CORAZON MINING LIMITED — Capital/Financing Update 2016

Apr 10, 2016

ASX ANNOUNCEMENT

11[th] April 2016

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The Manager - Company’s Announcements Australian Securities Exchange

CORAZON IDENTIFIES LARGE GEOPHYSICAL ANOMALIES NEAR MINING CENTRE

- ANALOGOUS TO KNOWN DEPOSITS -

Key facts:

• Induced Polarization (“IP”) survey discovers large geophysical anomalies 5km south of the historic Lynn Lake nickel-copper-cobalt mines in Canada.

• The anomalies are within the Fraser Lake Complex, a large intrusion twice the size of the host intrusion at the Lynn Lake Mining Centre.

• Anomalies are predominantly under cover and thought to represent nickel-coppercobalt sulphide mineralisation.

• Nickel sulphides in 1950’s drilling, anomalous rock-chip geochemistry and mineralised glacial boulders support the prospectivity of the area tested.

• Lynn Lake is historically one of Canada’s most prolific nickel producing districts, with existing resources and exciting exploration upside.

• IP has proven to be an excellent method for defining mineralisation at Lynn Lake.

• Detailed follow-up IP underway - aimed at "mapping” the priority anomalies to surface for drill hole targeting. Corazon is fully permitted for drilling at Fraser Lake.

• Corazon controls the entire Lynn Lake nickel district.

Corazon Mining Limited (ASX: CZN) (“Corazon” or “the Company”) is pleased to announce the results of an Induced Polarisation (IP) geophysical survey completed at its Lynn Lake Nickel-CopperCobalt Sulphide Project (the Project) located in the central Canadian province of Manitoba.

Corazon has completed 49km of gradient array IP in a first pass reconnaissance survey over the Fraser Lake Complex (FLC), 5km south of the historic Lynn Lake mining centre (Corazon 100%).

Anomalous nickel and base metal mineralisation within the FLC was discovered by mining company Sherritt-Gordon in the late 1940’s - early-1950’s around the same time as their massive sulphide discovery at Lynn Lake. Lynn Lake went on to be mined for 24 years before closure in 1976 and remains the 4th largest nickel producing area in Canada (behind Sudbury, Voisey's Bay and Raglan).

CAPITAL STRUCTURE		BOARD OF DIRECTORS	BOARD OF DIRECTORS		CONTACT US
Market cap. @ A$0.004	A$1.8M	Clive Jones	Non-executive Chairman		P: +61 (8) 6142 6366
Ordinary shares	441.6M	Brett Smith		Managing Director	M: PO Box 8187, Subiaco East WA 6008
Options	15M	Jonathan Downes		Director	E: info@corazon.com.au
ASX: CZN		Adrian Byass		Director	W: www.corazon.com.au

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ASX ANNOUNCEMENT

11[th] April 2016

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Figure 1 - Interpreted Geology – Emslie, R.R. and Moore, J.M. 1961. Manitoba Mines Branch, Publication 57-4. Datum UTM Zone 14 (NAD83).

Ground geophysics can only practicably be conducted during Canada’s winter months. Access to the FLC is limited in an otherwise very swampy ‘muskeg’ bog terrain, which has previously restricted exploration, obscuring surficial exposure over the target areas.

Figure 2 - Typical Muskeg terrain at Lynn Lake

The use of IP in tandem with other geophysical methods including magnetics, gravity and electromagnetics provides a powerful predictive tool for prospecting under cover in the Lynn Lake area.

The recent IP survey has identified multiple,

strong-chargeable anomalies that are geophysically analogous to the nickel-copper-cobalt sulphide mineralisation mined for decades within the Lynn Lake Mining Centre.

Managing Director Brett Smith stated, “The results we are seeing in this IP indicate support for a 70 year held belief that there has to be mineralisation at the FLC. These anomalies aren’t where the old-timers were looking, but in hindsight where they are located make good geological sense.”

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ASX ANNOUNCEMENT

11[th] April 2016

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“The IP anomalies display signatures similar to known deposits in Lynn Lake’s mine area and includes multiple features with high chargeabilities of plus 20 mVolts, with some more than 40 mVolts. It’s difficult to imagine what could cause this response, other than magmatic sulphides”.

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Figure 3 - IP Chargeability Plot - Gradient Array Survey. Detailing survey outline ( blue ), Eastern Magnetic Domain “EMD” ( black ) and areas of chargeable anomalism ( red ). Reference Fig 1 for location.

Three main target areas have been identified (figures 3 and 4).

The Anomaly A area hosts multiple strong-chargeable anomalies (+20mV) that appear similar in form to the high-grade plug-like sulphide bodies in the Lynn Lake Mining Centre. At least six targets have been prioritised for detailed IP follow-up.

Anomaly B is a large linear zone of high chargeability similar in IP characteristics to the “N” Deposit at Lynn Lake. The target is about 600m long and open to the west.

Anomaly C is a zone of high chargeability that links into the Eastern Magnetic Domain (EMD). This feature may be a feeder to the EMD and also incorporates a few distinctive pipe-like targets.

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ASX ANNOUNCEMENT

11[th] April 2016

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Figure 4 - Aeromagnetic Image (2005). Detailing survey outline ( blue ), Eastern Magnetic Domain “EMD” ( black ) and areas of chargeable anomalism ( red ). Reference Fig 1 for location.

The main targets identified by the IP survey have not been tested by surface geochemistry or drilling . However past exploration has shown the FLC is fertile with nickel mineralisation. Figure 4 indicates the results of surface (grab) sampling and drilling completed by previous operators between 1950 and 1972. Seemingly un-altered, un-mineralised gabbroic rocks can typically contain nickel concentrations of +1,000ppm. This is unusual and suggests there is a significant amount of nickel in the intrusive complex at the FLC.

There are three areas within the FLC where historic “run of mine” grades have been identified (N1, N2 and N3 in Figure 4).

“ N1 ” locates drill hole 503 drilled in 1957 by Sherritt-Gordon which returned 14’ (4.3m) at 0.78% nickel and 0.54% copper. Drill hole 505 (same generation) also contained visible nickel sulphide mineralisation.

“ N2 ” is a sample of sulphide rich altered gabbro carrying approximately 0.38% nickel.

“ N3 ” locates mineralised and altered gabbro in glacial boulders that returned a grade of 0.79% nickel.

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ASX ANNOUNCEMENT

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11[th] April 2016

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Figure 5 - IP Survey Outline. Detailing the Gradient Array Survey ( black ) and areas for detailed Pole-Dipole follow-up work. Reference Fig 1 for location.

IP is an excellent method for defining mineralisation at Lynn Lake.

The IP anomalies defined within the FLC are large. The on-ground set-up of this reconnaissance Gradient Array IP (Figure 5 and detailed in Table 1) enables the definition of chargeability and resistivity properties to about 700m below surface.

The Company is now completing detailed Pole-Dipole IP that will enable the better definition of priority targets between 700m and surface. The detail of this work will also be sufficient to allow the targeting of drill holes. The fieldwork will be completed this month, with interpretation and target generation expected to be completed in May 2016.

Corazon currently has all approvals and permits in place for drilling at the FLC.

Additional information regarding this IP survey is provided in the table attached to this announcement.

The IP contractor (Matrix GeoTechnologies) has considerable experience with this style of mineralisation and in 2010 completed a similar IP survey over the Lynn Lake Mining Centre. This survey and subsequent interpretations identified known orebodies, extensions to the mined areas and new targets.

The limited drilling previously completed on these defined targets has been successful in intersecting previously unknown "run of mine" tenor mineralisation. Multiple targets remain untested.

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ASX ANNOUNCEMENT

11[th] April 2016

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Recent Project Activity

On 1[st] April 2015, Corazon announced it had reached an agreement with Canadian company Victory Nickel Ltd to acquire the main mining area at Lynn Lake. This resulted in the entire Lynn Lake Mining Centre being under the control of one company (Corazon) for the first time since mine closure in 1976.

On 16[th] April 2015, the Company published an initial JORC Indicated and Inferred Mineral Resource Estimate for the consolidated Lynn Lake Project of 9.4Mt @ 0.88% nickel and 0.40% copper, for 83,000 tonnes of contained nickel and 37,800 tonnes of contained copper.

The Resource grade is consistent with historical grades from the Lynn Lake Mine, which operated for 24 years as a large tonnage, low cost mine. Corazon is of the view that there are obvious areas where the existing Resource may be increased. In recent years, three new discoveries have been made at Lynn Lake, in the “shadow of the headframe”. These discoveries are not included in the current Resource and have the potential to add to the existing Resource inventory.

Since consolidating the Project in 2015, Corazon has completed extensive work in locating and acquiring all exploration and mining data for Lynn Lake. This has been an enormous task with information scattered throughout Canada, held by multiple parties and predominantly in paper format. The Company reasonable estimates $3 million worth of geophysics has been accumulated.

In addition to the geophysical data, the digital drill hole database has increased from 3,800 drill holes to almost 9,000 drill holes and the surface geochemical dataset has developed from nothing to 2,783 samples of predominantly research quality element analysis.

Part of this information has been used to generate the targets currently being tested at the FLC and will also be used to target additional resource opportunities in the Lynn Lake Mining Centre.

Lynn Lake Project Summary

Corazon has consolidated the Lynn Lake Nickel-Copper Field under the ownership of one company for the first time since mine closure in 1976 and in doing so has created a significant nickel-copper sulphide asset.

Consolidating the nickel field improves the economics of any potential mining operation and provide benefits in scale and possible mine life, enhancing the opportunity to take advantage of an appreciating nickel metal price.

The Lynn Lake project area is situated immediately adjacent to the Lynn Lake township which was established in the 1950s to support the Lynn Lake mining operation; as such, the area boasts excellent infrastructure and the capacity to support the recommencement of mining.

The Thompson Nickel Refinery (owned by Vale) is located only 320km from the Lynn Lake Project and is accessible by sealed road. In addition to road, a rail line links Lynn Lake with the mining town of Flin Flon, approximately 270km to the south (northern 100km of railway line not currently in use).

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ASX ANNOUNCEMENT 11[th] April 2016

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The Manitoba Provincial Government is supportive and is actively encouraging mineral exploration and mining. The Lynn Lake project area carries no historical environmental liability from previous mining activities.

END .

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

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ASX ANNOUNCEMENT

11[th] April 2016

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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.

Canadian geologist Dr Larry Hulbert has been engaged by Corazon to manage the collation of past exploration information and the definition of new targets at Lynn Lake. Dr Hulbert has extensive knowledge of the Lynn Lake district and over 40 years’ experience in Ni-Cu-PGM exploration and research. Dr Hulbert is one of North America's foremost experts on magmatic sulphide deposits and would 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”.

Dr. Hulbert has authored numerous professional papers, was the recipient of the Barlow Medal from CIM in 1993, a Robinson Distinguished Lecturer for the Geological and Mineralogical Association of Canada for 2001-2002, and in 2003 received the Earth Sciences Sector Merit Award from Natural Resources Canada.

Matrix GeoTechnologies Ltd (Matrix) has been engaged by Corazon to design, complete and analyse an Induced Polarization (IP) ground geophysical survey within the Fraser Lake Complex at Lynn Lake. Matrix is a Canadian based geophysical consultancy, leading the field in multi-disciplinary geoscientific surveying, interpretation and presentation. Matrix is active worldwide and has considerable experience in the Lynn Lake region and in particular within the mining centre.

Matrix senior geophysicists engaged by Corazon for the current IP survey include Dr Kapllani and Mr Genc Kallfa. Dr. Kapllani (PhD AIPG) is the co-founder and President of Matrix with over 35 years’ experience in geophysical methodology and research gained over countless assignments spreading across North America, Europe, Africa, Asia, and South America. Mr. Kallfa (BSc PGeo) has more than 29 years’ experience and is co-founder and CEO of Matrix as well as a member of Association of Professional Geoscientists of Ontario. Both Dr Kapllani and Mr Kallfa would qualify as Competent Persons as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”.

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Table 1: Checklist of Assessment and Reporting Criteria

11 April, 2016

The Fraser Lake Complex, Lynn Lake Project, Canada.

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	Current Induced Polarization geophysical survey
techniques		specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should	The sampling information (methodology) for this survey is provided in the section titled “_Other substantive exploration data”_within this table.
		not be taken as limiting the broad meaning of sampling.	This work program was completed and managed by Canadian
		Include reference to measures taken to ensure sample representivity	geophysical consultancy Matrix Geo Technologies and overseen on the
		and the appropriate calibration of any measurement tools or systems	Company’s behalf by Dr Larry Hulbert. Both parties are referenced in
		used.	the Competent Person Statement of this announcement.
		Aspects of the determination of mineralisation that are Material to the Public Report.	Historical Drilling
		In cases where ‘industry standard’ work has been done this would be	Drilling campaigns were conducted intermittently on the Fraser Lake
		relatively simple (eg ‘reverse circulation drilling was used to obtain 1	Complex (FLC) by Sherritt-Gordon from 1956-1971. During this period
		m samples from which 3 kg was pulverised to produce a 30 g charge	approximately 56 drill holes were completed.
		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	Many of the drill holes were targeting conductors which intersected barren VMS xenoliths within the intrusion.
		submarine nodules) may warrant disclosure of detailed information.	All assaying was done in Sherritt-Gordons Lynn Lake laboratory which
			employed an aqua-regia digestion and classical Ni, Cu, Co Fe analyses
			by wet chemistry.
			All drill holes were derived from Hulbert’s 1978 thesis map and as such
			the survey information is not of a quality sufficient for resource
			calculations.
			The drill holes were down-hole surveyed by acid etch dip tests.
			Historical Surface Geochemistry
			A total of 138 samples within the FLC exist in the Corazon Mining
			geochemical database.
			Eighty-seven (87) of the samples have been analysed for major element
			chemistry, sulphur,fulltrace andRare-Earth Element aswellasPt,Pd,

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Table 1: Checklist of Assessment and Reporting Criteria

11 April, 2016

The Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	JORC Code explanation	Commentary
			Au.to research quality standards by the Geological Survey of Canada
			laboratories in Ottawa (years 1985-1986).
			Major, trace and Rare Earth element analyses were by ICP-ES, ICP-MS,
			Sulphur by Leco Analyser and Pt-Pd-Au by Pb-Fire Assay followed by
			ICP-MS finish. The remaining twenty (20) samples consist of analyses
			(major element, V, Cr, Co, Cu, Ni, Sr and Ba) conducted at BRGM
			(French Geological Survey) in France. All of the BRGM samples were
			done by XRF analyses after a lithium-borate fusion.
			Thirty-one (31) Sherritt-Gordon prospecting samples (early 1950’s) with
			“anomalous Ni-Cu” concentrations were recorded from old archived paper
			maps that were subsequently digitized to NAD 83 Zone 14 datum and
			projection. All assaying was done in Sherritt-Gordons Lynn Lake
			laboratory which employed an aqua-regia digestion and classical Ni, Cu,
			Co Fe analyses by wet chemistry. The highest Ni and Cu concentration
			were 0.16% and 0.12% respect..
			All geochemical samples represent surface rock samples of hand-size
			dimensions.
Drilling		Drill type (eg core, reverse circulation, open-hole hammer, rotary air	Historical Drilling
techniques		blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other	The Company has information on 56 drill holes within the FLC.
		type, whether core is oriented and if so, by what method, etc).	The majority of these holes were traditional core holes, BX in size
			prospecting style of exploration drilling. Two (2) deep (762 m) geological
			holes were drilled by Sherritt-Gordon in 1971-1972. Twenty-six (26) of
			these holes were shallow (< 50 m) pack-sac (Winkie) drill holes (small
			diameter – approx. 27 mm).
Drill sample		Method of recording and assessing core and chip sample recoveries	Historical Drilling
recovery		and results assessed.
		Measures taken to maximise sample recovery and ensure	Sampling intervals appear variable. Not all drilling has been sampled.
		representative nature of the samples.
		Whether a relationship exists between sample recovery and grade	Details of sample size (full core, half core etc) are not available.

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Table 1: Checklist of Assessment and Reporting Criteria

11 April, 2016

The Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	JORC Code explanation	Commentary
		and whether sample bias may have occurred due to preferential
		loss/gain of fine/coarse material.
Logging		Whether core and chip samples have been geologically and	Historical Drilling
		geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or	Drill holes were logged according to Sherritt-Gordon’s geology codes used in the Lynn Lake Mining Centre. The standard of logging and consistency of quality of this work appears of a very high quality.
		costean, channel, etc) photography.	Paper logging sheets recorded dates, survey information, depths, rock
		The total length and percentage of the relevant intersections logged.	classification codes, mineralisation, assay data and additional features
			such as veining and structure.
Sub-sampling		If core, whether cut or sawn and whether quarter, half or all core	Historical Drilling
techniques and sample preparation		taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	The Company has not completed this level of analysis on the historical drilling completed at the FLC.
		For all sample types, the nature, quality and appropriateness of the
		sample preparation technique.
		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
		situ material collected, including for instance results for field
		duplicate/second-half sampling.
		Whether sample sizes are appropriate to the grain size of the material
		being sampled.
Quality of		The nature, quality and appropriateness of the assaying and	Historical Drilling and Geochemistry
assay data and laboratory		laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc,	The majority of the surface geochemistry completed on the FLC post completion of mining (1976) is to research standard quality.
tests		the parameters used in determining the analysis including instrument	It has been assumed all assaying of drill holes and surface geochemistry
		make and model, reading times, calibrations factors applied and their	pre-1976 was completed in Sherritt-Gordons Lynn Lake laboratory which
		derivation, etc.	employed an aqua-regia digestion and classical Ni, Cu, Co Fe analyses
		Nature of quality control procedures adopted (eg standards, blanks,	by wet chemistry.
		duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	This laboratory was used predominantly for the mining operation at Lynn Lake. The Companyhas no information on thequalityand repeatability

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Table 1: Checklist of Assessment and Reporting Criteria

11 April, 2016

The Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	JORC Code explanation	Commentary
			of analysis from this Laboratory.
			Recent work by Corazon Mining on resource drilling in the Mining Centre
			suggested the comparison of historical assay results against re-sampling
			of historical core was acceptable. That is, the work by Sherritt-Gordon
			with regard to sample analysis is acceptable by modern standards.
Verification of		The verification of significant intersections by either independent or	Current Induced Polarization geophysical survey
sampling and assaying	 	alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data	The sampling information (methodology) for this survey is provided in the section titled “_Other substantive exploration data”_within this table.
		verification, data storage (physical and electronic) protocols.	This work program was completed and managed by Canadian
		Discuss any adjustment to assay data.	geophysical consultancy Matrix Geo Technologies and overseen on the Company’s behalf by Dr Larry Hulbert. Both parties are referenced in
			the Competent Person Statement of this announcement.
			All data is captured digitally. Procedures are in place to guarantee data
			quality, which is verified by field personnel and subsequently forwarded
			to Matrix Geo Technologies Geophysicists for additional QA/QC.
			Historical Drilling and Geochemistry
			No such work has been completed by the Company for the historical
			exploration results on the FLC.
Location of		Accuracy and quality of surveys used to locate drill holes (collar and	Current Induced Polarization geophysical survey
data points	 	down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control.	The sampling information (methodology) for this survey is provided in the section titled “_Other substantive exploration data”_within this table. All stations are initially laid out and staked during line-clearing and chaining of the survey grid.
			The field work for the survey was complete on the local grid established
			during line clearing. The final survey data is recorded in real-world grid
			system NAD 83 Zone 14.
			Historical Drilling and Geochemistry
			Sherritt-Gordon utilised a local Mine Grid at Lynn Lake. This grid was
			surveyedinby Certified Surveyors. The Companyhas generated

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Table 1: Checklist of Assessment and Reporting Criteria

11 April, 2016

The Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	JORC Code explanation	Commentary
			“metre” accurate transformations from the Local Mine Grid to NAD 83
			Zone 14 datum.
			The surface drill hole and geochemistry locations within the FLC were
			digitised of paper plans utilizing the Local Mine Grid.
			All drill holes were digitised from Hulbert’s 1978 thesis map and as such
			the survey information is not of a quality sufficient for resource
			calculations. The base maps used for this mapping where created from
			aerial photography and using mine-site (local) coordinate information from
			certified surveyors. As such the information is considered of a quality
			suitable for prospecting and reconnaissance exploration.
Data spacing		Data spacing for reporting of Exploration Results.	Current Induced Polarization geophysical survey
and distribution		Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	The sampling information (methodology) and grid specifications for this survey is provided in the section titled “Other substantive exploration _data”_within this table.
		Whether sample compositing has been applied.	Historical Drilling and Geochemistry
			Drilling is exploratory in nature and widely spaced.
			No resource has been estimated using this historical data.
Orientation of		Whether the orientation of sampling achieves unbiased sampling of	Current Induced Polarization geophysical survey
data in relation to geological		possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation	The sampling information (methodology) for this survey is provided in the section titled “_Other substantive exploration data”_within this table.
structure		of key mineralised structures is considered to have introduced a	The grid pattern and spacing for this survey is considered appropriate for
		sampling bias, this should be assessed and reported if material.	the delineation of the targeted style of mineralisation.
			Historical Drilling and Geochemistry
			Quantity and distribution of sampling is not sufficient to draw any
			conclusions.
Sample		The measures taken to ensure sample security.	Historical Drilling and Geochemistry
security			Noinformation regarding thismatter is availablefromthehistorical

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Table 1: Checklist of Assessment and Reporting Criteria

11 April, 2016

The Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	JORC Code explanation	Commentary
			records.
Audits or		The results of any audits or reviews of sampling techniques and data.	Current Induced Polarization geophysical survey
reviews			The sampling information (methodology) for this survey is provided in the
			section titled “_Other substantive exploration data”_within this table.
			This work program was completed and managed by Canadian
			geophysical consultancy Matrix Geo Technologies and overseen on the
			Company’s behalf by Dr Larry Hulbert. QA/QC procedures are in place
			to ensure data quality.
			Historical Drilling and Geochemistry
			No information regarding this matter is available from the historical
			records.

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 FLC is predominantly covered in an agreement between Mr Peter
tenement and		agreements or material issues with third parties such as joint	Dunlop and Corazon Mining Limited whereby Corazon has the option to
land tenure		ventures, partnerships, overriding royalties, native title interests,	acquire 100% of the project by meeting certain conditions. This
status		historical sites, wilderness or national park and environmental	agreement was originally announced within a Company ASX
		settings.	announcement dated 18 May 2010, with the most recent amendments to
		The security of the tenure held at the time of reporting along with any	this agreement presented in a Company ASX announcement dated 29
		known impediments to obtaining a licence to operate in the area.	July 2015.
			The tenure includes multiple Mineral Claims as defined by the Provincial
			Government of Manitoba. All claims are currently in good standing.
			Corazon Mining works closely with First Nation groups and several
			government organizations responsible for mining and the environment.
			Work Permits are currently in place for the FLC and covers activities
			such as ground geophysics and land-based drilling.

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Table 1: Checklist of Assessment and Reporting Criteria

11 April, 2016

The Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	JORC Code explanation	Commentary
Exploration		Acknowledgment and appraisal of exploration by other parties.	Where exploration has been completed by other parties, those parties
done by other			have been referenced in this document.
parties
Geology		Deposit type, geological setting and style of mineralisation.	Magmatic nickel-copper-cobalt sulphide deposits associated within
			mafic/ultramafic intrusive rock (gabbro related).
			Volcanogenic massive sulphide (VMS) deposits. Zinc dominant +/- lead,
			copper, silver and gold.
Drill hole		A summary of all information material to the understanding of the	Historical Drilling
Information		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	The Company has recently collated a drill hole database of some 9,000 drill holes for the Lynn Lake district. The majority of these are within the Lynn Lake Mining Centre.
		metres) of the drill hole collar	Survey and sampling information exists for all drill holes.
		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	The drilling previously completed in the FLC includes 56 holes and is exploratory in density and quality. Information regarding this drilling is in- complete by modern best practice requirements.
		information is not Material and this exclusion does not detract from	This announcement details drilling and surface geochemistry in relation
		the understanding of the report, the Competent Person should clearly	to their geographic location to newly identified geophysical targets within
		explain why this is the case.	the FLC. On this scale of analysis, the exclusion of detailed survey and
			sampling information is not material and does not detract from the
			understanding of the announcement or report.
Data		In reporting Exploration Results, weighting averaging techniques,	Historical Drilling
aggregation methods		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	The Company has not completed this level of analysis on the historical drilling completed at the FLC.
		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.

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Table 1: Checklist of Assessment and Reporting Criteria

11 April, 2016

The Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria JORC Code explanation	Commentary
Relationship between mineralisation widths and intercept lengths  These relationships are particularly important in the reporting of Exploration Results.  If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.  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’).	Historical Drilling The Company has not completed this level of analysis on the historical drilling completed at the FLC.
Diagrams  Appropriate maps and sections (with scales) and tabulations of 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.	Appropriate diagrams have been included in the announcement.
Balanced reporting  Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Historical Exploration The quantity and quality of historical exploration is accurately portrayed in this report. Surface geochemical sample sites are identified and coloured in diagrams in accordance to nickel values. The results include the full statistical assay range and are detailed in the legends provided. Current Induced Polarization geophysical survey Images depicting Chargeability features identify the fully range of values, referenced in the legends.
Other substantive exploration data  Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	The announcement contains results of current and past exploration programs including geophysics and geological mapping. These programs are summarized below. Current Exploration Program GROUND IP SURVEY AgroundIPgeophysicalsurveyis currently being conducted onbehalfof

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Table 1: Checklist of Assessment and Reporting Criteria

11 April, 2016

The Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
		Corazon Mining Ltd by Matrix Geotechnologies Ltd., Toronto, Ontario on
		the Fraser Lake Complex.
		The survey was designed to stay within the confines of the Fraser Lake
		intrusive body.
		Approximately 49 line km of gradient TDIP\Resistivity surveying has
		been completed, testing to 700 meters depth. A further fourteen (14)
		Quantitative Sections (2D QS) detailing lines, are underway to test from
		surface to 700 m depth. Average length of each line is approximately
		800 meters.
		Survey Grid Specifications
		Coordinate Reference System: UTM Coordinates
		Established:
		Line Direction: Line Separation:
		Station Interval: Prior and during the survey execution
		NW-SE
		Method of Chaining: 325 feet (99.06 m)
		80 feet (24.38 m)
		GPS and Metric-chained
		IP\Resistivity Survey Specifications
		Arrays: 1) Gradient (gradient
		configuration – (see Fig. 2)
		2) Pole-Dipole (dipole-
		pole configuration – (see Fig. 3)
		Transmitting dipole spacing: Gradient: C1-C2 =

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Table 1: Checklist of Assessment and Reporting Criteria

11 April, 2016

The Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
			12000 ft (3657.6 m)
				Pole-Dipole: C1-C2 =
				3500 ft min
			Array Parameters:	Gradient: MN= 100 ft
			(30.48 m)
				Pole-Dipole: n=2a,
				a=100 ft, dipole 1 to 6
			Sampling Interval:	80 feet (24.38 m)
			Total Gradient AB Blocks:	2 blocks
			Total Lines:	29 lines
			Areal Coverage:	approx. 4.0 km2
			Total Length of Survey:	49 km

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Table 1: Checklist of Assessment and Reporting Criteria

11 April, 2016

The Fraser Lake Complex, Lynn Lake Project, Canada.

==> picture [745 x 251] intentionally omitted <==

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

Criteria JORC Code explanation Commentary
GRADIENT ARRAY AB = length C1-C2
Tx
C1 Rx P1 P2 C2
MN = length P1-P2
(6 x P1-P2 Spread)
GRADIENT ARRAY COVERAGE AREA
Figure 1: Gradient Schematic Array Layout
----- End of picture text -----

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Table 1: Checklist of Assessment and Reporting Criteria

11 April, 2016

The Fraser Lake Complex, Lynn Lake Project, Canada.

==> picture [671 x 431] intentionally omitted <==

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

JORC Code explanation Commentary
-
Figure 2: Pole Dipole Schematic Array Layout
DIPOLE-POLE ROLL-ALONG ARRAY
A =50m N=1-6
 C2
300m
Tx (COVERAGE 6 POINTS PER SPREAD
Rx
C 1
N=1
N=2
N=3
N=4
N=5
N=6
NEXT PREVIOUS
SPREAD CURRENT SPREAD SPREAD
INSTRUMENTATION
 Receiver: IRIS IP-6 (time
domain / 10 channels)
 Transmitter: Walcer 9000
Transmitter
 Power Supply: MG-12 Honda 12.0
KW Generator
PARAMETERS
 Input Waveform: 0.0625 Hz square
----- End of picture text -----

Criteria JORC Code explanation

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Table 1: Checklist of Assessment and Reporting Criteria

11 April, 2016

The Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria JORC Code explanation Commentary wave at 50% duty cycle (16 seconds On/Off)  Receiver Sampling Parameters: Customize windows

• Measured Parameters :

• 1) Chargeability in millivolts/Volt (10 time slices + under decay curve)

• 2) Primary Voltage in millivolts and Input Current Resistivity calculation according to the pole-dipole and gr geometry factor[1] .

MEASUREMENT ACCURACY AND REPEATABILITY

• Chargeability : generally  0.5 mV/V.

• Resistivity: less than 5% cumulative error from Primary voltage and Input current measurements.

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Table 1: Checklist of Assessment and Reporting Criteria

11 April, 2016

The Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria JORC Code explanation

Commentary

Historical Geophysical Programs- FLC 3D IP– SE LOBE OF FLC SJ Geophysics Ltd. was contracted by North American Palladium Ltd. to conduct 3D Induced Polarization (IP) surveys on the South East Lobe of Fraser Lake grid near Lynn Lake, Manitoba, from February to March 2006. On the Fraser Lake grid (Lynn Lake Mine Grid), a 3D IP survey was carried out on 13 north-south trending lines with 120m line spacing and 50m station separation. The total line kilometres for this grid is 12.5km. For the 3D-IP survey a modified pole-dipole 3D-IP configuration array was used with 12 dipoles of 50m separation for 50m station spacing on the Fraser Lake grid. The IP data was collected using SJ Geophysics' Full Waveform Digital receiver. The current was injected with a 2 seconds on, 2 seconds off duty cycle into the ground via a transmitter (Tx). Two transmitters, a GDD Tx II and an IRIS VIP 3000 were available for use during the project. The potential array was implemented using standard 8 conductor network cables configured with 50m takeouts for the potential rods. At each current station, the electrodes used consisted of 5/8" stainless steel rods of approximately 1m in length. For the potential line, the electrodes consisted of 3/8" stainless steel “pins” of 0.5m in length. The exact location of the remote current is used in the geophysical calculations. The location data was collected also by the SJ crew and the location coordinates are in UTM projection with datum of NAD 83.

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Table 1: Checklist of Assessment and Reporting Criteria

11 April, 2016

The Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
		Instrument Specifications:
		IRIS VIP 3000 - IP Transmitter
		Output Ratings
		Output power: 3000 VA maximum.
		Output voltage: 3000V maximum, auto voltage range selection.
		Output current: 20 ma to 5A, current regulated to better than 1 %.
		Dipoles: 9, push button selected.
		Output connectors: Uniclip connectors accept bare wire or plug of up to 4
		mm diameter.
		Waveforms: see figure 4.1.
		Fall times: better than 1 msce in resistive load.
		Time domain: Preprogramed on and off times from 0.25 to 8 seconds, by
		factor of 2. Other cycles programmable by user. Automatic circuit
		opening in off time.
		Frequency domain: Preprogramed frequencies from 0.0625 Hz to 4Hz,
		by factor of 2. Alternate or simultaneous transmission of two frequencies.
		Other frequencies programmable by user.
		Time and frequency stability:
		0.01 %
		1 PPB optional
		Display: Alphanumeric liquid crystal display.
		Power source: 175 to 270 VAC, 45-450 Hz, single phase.
		Operating temperature: -40o to +50o C.
		Protection: short circuit at 20open loop at 60 000 thermal,
		input overvoltage and undervoltage.
		Remote control: full duplex RS232C, 300-19 200 bps.
		Dimensions (h w d): 410 x 320 x 240 m
		Weight: 16kg.

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Table 1: Checklist of Assessment and Reporting Criteria

11 April, 2016

The Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
		GDD Tx II - IP Transmitter
		Input voltage: 240V / 60Hz (50Hz optional)
		Output power: 3.6 Kw maximum.
		Output voltage: 150 to 2000 Volts
		Output current: 5 ma to 10Amperes
		Time domain: Transmission cycle is 2 seconds ON, 2 seconds OFF
		Operating temp. range -400 to +650 C
		Display Digital LCD read to 0.001A
		Dimensions (h w d): 34 x 21 x 39 cm
		Weight: 45kg
		SJ-24 Full-Waveform Digital IP Receiver
		Technical:
		Input impedance: 10 Mohm
		Input overvoltage protection: up to 1000V
		External memory: Unlimited readings
		Number of dipoles: 4 to 16 +, expandable.
		Synchronization: Software signal post-processing user selectable
		Common mode rejection: More than 100 dB (for Rs =0)
		Self potential (Sp): Range:-5V to + 5V
		Resolution: 0.1 mV
		Proprietary intelligent stacking process rejecting strong non-linear SP
		drifts
		Primary voltage: Range: 1μV – 10V (24bit)
		Resolution: 1μV
		Accuracy: typ. <1.0%
		Chargeability: Resolution: 1μV/V
		Accuracy: typ. <1.0%
		General (4 dipole unit):
		Dimensions: 18x16x9 cm
		Weight: 1.1 Kg
		Battery: 12V External
		Operating temperature range: -30°C to 40°C

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Table 1: Checklist of Assessment and Reporting Criteria The Fraser Lake Complex, Lynn Lake Project, Canada.

11 April, 2016

Criteria JORC Code explanation

Commentary

AERIAL VERSATILE TIME DOMAIN ELECTROMAGNETICS (VTEM) In April 2007, Geotech Ltd carried out a detailed helicopter-borne geophysical survey for VMS Ventures Inc. over the Fraser Lake Complex. Principal geophysical sensors included a versatile time domain electromagnetic system (VTEM) and a high resolution cesium magnetometer. Ancillary equipment included a GPS navigation system and a radar altimeter. The line spacing was fixed at 100 m. Tie lines were flown in the perpendicular direction with line spacing of 1000 m. The helicopter maintained an overall mean terrain clearance of 75 metres, and the average height of the VTEM receiver was 35 metres beneath the helicopters and at 40 metres above the ground. The magnetic sensor was towed at 15 m below the helicopter. The average EM sensor terrain clearance was 40 m (EM loop height above ground). The average helicopter height was about 75 m above the ground. Nominal survey speed was 80 km/hour. The data recording rates during the data acquisition was 0.1 second for electromagnetics and magnetometer, 0.2 second for altimeter and GPS. This translates to a geophysical recording about every 2 metres along the flight line. The survey (FR-2) consisted of two sub-blocks. The first sub-block was flown in a N88ºE/ N2ºW direction and consisted of 37 lines each approximately 4.3 km in length for a total of 159.1 km. Four 4.1 km orthogonal T-Lines were flown in a N2ºW/ N88ºE direction for a total of 16.4 km. The second more easterly sub-block was flown in a N-S direction (N2ºW/ N88ºE) and consisted of 33 lines each approximately 3.6 km in length for a total of 118.8 km. Four orthogonal T-lines each approximately 3.7 km in length fora totalof 14.8km whereflown inaN88ºE/ N2ºWdirection.

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Table 1: Checklist of Assessment and Reporting Criteria

11 April, 2016

The Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria JORC Code explanation

Commentary

In total the Fraser Lake VTEM survey (FR-2) consisted of 309.1 line kilometres of surveying. All data was collected in UTM WGS84 Z14. AERIAL ELECTROMAGNETIC AND MAGNETIC SURVEY In July 2005 Terraquest Ltd. of Markham, Ontario was contracted by North American Palladium Ltd. to fly a fixed wing geophysical survey over the Fraser Lake Complex . The survey was designed to provide high sensitivity magnetic and passive EM data by flying along parallel flight lines at even intervals, and oriented so as to intersect the geology and structures in a way that would provide optimum contour patterns of the geophysical data. A total of 641 line km was surveyed at a line spacing of 70 m. The survey aircraft, a Cessna 206, flew on 70 ± 3 metre line spacings in both north-south and east-west headings, with sample points at 6 meters along the flight lines. Navigation was assisted by a Trimble GPS receiver processed by a PNAV2001 navigation system. The elevation was maintained at 70 ± 5 meter above the ground using a radar and a barometric altimeter. Data recording every 6 meters for electromagnetics and magnetometer data , and 0.2 seconds for altimeter and GPS. The primary onboard geophysical equipment included three high sensitivity cesium vapour magnetometers mounted in a tail stinger and two wing tips extensions, plus a VLF-EM system using 3 orthogonal coils mounted in tube projected forward from the midpoint of the port wing. The VLF-EM system used the transmitter signal from Cutler Maine. A fluxgate tn-axial magnetometer mounted in front of the tail stinger was used to post flight compensate the high sensitivity data. A high sensitivity cesium vapour magnetometer and GPS base station receiver recorded the diurnalactivityforadherence to survey tolerances.

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Table 1: Checklist of Assessment and Reporting Criteria

11 April, 2016

The Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria JORC Code explanation

Commentary

This base station was set up at the airport in Lynn Lake. All data was collected in UTM WGS84 Z14. GEOTEM ELECTROMAGNETIC AND MAGNETIC SURVEY An airborne GEOTEM electromagnetic and magnetic survey was flown on behalf of AUR Resources by Geoterrex, a division of CGG Canada Ltd. Based out of Lynn Lake Manitoba, a total of 1536.9 line kilometres were obtained over the Eldon Lake (East and West) projects near Lynn Lake, Manitoba during April 1996. The Eldon Lake West project covered all of the Fraser Lake Complex by N69°W lines, spaced 100m apart, with orthogonal control lines spaced approximately 2.0 km apart for a total of 384.0 km. The electromagnetic GEOTEM system was used for this survey. The platform was a CASA C-212 STOL twin engine aircraft flying at a nominal terrain clearance of 120 m at 120 knots. A cesium vapour towed bird magnetometer with a sensitivity of 0.01 nT and sample rate of 10 samples/sec at 75 m above the ground was employed. Navigation equipment was a Sercel NR103 10-channel GPS receiver, linked to the OMNISTAR real-time differential network. A Panasonic VHS video camera was also engaged. All navigational data was collected in NAD 27, Z14 datum and projection and transformed to WGS84 for the current project. GROUND GRAVITY SURVEY Fraser Lake Complex (“South Plug”) Gravity Survey - Sherritt- Gordon – Newmont Mining Approximately 2500 gravity stations were occupied in the period March 19,1964to June 6,1964.

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Table 1: Checklist of Assessment and Reporting Criteria The Fraser Lake Complex, Lynn Lake Project, Canada.

11 April, 2016

Criteria	JORC Code explanation	Commentary
		A Worden Gravity meter was used for the survey which was rented from
		Texas Instruments Inc. The instrument had a scale constant of 0.0976
		milligals per scale division and data accuracy was better than +/- 0.1
		milligals.
		Surveying was performed by looping within a two hour period for
		accurate correction of drift, temperature and tidal effects.
		Elevations were run by levelling in loops and an elevation correction of
		factor of +/- 0.06 milligals per foot was used. A latitude correction factor
		of +/- 0.0226 milligals per 100 feet north-south (astronomic) was used
		which on the mine coordinate grid resulted in +/- 0.0193 mg per 100 feet
		mine north-south (negative to the north) and +/- 0.0118 mg per 100 feet
		mine east-west (negative to the west).
		The basic grid for coverage of the FLC consisted of north-south and
		east-west lines with a 1000 feet (304.8 m) spacing and station
		measurements approximately on 400 foot (122m) centres both north-
		south and east-west. In addition, six long lines were run extending from
		the grid for background control and tie lines were run to tie into the 1948
		gravity survey of the EL Mine area.
		Earlier geophysical surveys, using ground Tilt EM and magnetics and
		limited shallow drilling were discouraging as to possible ore discoveries
		in the upper 100 feet (30.5 m) or so of the Fraser Lake Complex.
		Therefore, it is reasonable to assume that if ore bodies are present here,
		they must occur at depth.
		Direct detection of “A” and “EL” type orebodies buried by hundreds of
		feet was an uncertain proposition utilizing the electromagnetic and
		magnetic technology of the 1960’s. Therefore, the planned approach of
		the gravity survey was not for a direct ore detection technique but
		instead to indirectly determine the behaviour of the plug itself and to
		delineate the plug and derive its component parts and outline potential
		areaswithinthe plugwhere the chance of finding ore are betterand as

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Table 1: Checklist of Assessment and Reporting Criteria

11 April, 2016

The Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria JORC Code explanation

Commentary

possible sites for deeper drilling. In Mid-march of 2011 Quantec Geoscience conducted a detailed gravity survey on the “150 Prospect” area which overlapped the north end of the 1964 gravity survey grid. The overlap allowed levelling of the 1964 data to that of the modern 2011 survey and current gravity geophysical standards. All 1964 data was transformed from Sherritt-Gordon mine grid to UTM NAD 83 Zone 14 datum and projection. Past Geological Mapping Programs Geological mapping of the Fraser Lake area and surrounds has taken place almost continuously from the early 1950’s to the 80’s. 1. Milligan, G.C., 1960. Geology of the Lynn Lake District; Manitoba Mines Branch, Publication 57-1. 2. Emslie, R.R. and Moore, J.M.. 1961. Geological studies of the Area between Lynn Lake and Fraser Lake; Manitoba Mines Branch, Publication 57-4 3. Gilbert, H.P., 1978. Lynn Lake Project (Arbour Lake); in Report of Field Activities 1978. Manitoba Mineral Resources Divison. 4. Syme, E.C., 1976. Geology of the Southern Lynn Lake Greenstone Belt; in Report of Field Activities 1976. Manitoba Mineral Resources Divison. 5. Hulbert, L.J., 1978. Geology of the Fraser Lake Gabbro Complex, Manitoba. University of Regina, M.Sc. Thesis (unpublished).

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11 April, 2016

Table 1: Checklist of Assessment and Reporting Criteria

The Fraser Lake Complex, Lynn Lake Project, Canada.

• Criteria JORC Code explanation Further work  The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

Commentary

The Company is currently completing detailed pole-dipole IP over 14 x 800m lines, targeting IP anomalies as defined by the gradient array survey. Both these surveys are detailed and explained in the section above.

Corazon is fully permitted to complete ground geophysics and landbased drilling at the FLC.

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