CORAZON MINING LIMITED — Capital/Financing Update 2020

Oct 8, 2020

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ASX ANNOUNCEMENT 9 OCTOBER 2020
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CORAZON CONFIRMS PORPHYRY POTENTIAL

AT THE MT GILMORE PROJECT

• Corazon has discovered mineralised diorite porphyry at the Mt Gilmore CopperCobalt-Gold Project in New South Wales

• The porphyry intrusion is located coincidently with a large Cu-Au geochemical anomaly and an IP chargeability geophysical anomaly at the Gordonbrook Hill Prospect

• This represents a significant mineralised porphyry target, which is now the priority exploration focus at Mt Gilmore

• The porphyry intrusion sits within an anomalous copper, gold, silver, cobalt and molybdenum trend in excess of 20 kilometres in length and has yet to be drill tested

• Planning for drilling is underway including requisite government approvals and permits for drilling

Corazon Mining Limited (ASX: CZN) (Corazon or Company) is pleased to announce that the results of its latest phase of exploration at the Mt Gilmore Copper-Cobalt-Gold Project (Mt Gilmore or Project) in New South Wales confirm the Project’s porphyry potential.

The identification of a copper-bearing diorite porphyry intrusion at the Gordonbrook Hill Prospect (Gordonbrook Hill) has significantly advanced the prospectivity of the Mt Gilmore Project (Figure 1).

This intrusion is located coincidently on the margins of a high-grade copper and gold soil geochemical anomaly, and the surface projection of a concealed, high-value, Induced Polarisation (IP) geophysical anomaly.

These coincident geochemical and geophysical anomalies at Gordonbrook Hill represent a significant mineralised porphyry target, which is now the priority target at Mt Gilmore. Detailed planning for drilling is underway, along with requisite New South Wales Government permitting and approvals for drilling.

The porphyry intrusion outcropping at the Gordonbrook Hill is approximately 300 meters long, striking northeast-southwest and is semi-parallel with the strike of Gordonbrook Hill’s well-defined IP chargeability-high corridor.

The Mt Gilmore Project is centered on an anomalous copper, gold, silver, cobalt and molybdenum trend, which is in excess of 20 kilometres in length (Figure 1). The source of this metal anomalism has yet to be determined, however the model being targeted is a copper-gold intrusive related system. This style of mineralisation is prevalent on the east coast of Australia.

Level 3, 33 Ord St, West Perth, W.A. 6005 | PO Box 8187, Subiaco East, W.A. 6008 1 Ph: +61 (8) 63640518 | info@corazon.com.au | www.corazon.com.au | ASX: CZN

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ASX ANNOUNCEMENT 9 OCTOBER 2020
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Level 3, 33 Ord St, West Perth, W.A. 6005 | PO Box 8187, Subiaco East, W.A. 6008 2 Ph: +61 (8) 63640518 | info@corazon.com.au | www.corazon.com.au | ASX: CZN

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ASX ANNOUNCEMENT 9 OCTOBER 2020
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Figure 2: Micro X-Ray Fluorescence Spectrometer Images

Level 3, 33 Ord St, West Perth, W.A. 6005 | PO Box 8187, Subiaco East, W.A. 6008 3 Ph: +61 (8) 63640518 | info@corazon.com.au | www.corazon.com.au | ASX: CZN

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ASX ANNOUNCEMENT 9 OCTOBER 2020
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Figure 2 Description: A sample of the Gordonbrook Hill Diorite Porphyry was analysed by Portable Spectral Services using a Mico X-Ray Fluorescence Spectrometer. These scans identified copper sulphide mineralisation associated with strong pervasive potassic alteration, neither of which were obvious in hand-specimen.

Images include: (a) Photograph of scan area; (b) Copper Heat Map with the relative intensity scale (strength) of copper provided to the right of the image; (c) Potassium Heat Map with the relative intensity scale (strength) of potassium provided to the right of the image

Mineralised Porphyry Target Rationale

Element mapping of a diorite porphyry sample from the Gordonbrook Hill Prospect has been conducted using Micro-XRF by Portable Spectral Services Pty Ltd (Figure 2), with highly encouraging outcomes.

The analysis shows that the diorite porphyry is rich in hornblende, indicating a favourable water-rich magma source. Pervasive potassic alteration has occurred throughout the rock and copper mineralisation presents in the form of sulphide. This association typically presents in strongly altered domains and positively correlates with prospective hydrothermal systems.

These observations are encouraging, as mineralised porphyry systems usually occur as part of porphyritic intrusive complexes. Although it remains unclear whether the pervasive potassic alteration (associated with copper sulphide mineralisation) is related to the diorite porphyry or other concealed intrusions, the observation suggests that a potassic-rich hydrothermal event - with the capacity of forming copper mineralisation - has occurred within the Gordonbrook Hill Prospect.

The porphyry intrusion is surrounded by subvolcanic rocks which are dominated by felsic tuff and indicating the proximity to a volcanic eruption centre. Although definitive geochronology data has not been obtained, the geological relationship suggests the diorite porphyry may have intruded into the felsic tuff.

The proximity of this porphyry-subvolcanic unit with copper-gold mineralisation and IP chargeability high anomalism, highlights the potential for a near-by large copper-gold mineralisation system.

About Corazon

Corazon Mining Limited 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

Level 3, 33 Ord St, West Perth, W.A. 6005 | PO Box 8187, Subiaco East, W.A. 6008 4 Ph: +61 (8) 63640518 | info@corazon.com.au | www.corazon.com.au | ASX: CZN

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ASX ANNOUNCEMENT 9 OCTOBER 2020
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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 high-grade 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.

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 3: 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 5 Ph: +61 (8) 63640518 | info@corazon.com.au | www.corazon.com.au | ASX: CZN

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ASX ANNOUNCEMENT 9 OCTOBER 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.

The information in this report that relates to Porphyry Copper-Gold Systems is based on information compiled by Dr Ben Li, Member AIG and an employee of Corazon Mining Limited. Mr. Li 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. Li consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

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 forwardlooking 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 6 Ph: +61 (8) 63640518 | info@corazon.com.au | www.corazon.com.au | ASX: CZN

Table 1: Checklist of Assessment and Reporting Criteria

Sample Analysis via Micro X-Ray Fluorescence Spectroscopy

Mt Gilmore Project, NSW

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling (eg cut channels, random chips, or	Micro X-Ray Fluorescence Spectroscopy
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 not be taken as limiting the broad meaning of sampling.	A rock sample has been analysed by Perth based consultancy and geochemical experts Portable Spectral Services using a M4 Tornado Micro-XRF (Micro-XRF).
	 Include reference to measures taken to ensure sample representivity	This analysis involves the two-dimensional element mapping of a rock
	and the appropriate calibration of any measurement tools or systems	surface. Information provided includes the spatial variation and
	used.	concentration of major and minor elements within the sample.
	 Aspects of the determination of mineralisation that are Material to the Public Report.	No mineralogy or quantitative chemical analysis has been undertaken.
	 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.

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Table 1: Checklist of Assessment and Reporting Criteria

Sample Analysis via Micro X-Ray Fluorescence Spectroscopy Mt Gilmore Project, NSW

Criteria	JORC Code explanation	Commentary
Logging	 Whether core and chip samples have been geologically and	The rock sample has been geologically described and categorized as a
	geotechnically logged to a level of detail to support appropriate	diorite porphyry.
	Mineral Resource estimation, mining studies and metallurgical
	studies.	The rock surface analysed by the Micro-XRF was scanned
	 Whether logging is qualitative or quantitative in nature. Core (or	(photographed) as a reference for element mapping.
	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	The face of the rock sample scanned with the Micro-XRF was cut flat
techniques	taken.	using a diamond saw.
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	Micro X-ray Fluorescence spectroscopy is a rapid and non-destructive
assay data	laboratory procedures used and whether the technique is considered	technique used to quickly acquire qualitative and quantitative
and	partial or total.	geochemical data at high spatial resolution. Elements ranging from
laboratory	 For geophysical tools, spectrometers, handheld XRF instruments, etc,	sodium (Na) to uranium (U) can be measured with quantification limits
tests	the parameters used in determining the analysis including instrument	ranging from percentages to parts-per-million.
	make and model, reading times, calibrations factors applied and their
	derivation, etc.	Chemical data is acquired using a bench-tip Bruker Nano Analytics 2D-
	 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.	micro-XRF spectrometer (Bruker M4 Tornado). The instrument has a 50kV 30-Watt Rh anode target, a 30mm2 SFlash ® silicon drift detector and poly-capillary optics that can focus a beam spot size down to 25 micrometres. Sample location is recorded on two cameras(10x and 100x)

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Table 1: Checklist of Assessment and Reporting Criteria

Sample Analysis via Micro X-Ray Fluorescence Spectroscopy

Mt Gilmore Project, NSW

Criteria	JORC Code explanation	Commentary
		enabling the precise location of the X-ray beam on the sample to be
		identified.
		The mapping function produces two-dimensional compositional maps, by
		collecting an entire x-ray spectrum for each pixel in a grid. These
		qualitative element maps show the spatial variation and abundance of
		major, minor and trace elements. The micro-XRF can then quantify the
		data using the fundamental parameterisation method. Fundamental
		parameter algorithms can calculate the concentration of each element in
		weight percent, which is then normalised to 100%. The use of a
		fundamental parameter model can enable the collection of semi-
		quantitative data for heterogeneous samples.
Verification of	 The verification of significant intersections by either independent or	Several rock samples were taken at irregular spacing from this
sampling and	alternative company personnel.	geological unit, that outcropped intermittently over a strike length of 300
assaying	 The use of twinned holes.	metres.
	 Documentation of primary data, data entry procedures, data
	verification, data storage (physical and electronic) protocols.
	 Discuss any adjustment to assay data.
Location of	 Accuracy and quality of surveys used to locate drill holes (collar and	Sample sites are recorded with a hand-held GPS. The field work for this
data points	down-hole surveys), trenches, mine workings and other locations	work was completed on real-world grid system GDA94 - Zone 56.
	used in Mineral Resource estimation.
	 Specification of the grid system used.
	 Quality and adequacy of topographic control.
Data spacing	 Data spacing for reporting of Exploration Results.	Several rock samples were taken at irregular spacing from this
and	 Whether the data spacing and distribution is sufficient to establish the	geological unit, that outcropped intermittently over a strike length of 300
distribution	degree of geological and grade continuity appropriate for the Mineral	metres.
	Resource and Ore Reserve estimation procedure(s) and
	classifications applied.
	 Whether sample compositing has been applied.

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Table 1: Checklist of Assessment and Reporting Criteria

Sample Analysis via Micro X-Ray Fluorescence Spectroscopy Mt Gilmore Project, NSW

Criteria	JORC Code explanation	Commentary
Orientation of	 Whether the orientation of sampling achieves unbiased sampling of	Not applicable to this report
data in	possible structures and the extent to which this is known, considering
relation to	the deposit type.
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.	Rock samples secured and transported by the Company’s Senior
security		Geologist.
Audits or	 The results of any audits or reviews of sampling techniques and data.	Not applicable to this report
reviews

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 Mount Gilmore Project includes a single Exploration Licence
tenement and	agreements or material issues with third parties such as joint	(EL8379) located in New South Wales, Australia. The lease was granted
land tenure	ventures, partnerships, overriding royalties, native title interests,	on 23rdJune 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 80% by Corazon Mining Limited subsidiary Mt Gilmore Resources Pty Ltd and 20% by Providence Gold and Minerals Pty Ltd (refer to announcement dated 2 July 2019).
		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.
		Some historical records exist for the historical production and sampling.
		These reports vary in quality and reliability.

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Table 1: Checklist of Assessment and Reporting Criteria

Sample Analysis via Micro X-Ray Fluorescence Spectroscopy Mt Gilmore Project, NSW

Criteria	JORC Code explanation	Commentary
		Modern exploration within the Project commenced 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).
		At Lantana Downs, in 1981 Freeport in search for volcanogenic massive
		sulphide deposits (VMS), completed rock-chip sampling and drilling
		targeting gossanous/sulphide/siliceous lodes identified by mapping and
		historical workings. Anomalous base metals were identified. Gold and
		cobalt were not tested for.
		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.
		Corazon completed drilling at Cobalt Ridge in 2016, 2017 and 2018.
		From 2016 to 2019 an extensive soil geochemical survey was
		undertaken, covering the favourable Mt Gilmore Trend. Reconnaissance
		Induced Polarisation geophysical has been competed over three main
		geochemical anomalies in 2019.
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
		Silverwood group is intruded by the Later Permian Towgon Grange
		Granodiorite and, at the contact, tourmaline rich bodies occur ranging 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.

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Table 1: Checklist of Assessment and Reporting Criteria

Sample Analysis via Micro X-Ray Fluorescence Spectroscopy

Mt Gilmore Project, NSW

Criteria	JORC Code explanation	Commentary
		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	 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 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.
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.
	 If it is not known and only the down hole lengths are reported, there

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Table 1: Checklist of Assessment and Reporting Criteria

Sample Analysis via Micro X-Ray Fluorescence Spectroscopy Mt Gilmore Project, NSW

Criteria	JORC Code explanation	Commentary
intercept	should be a clear statement to this effect (eg ‘down hole length, true
lengths	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.
Other	 Other exploration data, if meaningful and material, should be reported	Historical exploration results have been previously reported by Corazon
substantive	including (but not limited to): geological observations; geophysical	Mining Limited. This work included rock-chip sampling, soil
exploration	survey results; geochemical survey results; bulk samples – size and	geochemistry, geophysics and drilling. Reliance has been placed on
data	method of treatment; metallurgical test results; bulk density,	historical reports as an indicator of potential only.
	groundwater, geotechnical and rock characteristics; potential
	deleterious or contaminating substances.
Further work	 The nature and scale of planned further work (eg tests for lateral	The Company is proposing drilling targeting the geochemical and
	extensions or depth extensions or large-scale step-out drilling).	geophysical anomalies generated at the Gordonbrook Hill Prospect
	 Diagrams clearly highlighting the areas of possible extensions,	within the Mt Gilmore Project.
	including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Additional geological mapping and infill surface sampling targeting anomalous areas may provide a better understanding of the mineralised
		trends and mineralisation processes that will be used in defining drill
		targets.

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