CORAZON MINING LIMITED — Capital/Financing Update 2020

Nov 22, 2020

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ASX ANNOUNCEMENT 23 NOVEMBER 2020
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CORAZON EXPANDS LYNN LAKE PROJECT AREA

NEW LARGE CONDUCTOR TARGET DEFINED

• Corazon has strategically expanded the Lynn Lake Project in Manitoba, Canada

• Expanded tenure covers a recently identified large geophysical conductor – securing a new priority target for upcoming drilling

• The target is substantial, with two sub-vertical pipe-like bodies – open at depth – known as the South Pipe Target

• The South Pipe target model is similar to Lynn Lake’s high-grade EL Mine (mined 1.9Mt @ 2.4% Ni and 1.15%Cu)

• Detailed planning is underway for drilling works scheduled to commence by year-end, subject to Covid-19 movement restrictions in Canada

Corazon Mining Limited (ASX: CZN) (Corazon or Company) is pleased to announce the acquisition of new ground at the Lynn Lake Nickel-Copper-Cobalt Sulphide Project (Lynn Lake or Project) in Manitoba Province, Canada, within which is located a substantial new geophysical anomaly.

The Company recently completed an aerial MobileMT geophysical survey at Lynn Lake (ASX announcements 3 September, 12 October and 9 November 2020) that identified multiple new anomalies indicative of nickel-copper-cobalt sulphide mineralisation.

The most substantial and highest priority geophysical anomaly defined by the MobileMT survey was located on vacant tenure outside of Corazon’s Lynn Lake project area, south and immediately adjacent to the prospective Fraser Lake Complex (FLC) (Figure 1).

This new anomaly includes two large magnetic pipe-like bodies, one of which is conductive, possibly indicative of a deep-seated intrusive pathway that appears linked to known nickelcopper-cobalt sulphide mineralisation within the FLC. This conductive anomaly is now a priority drill target in Corazon’s exploration for massive sulphide mineralisation at Lynn Lake.

Chairman Mr Terry Streeter stated; “We identified this feature almost immediately in the new geophysical data, more than six or seven weeks ago. Since then, the main priority has been to secure tenure over the anomaly.

So far, these targets are the only pipe-like bodies defined in the Fraser Lake area, an area that exhibits widespread sulphide mineralisation. This is what we’ve been chasing. Importantly, they represent a critical ingredient to understanding the geological model at Fraser Lake and are potentially ‘up-stream’, closer to the source, from gabbros polluted with nickel-copper-cobalt mineralisation.”

Level 3, 33 Ord St, West Perth, W.A. 6005 | PO Box 8187, Subiaco East, W.A. 6008 1 Ph: +61 (08) 6166 6361 | info@corazon.com.au | www.corazon.com.au | ASX: CZN

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ASX ANNOUNCEMENT 23 NOVEMBER 2020
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Exploration Plans

Corazon is in the process of organising a northern winter drilling program over the recently defined priority targets at Lynn Lake. The Company is working towards drilling as soon as practicable, subject to Covid-19-imposed movement restrictions in Canada. The first stage of the drilling program will be the preparation of access tracks and drill sites. This work will be carried out as soon as possible (taking advantage of any freezing conditions), ahead of the commencement of drilling, which is currently anticipated early in the New Year.

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Figure 1 – Lynn Lake Project - MobileMT survey magnetic susceptibility inversion depth slice at 50m below surface - over a GeoTem total-field regional aeromagnetic image. Figures 2 and 3 location identified by insert box.

Level 3, 33 Ord St, West Perth, W.A. 6005 | PO Box 8187, Subiaco East, W.A. 6008 2 Ph: +61 (08) 6166 6361 | info@corazon.com.au | www.corazon.com.au | ASX: CZN

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ASX ANNOUNCEMENT 23 NOVEMBER 2020
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The South Pipe Target

The newly defined South Pipe magnetic anomaly includes two parallel pipe-like bodies approximately 150 meters apart; they are a dominant geophysical feature in the area west of the FLC. The southern body is conductive from about 100 metres below surface, to at least 850 metres. The northern pipe has no conductivity but is a strongly magnetic body with a geophysical signature very similar to areas within the Motruiuk Ultramafic Complex (peridotite) further to the north (Figure 1).

These two features are the first pipe-like bodies identified at the FLC and importantly provide an exploration target similar to the high-grade EL Deposit (mined 1.9Mt @ 2.4% Ni and 1.15%Cu to a depth of ~250 metres below surface) within the Lynn Lake Mining Centre.

The shape of the southern conductive body is mirrored by the northern strongly magnetic, body (together being the South Pipe). The spatial association of ultramafic (magnetic) bodies with massive sulphide deposits is noted in the main Lynn Lake Mining Centre, approximately nine kilometers to the northeast (Figure 1).

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Figure 2 – Fraser Lake Complex - MobileMT total magnetic intensity image with outlines of interpreted mafic/ultramafic intrusive bodies, drill holes, Matrix Trend IP anomaly and MobileMT conductive targets of interest.

Level 3, 33 Ord St, West Perth, W.A. 6005 | PO Box 8187, Subiaco East, W.A. 6008 3 Ph: +61 (08) 6166 6361 | info@corazon.com.au | www.corazon.com.au | ASX: CZN

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ASX ANNOUNCEMENT 23 NOVEMBER 2020
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Figure 3 – MobileMT resistivity image at ~250m below surface, identifying conductors of interest. This image has an inverted colour swatch, such that hot colours are more conductive than cold colours.

Drill Targets and the New Architecture for the Fraser Lake Complex Area

The new conductors identified from the results of the MobileMT geophysical survey are variable in form and the ‘conductors of interest’ have been defined and ranked on the basis of their intensity and coincidental anomalism with other geophysical characteristics (such as magnetics, gravity and IP).

The detailed definition of proposed drilling and the priority of targets is ongoing.

The greater Fraser Lake Complex target area has been expanded to encompass a number of intrusive mafic/ultramafic bodies, including; the main body of the FLC, the Southeast Lobe, the Motruiuk Ultramafic Complex, the South Pipe and areas that interconnect these bodies (Figure 1). This intrusive complex is more than twice the size of the intrusive host for the historical Lynn Lake Mining Centre.

Level 3, 33 Ord St, West Perth, W.A. 6005 | PO Box 8187, Subiaco East, W.A. 6008 4 Ph: +61 (08) 6166 6361 | info@corazon.com.au | www.corazon.com.au | ASX: CZN

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ASX ANNOUNCEMENT 23 NOVEMBER 2020
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Exploration has identified extensive magmatic iron-nickel-copper-cobalt sulphide mineralisation within the main body of the FLC, and particularly within the Matrix Trend (IP chargeability anomaly). This mineralisation has been attributed to multiple pulses of sulphide contaminated magma, occurring late in the intrusive history, flowing into the FLC from the west, along the Matrix Trend (Figures 2 and 3).

Gravity geophysical data identifies deep-seated north-northwest – south-southeast trending structures immediately to the west of the FLC main body, which geophysically domains the predominantly resistive FLC from the conductive environment to the west (which hosts the Motruiuk and South Pipe intrusions). This western domain has experienced limited exploration, has never been drilled and is now (subsequent to the MobileMT survey) believed to be a much more prospective environment for magmatic sulphide deposits.

The area west of the FLC portrays a complex interconnection of mafic and ultramafic intrusive bodies, underlain by deep crustal-tapping structures. The magnetic South Pipe is traced to the full depth extents of the geophysical processes and thus is believed to be a major pathway for magma into this area.

The shallow depth extents of the Motruiuk Ultramafic Complex (~500 or 600 metres below surface) and the gravity highs (interpreted as mafic intrusive lithologies) to the west of the Matrix Trend supports a flow of magma from the south to the north into the Motruiuk Complex, and possibly northeast into the Matrix Trend (juxtaposing the older FLC).

Conductive geophysical anomalies located along this interpreted magma channel-way provide exploration targets for massive sulphide mineralisation. Several conductors are located to the west of the Matrix Trend (ASX announcement 9 November 2020) and to the south towards the South Pipe conductive body (Figures 2 and 3).

About Corazon

Corazon Mining Limited (ASX: CZN) is an Australian resource company with projects in Australia and Canada.

In Canada, Corazon has consolidated the entire historical Lynn Lake Nickel Copper Cobalt Mining Centre (Lynn Lake) in the province of Manitoba. It is the first time Lynn Lake has been under the control of one company since mine closure in 1976.

Lynn Lake presents Corazon with a major development opportunity that is becoming increasingly prospective due to recent increases in the value of both nickel and cobalt metals, and their expected strong demand outlooks associated with their core use in the emerging global electric vehicle industry.

In Australia, Corazon is developing the Mt Gilmore Cobalt Copper Gold Sulphide Project (Mt Gilmore) located in New South Wales, which hosts the Cobalt Ridge Deposit - a unique highgrade cobalt-dominant sulphide deposit.

Mt Gilmore is a regionally substantive hydrothermal system with extensive cobalt, copper and gold anomalism. The Company has completed definition drilling at the Cobalt Ridge Deposit and is currently identifying new areas prospective for additional Cobalt Ridge lookalike deposits.

Level 3, 33 Ord St, West Perth, W.A. 6005 | PO Box 8187, Subiaco East, W.A. 6008 5 Ph: +61 (08) 6166 6361 | info@corazon.com.au | www.corazon.com.au | ASX: CZN

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ASX ANNOUNCEMENT 23 NOVEMBER 2020
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Both Lynn Lake and Mt Gilmore place Corazon in a strong position to take advantage of the growing demand for commodities critically required for the booming rechargeable battery sector.

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Figure 4 - Project Location Maps

ENDS

This announcement has been authorised on behalf of Corazon Mining Limited by Managing Director, Mr. Brett Smith.

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

Brett Smith James Moses Managing Director Media & Investor Relations Corazon Mining Limited Mandate Corporate P: +61 (8) 6364 0518 M: +61 (0) 420 991 574 E: info@corazonmining.com.au E: james@mandatecorporate.com.au

Level 3, 33 Ord St, West Perth, W.A. 6005 | PO Box 8187, Subiaco East, W.A. 6008 6 Ph: +61 (08) 6166 6361 | info@corazon.com.au | www.corazon.com.au | ASX: CZN

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ASX ANNOUNCEMENT 23 NOVEMBER 2020
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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 mineralisation 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 as an expert in magmatic nickel suphide deposits. 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.

Forward Looking Statements

This announcement contains certain statements that may constitute “forward looking statement”. Such statements are only predictions and are subject to inherent risks and uncertainties, which could cause actual values, results, performance achievements to differ materially from those expressed, implied or projected in any forward looking statements.

Forward-looking statements are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the Company’s prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

The Company believes that it has a reasonable basis for making the forward-looking Statements in the announcement based on the information contained in this and previous ASX announcements.

The Company is not aware of any new information or data that materially affects the information included in this ASX release, and the Company confirms that, to the best of its knowledge, all material assumptions and technical parameters underpinning the exploration results in this release continue to apply and have not materially changed.

Level 3, 33 Ord St, West Perth, W.A. 6005 | PO Box 8187, Subiaco East, W.A. 6008 7 Ph: +61 (08) 6166 6361 | info@corazon.com.au | www.corazon.com.au | ASX: CZN

Table 1: Checklist of Assessment and Reporting Criteria

MobileMT Geophysics for the Lynn Lake Project, Canada

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling (eg cut channels, random chips, or	MobileMT 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 Toronto based
	 Include reference to measures taken to ensure sample representivity	Canadian geophysical consultancy Expert Geophysics Limited and
	and the appropriate calibration of any measurement tools or systems	overseen on the Company’s behalf by Dr Larry Hulbert.
	used.
	 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
	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.
Drilling	 Drill type (eg core, reverse circulation, open-hole hammer, rotary air	Not applicable to this report
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple
	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 sample	 Method of recording and assessing core and chip sample recoveries	Not applicable to this report
recovery	and results assessed.
	 Measures taken to maximise sample recovery and ensure
	representative nature of the samples.
	 Whether a relationship exists between sample recovery and grade
	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	Not applicable to this report
	geotechnically logged to a level of detail to support appropriate
	Mineral Resource estimation, mining studies and metallurgical

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Table 1: Checklist of Assessment and Reporting Criteria

MobileMT Geophysics for the Lynn Lake Project, Canada

Criteria	JORC Code explanation	Commentary
	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	Not applicable to this report
techniques	taken.
and sample	 If non-core, whether riffled, tube sampled, rotary split, etc and
preparation	whether sampled wet or dry.
	 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	Not applicable to this report
assay data	laboratory procedures used and whether the technique is considered
and	partial or total.
laboratory	 For geophysical tools, spectrometers, handheld XRF instruments, etc,
tests	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.
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.

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Table 1: Checklist of Assessment and Reporting Criteria

MobileMT Geophysics for the Lynn Lake Project, Canada

Criteria	JORC Code explanation	Commentary
	 Discuss any adjustment to assay data.	This work program was completed and managed by Toronto based
		Canadian geophysical consultancy Expert Geophysics Limited and
		overseen on the Company’s behalf by Dr Larry Hulbert.
		All data is captured digitally. Procedures are in place to guarantee data
		quality, which is verified by field personnel and subsequently forwarded
		to Expert Geophysics for additional QA/QC.
Location of	 Accuracy and quality of surveys used to locate drill holes (collar and	The sampling information (methodology) for this survey is provided in the
data points	down-hole surveys), trenches, mine workings and other locations	section titled “_Other substantive exploration data”_within this table. All
	used in Mineral Resource estimation.	stations are initially laid out and staked during line-clearing and chaining
	 Specification of the grid system used.	of the survey grid.
	 Quality and adequacy of topographic control.	The field work for the survey was complete on flight line spacings of
		between 100m and 200m. The final survey data is recorded in real-world
		grid system NAD 83 Zone 14.
Data spacing	 Data spacing for reporting of Exploration Results.	The sampling information (methodology) and grid specifications for this
and	 Whether the data spacing and distribution is sufficient to establish the	survey is provided in the section titled “Other substantive exploration
distribution	degree of geological and grade continuity appropriate for the Mineral	_data”_within this table.
	Resource and Ore Reserve estimation procedure(s) and classifications applied.  Whether sample compositing has been applied.	The grid pattern and spacing for this survey is considered appropriate for the delineation of the targeted style of mineralisation. Conceptual geophysical modelling was completed on a “typical” Lynn Lake style
		deposit, prior to the definition of flight line spacing.
Orientation of	 Whether the orientation of sampling achieves unbiased sampling of	The sampling information (methodology) for this survey is provided in the
data in	possible structures and the extent to which this is known, considering	section titled “_Other substantive exploration data”_within this table.
relation to geological structure	the deposit type.  If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a	Flight lines were oriented approximately normal (900) to the regional trend of the Lynn Lake Greenstone Belt.
	sampling bias, this should be assessed and reported if material.

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Table 1: Checklist of Assessment and Reporting Criteria

MobileMT Geophysics for the Lynn Lake Project, Canada

Criteria	JORC Code explanation	Commentary
Sample	 The measures taken to ensure sample security.
security
Audits or	 The results of any audits or reviews of sampling techniques and data.	The sampling information (methodology) for this survey is provided in the
reviews		section titled “_Other substantive exploration data”_within this table.
		This work program was completed and managed by Toronto base
		Canadian geophysical consultancy Expert Geophysics Limited and
		overseen on the Company’s behalf by Dr Larry Hulbert.
		QA/QC procedures were in place to ensure data quality. The final
		products from the geophysical survey indicated a high quality for the data
		captured.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineral	 Type, reference name/number, location and ownership including	The claims that make up the Lynn Lake Project are 100% owned by
tenement and	agreements or material issues with third parties such as joint	Corazon Mining Limited.
land tenure status	ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.  The security of the tenure held at the time of reporting along with any	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 Corazon’s exploration activities.
	known impediments to obtaining a licence to operate in the area.	The tenure includes multiple Mineral Claims, within the historical mining
		centre, as defined by the Provincial Government of Manitoba. All claims
		are currently in good standing.
		Work Permits are in place for the work being completed. There are no
		impediments in maintaining Corazon’s rights over this project.

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Table 1: Checklist of Assessment and Reporting Criteria

MobileMT Geophysics for the Lynn Lake Project, Canada

Criteria	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 or within previous ASX
parties		announcements by the Company. In particular refer to CZN ASX
		announcement dated 11 April 2016.
		Lynn Lake is an historical mining centre, discovered in the late 1940’s,
		explored and operated as a mine by the company Sherritt Gordon up
		until 1976. Subsequent to mine closure, the tenure has been in part
		owned by multiple parties. Corazon has consolidated the mining centre
		and all prospective exploration ground, for the first time since mine
		closure in 1976.
Geology	 Deposit type, geological setting and style of mineralisation.	Greenstone hosted magmatic nickel-copper-cobalt sulphide deposits
		associated within mafic/ultramafic intrusives (gabbro related).
		Volcanogenic massive sulphide (VMS) deposits also exist in the project
		area. These are zinc dominant, with lesser amounts of lead, copper,
		silver and gold.
Drill hole	 A summary of all information material to the understanding of the	Not applicable to this report
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
	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.
Data	 In reporting Exploration Results, weighting averaging techniques,	Not applicable to this report
aggregation	maximum and/or minimum grade truncations (eg cutting of high
methods	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 lowgrade results, theprocedure used

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Table 1: Checklist of Assessment and Reporting Criteria

MobileMT Geophysics for the Lynn Lake Project, Canada

Criteria	JORC Code explanation	Commentary
	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.
Relationship	 These relationships are particularly important in the reporting of	Not applicable to this report
between	Exploration Results.
mineralisation	 If the geometry of the mineralisation with respect to the drill hole
widths and	angle is known, its nature should be reported.
intercept	 If it is not known and only the down hole lengths are reported, there
lengths	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	Appropriate diagrams have been included in the announcement.
	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	Historical Exploration
reporting	practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	The quantity and quality of historical exploration is accurately portrayed in this report.
		MobileMT geophysical survey
		Images depicting geophysical surveys are provided in industry standard
		colour ranges that distinguish qualitatively between high and low values.
Other	 Other exploration data, if meaningful and material, should be reported	The Lynn Lake project has been explored for more than 75 years and
substantive	including (but not limited to): geological observations; geophysical	was mined for more than 24 years. There exists an enormous amount of
exploration	survey results; geochemical survey results; bulk samples – size and	historical data available to the company. Historical exploration results
data	method of treatment; metallurgical test results; bulk density,	and mining data are referenced if considered material to this
	groundwater, geotechnical and rock characteristics; potential	announcement. As such, this announcement contains results of current
	deleterious or contaminating substances.	and past exploration programs including geophysics, drilling and
		geological mapping.
		The MobileMTgeophysical surveyis detailed below.

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Table 1: Checklist of Assessment and Reporting Criteria

MobileMT Geophysics for the Lynn Lake Project, Canada

Criteria	JORC Code explanation	Commentary
		In August 2020 Corazon completed a regional aerial magneto-telluric
		geophysical survey (MobileMT) over much of the Lynn Lake Project area
		(ASX announcement 3 September 2020). The objective of the surveys
		was the resistivity imaging to 1 km below the surface.
		Preliminary results from flight lines across the historical Lynn Lake Mining
		Centre have proven that this innovative new geophysical method is highly
		effective in identifying nickel sulphide deposits.
		MobileMT is the next generation in passive geophysical surveys. It utilises
		the latest innovation in airborne electromagnetics and the most advanced
		airborne audio-frequency magnetics technology. The system provides a
		range of three-dimensional products that appear to be beneficial in
		distinguishing magmatic nickel-copper sulphides conductors from other
		conductive bodies. The MobileMT survey was carried out by Toronto
		based Canadian geophysical consultancy, Expert Geophysics Limited
		(EGL).
		EGL completed quality control of the data, as well as preliminary data
		processing, in the field, producing selected preliminary maps on
		completion of the flying operations. Final data processing and
		presentation of digital data performed at EGL’s offices in Toronto, Canada.
		This was approximately a six week process, post completion of the survey.
		Subsequent manipulation and presentation of the data supplied by EGL
		was undertaken using GeoSoft (software) by Canadian geologist Dr Larry
		Hulbert, who has been engaged by Corazon as an expert in magmatic
		nickel suphide deposits.
		The survey area covered about 50 km2for approximately 430 line-km,
		taking just under 2 days to complete data capture.
		The survey was performed using an AStar 350 B2 helicopter, with EGL
		providing all necessary instrumentation for installation on the helicopter,
		as well as base stations and field workstations(dataprocessingsystem)

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Table 1: Checklist of Assessment and Reporting Criteria

MobileMT Geophysics for the Lynn Lake Project, Canada

Criteria	JORC Code explanation	Commentary
		for quality control and processing of the airborne data in the field. The
		nominal flight altitude of the helicopter was between 140 and 150 m above
		the terrain, with nominal terrain clearance of the MobileMT bird of between
		50 and 60 m.
		The primary tools of the survey were an airborne MobileMT (Mobile
		MagnetoTellurics) system which includes as a separate sensor a high-
		sensitivity optically-pumped airborne magnetometer.
		Electromagnetic data was digitized and recorded at 73,728 Hz and
		processed two (2) times every second in time, resulting in electromagnetic
		data sampled at approximately every 11 meters along each flight line.
		Airborne magnetics data was recorded at 10 Hz, resulting in magnetic data
		sampled at approximately every 2.2 meters along each flight line.
		Navigation was accomplished by GPS with an absolute positional
		accuracy of 2.5 meters or better. GPS navigation data was recorded and
		processed at 10 Hz, resulting in GPS data every 2.2 meters along each
		flight line.
		Airborne magnetics was collected simultaneously with the airborne
		electromagnetic data.
		AIRBORNE SURVEY INSTRUMENTATION
		The airborne survey system comprised the following instrumentation:
		 MobileMT (Mobile MagnetoTellurics) towed-bird with the 97 m
		long tow cable
		 Geometrics G822A or Scintrex CB-3 Cesium Magnetometer,
		installed in a separate towedbird, sensitivity of 0.001nT/10 Hz
		sampling
		 EGL PC-104 based Data Acquisition System

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Table 1: Checklist of Assessment and Reporting Criteria

MobileMT Geophysics for the Lynn Lake Project, Canada

Criteria	JORC Code explanation	Commentary
		 EGL GPS Navigation Computer/Pilot Steering Indicator
		 Smartmicro model UMRR-0A Radio Altimeter, 0 – 500 m range.
		BASE STATION AND GROUND SUPPORT INSTRUMENTATION:
		 MobileMT Base Station, 4 electric channels for 4 pairs of
		electrodes, with data logger
		 GEM Systems GSM-19 Base Station Magnetometer, (or
		equivalent model) 0.1 nT sensitivity, with data logger
		 A Field Data Processing Workstation and a full suite of software
		for the quality control and preliminary processing of the airborne
		geophysical data.
Further work	 The nature and scale of planned further work (eg tests for lateral	The results presented in this announcement support the potential for the
	extensions or depth extensions or large-scale step-out drilling).	definition of mineralisation within the Fraser Lake Complex at Lynn Lake,
	 Diagrams clearly highlighting the areas of possible extensions,	that could add to the existing resources defined within the Lynn Lake
	including the main geological interpretations and future drilling areas,	Mining Centre.
	provided this information is not commercially sensitive.	The Company is currently assessing the potential for other conductors
		defined by the MobileMT survey at Lynn Lake. Results of this work will be
		announced in due course.
		Targets defined by the current phase of work will be ranked for drilling
		priority. Corazon is fully permitted to complete land-based drilling at the
		FLC.
		All relevant diagrams have been presented in this report.

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