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. Drill hole collar details for 2006 to 2008 drilling by Central West Gold NL are presented in the table below. Coordinates datum reported for holes PUL18 to PUL36 was WGS84. Datum reported for holes PUL37 to PUL42 was AMG66. Reported accuracy for the WGS84 coordinates was+10m, typical of hand-held GPS’ of the vintage.
	HOLE	EAST	NORTH	RL	DEPTH	AZ	DIP	Prospect	Comment
	PUL 18	468516	6740246	100	108	275	-60	Cobalt Ridge	2006
	PUL 19	468442	6740270	104	102	92	-60	Cobalt Ridge	2006
	PUL 20	468579	6740274	98	121	88	-60	Gold Hill	2006
	PUL 21	468628	6740238	100	102	66	-60	Gold Hill	2006
	PUL 22	468711	6740259	113	147	266	-60	Gold Hill	2006
	PUL 23	468594	6740302	99	67	131	-60	Gold Hill	2007
	PUL 24	468483	6740225	102	132	347	-60	Cobalt Ridge	2007

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Table 2: Checklist of Assessment and Reporting Criteria

16 June, 2016

Mt Gilmore Project, New South Wales, Australia.

Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
	PUL 25	468439	6740233	103	132	266.5	-60	Cobalt Ridge	2007
	PUL 26	468521	6740270	100	135	284.5	-60	Cobalt Ridge	2007
	PUL 27	468551	6740270	98	99	318	-60	Cobalt Ridge	2007
	PUL 28	468428	6740272	104	93	253	-60	Cobalt Ridge	2007
	PUL 29	468463	6740296	101	111	170	-60	Cobalt Ridge	2007
	PUL 30	468518	6740318	100	144	97	-60	Cobalt Ridge	2007
	PUL 31	468585	6740242	101	143	305	-60	Cobalt Ridge	2007
	PUL 32	468618	6740240	105	120	352	-60	Cobalt Ridge	2007
	PUL 33	468611	6740328	99	126	98	-60	Cobalt Ridge	2007
	PUL 34	468636	6740250	109	108	343	-70	Cobalt Ridge	2007
	PUL 35	468735	6739884	100	108	193	-60	Cobalt Ridge	2007
	PUL 36	468417	6740284	105	132	155.5	-60	Cobalt Ridge	2007
	PUL 37	468504	6740112	100	147	166	-55	Cobalt Ridge	2008
	PUL 38	468506	6740190	100	201	323	-61.5	Cobalt Ridge	2008. Core tail from 68m
	PUL 39	468520	6740196	99	198	334	-65	Cobalt Ridge	2008. Core tail from 68m
	PUL 40	468485	6740299	100	105	173	-63.5	Cobalt Ridge	2008
	PUL 41	468500	6740305	99	81	117	-61.5	Cobalt Ridge	2008
	PUL 42	468650	6740028	100	81	112	-60.5	Cobalt Ridge	2008
Data aggregation methods  In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.  Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.  The assumptions used for any reporting of metal equivalent values should be clearly stated. Not applicable to this report.

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Table 2: Checklist of Assessment and Reporting Criteria Mt Gilmore Project, New South Wales, Australia.

16 June, 2016

Criteria	JORC Code explanation	JORC Code explanation	Commentary
Relationship		These relationships are particularly important in the reporting of	True widths and strike of mineralised zones have been generalised in
between		Exploration Results.	text describing mineralisation.
mineralisation widths and		If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	Drill-hole intercepts have been reported as down-hole intervals.
intercept lengths		If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true
		width not known’).
Diagrams		Appropriate maps and sections (with scales) and tabulations of	All diagrams include scales for reference (if appropriate).
		intercepts should be included for any significant discovery being
		reported These should include, but not be limited to a plan view of
		drill hole collar locations and appropriate sectional views.
Balanced		Where comprehensive reporting of all Exploration Results is not	Noted and complied with.
reporting		practicable, representative reporting of both low and high grades
		and/or widths should be practiced to avoid misleading reporting of
		Exploration Results.
Other		Other exploration data, if meaningful and material, should be reported	Corazon Mining Limited is currently conducting due diligence on past
substantive		including (but not limited to): geological observations; geophysical	exploration conducted at the Mt Gilmore Project. This work includes
exploration		survey results; geochemical survey results; bulk samples – size and	rock-chip sampling, soil geochemistry and geophysics.
data		method of treatment; metallurgical test results; bulk density,
		groundwater, geotechnical and rock characteristics; potential	With respect to soil geochemistry and geophysics at the Cobalt Ridge
		deleterious or contaminating substances.	Prospect, reliance has been placed on historical reports as an indicator
			of potential only.
Further work		The nature and scale of planned further work (eg tests for lateral	Future work by Corazon Mining Limited on the Project is reliant on the
		extensions or depth extensions or large-scale step-out drilling).	due diligence process currently in progress.
		Diagrams clearly highlighting the areas of possible extensions,
		including the main geological interpretations and future drilling areas,
		provided this information is not commercially sensitive.

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