CORAZON MINING LIMITED — Capital/Financing Update 2021

Dec 9, 2021

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ASX ANNOUNCEMENT 10 December 2021
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MAJOR NEW TARGET UNLOCKED AT LYNN LAKE NICKEL SULHIDE PROJECT

• Corazon’s recent drilling program at the Lynn Lake Project’s Fraser Lake Intrusive Complex (FLC) has been completed, including four holes for a total of 2,143 metres

• Drilling and geophysics has mapped a sulphide rich feeder conduit for approximately 3.5 kilometres – intruding into the FLC and providing a major focus for exploration

• The change in sulphide composition and morphology along this conduit provides a vector to sulphide accumulation and on-going drilling

• New geophysical modelling shows the mineralised conduit feeds into an area of high density, possibly ultramafic lithologies (prospective for massive sulphide deposits), which have not been previously recognised and is untested by drilling

• This new target will be prioritised in Corazon’s next phase of exploration drilling, expected to commence in the New Year

Corazon Mining Limited (ASX: CZN) (Corazon or Company) is pleased to announce it has completed its latest drilling campaign at the Fraser Lake Complex (FLC), located within the Lynn Lake Nickel-Copper-Cobalt Sulphide Project (Lynn Lake or Project) in Manitoba Province, Canada, and that drilling has identified a major, immediate-priority target.

This exploration program consisted of four (4) holes for a total of 2,143 metres. Drilling tested the western and eastern extents of a mineralised intrusive conduit (channel), identified as the Matrix Trend geophysical anomaly, within the FLC (Table 1, Figure 1).

Core samples have been submitted for analysis, with results expected in February 2022.

Drilling by Corazon has examined the Matrix Trend induced polarisation chargeability high anomaly over a strike of approximately 1.6 kilometres. The Matrix Tend is interpreted to be part of a feeder conduit (intrusive horizonal channel) that can be traced over approximately 3.5 kilometres, intruding as a late event into a pre-existing gabbroic complex (the FLC) (Figure 1).

The variation in geochemistry, sulphide composition and form (Figure 3) noted in drilling along the Matrix Trend provides a vector to sulphide maturity and possible accumulation sites. New modelling of geophysical data indicates that the mineralised conduit feeds into an area of high density within the FLC, a geophysical signature indicative of ultramafic rocks (Figure 2).

Of note within the Lynn Lake Mining Centre, ultramafic lithologies have a close spatial and timing association with massive nickel-copper-cobalt sulphide deposits. The area of high density comes close to the surface but has not been previously recognised or tested with drilling. The potential for massive sulfide deposits to exist in close association with ultramafic lithologies, within the extremely mineralised FLC, has become a priority focus for exploration at Lynn Lake.

The exploration program at the FLC will resume early in the New Year.

Drilling at Lynn Lake has now progressed to the historic Mining Centre, where a hole is currently being drilled at the ‘EL’ nickel-copper-cobalt sulphide deposit, to provide samples for further metallurgical testwork.

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 10 December 2021
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Figure 1 – MobileMT magnetic image at ~250m below surface, with drill hole collar locations. Arrows depict flow of magma from the South Pipe into the Fraser Lake Complex and Motruiuk Ultramafic. Datum NAD83 Zone 14N.

Overview of the Matrix Trend – Mineralised Conduit

Corazon’s exploration focus at the FLC has been the Matrix Trend, an IP chargeability high (anomaly) defined by geophysical surveys between 2016 and 2018. The Matrix Trend is interpreted to be an exposed (by erosion) part of a magma conduit that has “punched” into the older and more fractionated Fraser Lake “gabbroic” complex. The intrusive conduit can be traced laterally over 3.5 kilometres, from the “South Pipe” intrusion to the southwest of the FLC (Figure 1).

New modelling of geophysical datasets indicates the conduit system plunges into the FLC and into an area of higher density (Figure 2), which is indicative of ultramafic lithologies. Ultramafics (peridotites) have yet to be identified in outcrop or drilling within the FLC, however, within the Lynn Lake Mining Centre, peridotites have a very strong spatial and timing association with the massive nickel sulphide orebodies.

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 10 December 2021
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Figure 2 – Block Schematic

Plan of MobileMT (2020) magnetic image at ~250m below surface – the full image is provided in Figure 1. Hot colours represent more magnetic lithologies.

Section of gravity Inversion Image long-section of the Matrix Trend with Corazon drilling and interpreted structures. Hot colours depict dense lithologies, similar in character to peridotites that are spatially associated with massive nickel-copper sulphide mineralisation within the Lynn Lake Mining Centre. Gravity dataset 200m station spacing (1968. Datum NAD83 Zone 14.

The existence of peridotites within the FLC would be extremely encouraging and enhances the possibility for the discovery of a Lynn Lake-style mineralised system.

Corazon has drilled 20 holes in the Matrix Trend geophysical anomaly area since 2017, over a strike of about 1.6 kilometres. Information from this drilling, including geochemistry and the mapping of sulphide morphology, has refined models and supports a maturing of sulphide generation eastward along the Matrix Trend (Figure 3).

From west to east within the Matrix Trend there is an increase in nickel and copper content, as well as an increase in the mineral size of pentlandite (Ni-sulphide) and chalcopyrite (Cusulphide).

The current model for the Matrix Trend is that it is essentially the “vapor trail” of a sulphide-rich magma that has intruded further into the FLC. Sulphide-rich and ultramafic melts are very hot, less viscous, potentially more penetrative, and will travel further than gabbroic melts. The possible existence of ultramafic within the FLC, intruding close to the surface (Figure 2), provides an excellent target, and a focus for exploration in early 2022.

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 10 December 2021
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Figure 3 – Photos of selected drill core within the Matrix Trend showing the general change in sulphide form and nickel/copper tenor from west to east – located on an inverted bouguer gravity long-section image along the Matrix Trend (1968 gravity data, 200m station spacing). Datum NAD83 Zone14N.

Overview Recent Drilling

This current phase of drilling was completed in two areas, both of which tested gabbros associated with the feeder conduit, being the Western Contact Zone (holes FLC-2021-30B and FLC-2021-31) and the Matrix Trend (holes FLC-2021-36 and FLC-2021-40) within the FLC. Assays have been sent for laboratory assessment, with results expected in February 2022.

Drill holes FLC-2021-30B and FLC-2021-31 tested downhole electromagnetic (DHEM) conductors defined from drilling earlier this year. These targets were believed to be potential sulphide bodies on the northwestern exposure of gabbroic units, within the FLC (Figure 1) and possibly associated with the sulphide rich magma pulses intruding into the FLC from the South Pipe to the south.

Both FLC-2021-30B and FLC-2021-31 intersected extensive sulphide material. The geophysical anomalies are believed to be caused by sulphidic sediments (typically barren of nickel), which have been caught up in the gabbroic intrusive complex. The gabbroic rocks encasing these sediments contained variable quantities of fine-grained magmatic sulphide (up to 5%), and are considered highly prospective for nickel sulfide deposits within the Lynn Lake area.

Drill holes FLC-2021-36 and FLC-2021-40 were drilled further to the northeast, along the Matrix Trend (Figure 1).

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 10 December 2021
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Hole FLC-2021-36 tested the area north of the Matrix Trend which hosts coincident anomalies generated by a variety of geophysical methods. This hole intersected several large faults, bounding a variety of rock types. The last 260 metres of the hole intersected a gabbro with very strong ultramafic mineral composition, believed to be similar to the norite/orthopyroxenite lithologies that host mineralisation within the Lynn Lake Mining Centre. This is significant as, while the gabbros within the Matrix Trend display a very high MgO content (up to 18% MgO), ultramafic intrusives (spatially associated with massive sulphide deposits in the Lynn Lake Mining Centre) are yet to been defined within the FLC.

Although no strong concentrations of sulphide were intersected in this drill hole, the structural complexity and existence of gabbros with a more ultramafic composition, support the prospectivity of the area and the need for downhole electromagnetic surveys to further test for sulphide bodies in proximity.

Hole FLC-2021-40 tested an area southeast of hole FLC-2021-36, towards the western margin of the Matrix Trend. Sulphide mineralisation was overall low in tenor, although there is a visual increase in chalcopyrite (copper sulphide) compared with hole FLC-2021-36, and areas of blebby magmatic sulphide up to 5%. This wide dispersion of sulphide mineralisation is typical in the altered gabbronorites within the Matrix Trend.

Downhole EM surveys are proposed to be completed early in 2022, along with the recommencement of exploration drilling at the FLC.

Hole ID	Easting	Northing	RL	Depth	AZI_UTM	Dip
FLC-2021-030B	369768	6295961	351	435	267.8	-70
FLC-2021-031	369740	6296194	358	208	132.6	-61
FLC-2021-036	370812	6296424	356	750	154.0	-82
FLC-2021-040	370903	6296292	356	750	176.0	-70

Table 1 – FLC drill hole collar information. Datum NAD83 Zone 14N

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 (08) 6166 6361 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 (08) 6166 6361| info@corazon.com.au | www.corazon.com.au | ASX: CZN

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ASX ANNOUNCEMENT 10 December 2021
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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 has the Miriam Nickel-Copper Sulpide Project (Miriam) in Western Australia and the Mt Gilmore Cobalt-Copper-Gold Sulphide Project (Mt Gilmore) located in New South Wales.

Miriam is a highly prospective nickel sulphide exploration project, representing a strategic addition to Corazon’s portfolio of nickel sulphide assets.

The Mt Gilmore 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.

The commodity mix of Corazon’s projects place the Company in a strong position to take advantage of the growing demand for commodities critically required for the booming rechargeable battery sector.

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.

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

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 10 December 2021
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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 2: Checklist of Assessment and Reporting Criteria

10[th] December 2021

Core Drilling – Fraser Lake Complex, 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	Drilling
techniques	chips, or 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.	Half core is sampled on the basis of geology. Minimum sample interval of down to 6cm has been completed, based on geological criteria. Generally sampling completed is 1.0m through mineralised zones and a maximum of 1.5m elsewhere. Not all core is sampled.
		The drill core is cut using an industry standard core saw. Individual samples
		are collected in labelled calico bags. Sample weights are typically between 2kg
		and 5kg.
	Include reference to measures taken to ensure sample	Downhole depths are identified and labelled by the drilling company on core-
	representivity and the appropriate calibration of any	blocks inserted in the core trays and reconciled by the Geologist in charge of
	measurement tools or systems used.	the program.
		Sampling has been carried out using industry standard practices that are
		appropriate for the style of mineralisation being tested.
	Aspects of the determination of mineralisation that are	Sampling has been undertaken with regards to defining the statistically
	Material to the Public Report.	anomalous lower bounds of mineralisation for the style of mineralisation being
		tested. The criteria used to define mineralisation and anomalous or significant
	In cases where ‘industry standard’ work has been done this	mineralisation within the report is specified where appropriate.
	would be relatively simple (eg ‘reverse circulation drilling
	was used to obtain 1 m samples from which 3 kg was	Lynn Lake includes nickel, copper and cobalt sulphide mineralisation that has
	pulverised to produce a 30 g charge for fire assay’). In other	historically been mined and processed to metal concentrates. The
	cases more explanation may be required, such as where	determination of mineralisation utilizes industry standard exploration techniques
	there is coarse gold that has inherent sampling problems.	and are defined within this table.
	Unusual commodities or mineralisation types (eg submarine
	nodules) may warrant disclosure of detailed information
Drilling	Drill type (eg core, reverse circulation, open-hole hammer,	NQ drill core is being undertaken by Vital Drilling Services from Ontario,
techniques	rotary air blast, auger, Bangka, sonic, etc) and details (eg	utilizing a skid mounted Boyles BBS 37. Rod lengths are 3m, with core run
	core diameter, triple or standard tube, depth of diamond	lengths also of 3m.
	tails, face-sampling bit or other type, whether core is

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Table 2: Checklist of Assessment and Reporting Criteria

10[th] December 2021

Core Drilling – Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
	oriented and if so, by what method, etc).	Depth capacity of this drill rig is approximately 900 metres
Drill sample	Method of recording and assessing core and chip sample	Recovery of the core drilling is typically excellent (+99%). Ground conditions
recovery	recoveries and results assessed.	and core recovery at Lynn Lake are very good.
	Measures taken to maximise sample recovery and ensure	The drilling company takes responsibility for core recoveries, with instances of
	representative nature of the samples.	core loss (poor recovery) being immediately reported to the supervising
		geologist. Instances of poor core recovery are documented by the drilling
		company and by the geologists/technicians during logging of the core.
	Whether a relationship exists between sample recovery and	No sample bias has been observed. Areas adjected to historical mining
	grade and whether sample bias may have occurred due to	operations may be broken and core loss may occur drilling close to old stopes.
	preferential loss/gain of fine/coarse material.
Logging	Whether core and chip samples have been geologically and	Core is geologically logged and tested for magnetic susceptibility &
	geotechnically logged to a level of detail to support	resistivity/conductivity.
	appropriate Mineral Resource estimation, mining studies and metallurgical studies.	Logging is conducted by a qualified geologist and to ensure consistency, is overseen by the Company’s Chief Geologist.
		Logging is of a standard that supports appropriate Mineral Resource
		estimations, mining studies and metallurgical studies to be undertaken.
	Whether logging is qualitative or quantitative in nature. Core	Core logging records both the qualitative and quantitative aspects of the
	(or costean, channel, etc) photography.	geology and mineralisation. Information recorded from logging are both
		measurable and descriptive. This includes (but is not restricted to) recording of
		lithology, alteration, mineralogy, weathering characteristics, geotechnical and
		structural features, textural and interpretive information.
	The total length and percentage of the relevant intersections	All drill holes are logged in full.
	logged.
Sub-	If core, whether cut or sawn and whether quarter, half or all	Drill core is cut and typically half core is taken as a sample for analysis.
sampling	core taken.
techniques
and sample
preparation

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Table 2: Checklist of Assessment and Reporting Criteria

10[th] December 2021

Core Drilling – Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
	If non-core, whether riffled, tube sampled, rotary split, etc	Not applicable for core drilling.
	and whether sampled wet or dry.
	For all sample types, the nature, quality and	Samples are transported to TSL Laboratories in Saskatoon for sample
	appropriateness of the sample preparation technique.	preparation, including total sample crushing and pulverising to 80% passing 75
		microns. TSL complete an initial analysis for nickel, copper and cobalt using
		multielement analysis using ICP-MS with a 4 acid digest (30 gram samples).
		Based on the initial assay results from TSL, it is expected selected samples will
		be forwarded to ACME Laboratories in Vancouver for additional multielement
		analysis using ICP-MS with a 4 acid digest (30 gram samples). A total of 37
		elements are tested for (ACME method code AQ525).
		Both TSL and ACME are accredited Canadian laboratories.
	Quality control procedures adopted for all sub-sampling	Quality control measures include sample duplicates (taken as an additional split
	stages to maximise representivity of samples.	in the Lab from the coarse reject sample), CANMET certified reference
		materials (standards) and silica blanks. Duplicates and silica blanks are
		taken/inserted at a minimum of one in 30 samples. Standards are inserted at a
		minimum rate of one in 30 samples, or at a greater frequency through
		mineralised zones.
		Assay results at plus 1% nickel are repeated as “check assays” with the
		inclusion of higher grade CANMET standards.
		The laboratories (TSL and ACME) also have their own duplicate, repeat and
		standard testing protocols, with the results reported to the Company.
		Sample security, shipment and transport is overseen by the senior geologist in
		charge of the drilling program.
	Measures taken to ensure that the sampling is	Quality control measures include core duplicates (1/4 core),
	representative of the in situ material collected, including for
	_instance results for field duplicate/second-half sampling. _

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Table 2: Checklist of Assessment and Reporting Criteria

10[th] December 2021

Core Drilling – Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
	Whether sample sizes are appropriate to the grain size of	Sample sizes are considered appropriate for the rock type and style of
	the material being sampled.	mineralisation at Lynn Lake.
Quality of	The nature, quality and appropriateness of the assaying and	The analytical techniques used for Lynn Lake are considered appropriate for
assay data	laboratory procedures used and whether the technique is	the mineralisation type.
and laboratory tests	considered partial or total.	Initial assaying for nickel, copper and cobalt is completed by TSL Laboratories in Saskatoon multielement analysis using ICP-MS with a 4 acid digest (30 gram samples).
		Additional selected samples may be transported to ACME Laboratories in
		Vancouver for analysis. Analysis includes a multi-element analysis using ICP-
		MS with a 4 acid digest (30 gram samples). A total of 37 elements are tested
		for (ACME method code AQ525).
		Both TSL and ACME are accredited Canadian laboratories.
	For geophysical tools, spectrometers, handheld XRF	A hand-held XRF is sometimes used for the purposes of assisting with mineral
	instruments, etc, the parameters used in determining the	identification. Such results are not reported.
	analysis including instrument make and model, reading
	times, calibrations factors applied and their derivation, etc.
	Nature of quality control procedures adopted (eg standards,	Quality control measures include sample duplicates (taken as an additional split
	blanks, duplicates, external laboratory checks) and whether	in the Lab from the coarse reject sample), CANMET certified reference
	acceptable levels of accuracy (ie lack of bias) and precision	materials (standards) and silica blanks. Duplicates and silica blanks are
	have been established.	taken/inserted at a minimum of one in 30 samples. Standards are inserted at a
		minimum rate of one in 30 samples, or at a greater frequency through
		mineralised zones.
		The laboratories (TSL and ACME) also have their own duplicate, repeat and
		standard testing protocols, with the results reported to the Company.
		Sample security,shipment and transport is overseen bythe seniorgeologist in

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Table 2: Checklist of Assessment and Reporting Criteria

10[th] December 2021

Core Drilling – Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
		charge of the drilling program.
Verification	The verification of significant intersections by either	Drilling is being managed by a senior geologist with experience in deposits
of sampling	independent or alternative company personnel.	consistent with the style of mineralisation at Lynn Lake. All work is overseen
and		by Corazon’s consultant and nickel sulphide expert Dr Larry Hulbert.
assaying
		The assay results are consistent with expectations from the geological logging.
	The use of twinned holes.	The reported drill holes have not been twinned.
	Documentation of primary data, data entry procedures, data	All data is captured electronically on site and transferred to backup facilities.
	verification, data storage (physical and electronic) protocols.	All paper information is captured electronically and stored digitally and in paper
		format.
	Discuss any adjustment to assay data.	No adjustment to primary assaying has been undertaken. For reporting
		significant intersections, all averaging over intervals is calculated on an
		individual interval weighted average basis.
Location of	Accuracy and quality of surveys used to locate drill holes	Drill holes were positioned using a hand-held Garmin GPS with an assumed
data points	(collar and down-hole surveys), trenches, mine workings	accuracy of +5 metres and a Reflex Northfinder APS, with sub-metre accuracy.
	and other locations used in Mineral Resource estimation.	Down-hole surveys were completed with a Gyro supplied and operated by the
		Vital Drilling.
	Specification of the grid system used.	The survey data is recorded in real-world co-ordinate system NAD 83 Zone 14.
	Quality and adequacy of topographic control.	Lynn Lake is an historical mining centre. All past drilling has been recorded by
		surveyors on a Local Mine Grid. All drilling has been transformed to real-world
		coordinate system NAD 83 Zone 14. The “Z-Values” for surface drilling have
		been adjusted and pegged to the surface DTM provided by a 2008 VTEM
		geophysical survey. All underground drilling has been corrected such that drill
		holes have elevations defined by underground plans and sections, and
		subsequently transformed to elevations defined by real-world coordinate
		system NAD 83 Zone 14.

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Table 2: Checklist of Assessment and Reporting Criteria

10[th] December 2021

Core Drilling – Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
		The Company considers the accuracy of the x, y and z coordinates of the
		underground drilling to be very good. While the x and y coordinates for the
		surface drilling are very good, a more accurate and up to date DTM is required
		to define the z values. The Company has recently acquired Lidar data over the
		project and it is expected this data will be used to correct and standardise the
		“z” values for the drill hole database.
Data spacing	Data spacing for reporting of Exploration Results.	Drill holes are widely space and targeting areas of interest defined from
and		historical drilling, past mining and geophysical trends defined by Corazon
distribution		Mining Limited.
		This drilling is intended to identify areas of interest for future resource definition
		drilling.
	Whether the data spacing and distribution is sufficient to	This exploration is reconnaissance in nature and as such will not result in the
	establish the degree of geological and grade continuity	immediate definition of a mineral resource estimation.
	appropriate for the Mineral Resource and Ore Reserve
	estimation procedure(s) and classifications applied.
	Whether sample compositing has been applied.	No compositing was applied.
Orientation	Whether the orientation of sampling achieves unbiased	Drill holes are widely space and targeted at individual areas of interest and
of data in	sampling of possible structures and the extent to which this	geophysical anomalies.
relation to geological structure	is known, considering the deposit type.	Azimuths and dips are variable, dependent on the targets being tested. Drilling attempts to intersect the targets normal to the assumed dominant trend. Positioning and targeting of drilling around historical workings also needs to
		consider access complexities and the targeting of drill holes such that voids are
		avoided.
		The Lynn Lake deposit are described as “pipe-like bodies” that can be
		influenced by controlling structures.
		The ‘form’ of the mineralised bodies within the Fraser Lake Complex is less
		defined. Drilling to date supports concentrations of sulphide proximal to
		sedimentary xenoliths and interpreted structures. Gravitational accumulation
		of sulphide minerals is also documented. Pipe-like feeder bodies have yet to
		be defined.

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Table 2: Checklist of Assessment and Reporting Criteria

10[th] December 2021

Core Drilling – Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
		There is no data that supports a bias for the sampling has been established.
	If the relationship between the drilling orientation and the	The is widely spaced and the orientation of drilling and key mineralised
	orientation of key mineralised structures is considered to	structures is not considered to have introduced a sampling bias.
	have introduced a sampling bias, this should be assessed and reported if material.	The Lynn Lake deposit are described as “pipe-like bodies” that can be influenced by controlling structures. Drilling for the reported program attempts
		to test areas adjacent to historical infrastructure and mining. Reported
		mineralised intervals may not be defined as “true widths”. Where possible,
		information regarding true widths is provided.
Sample	The measures taken to ensure sample security.	Sample security on site is overseen by the senior geologist in charge of the
security		drilling program.
		Individual samples are collected in plastic bags, before being bundled together
		into sealed in large PVC bags and sealed with security tags for transport to the
		laboratory via a recognised freight service.
Audits or	The results of any audits or reviews of sampling techniques	Industry standard duplicate sampling and submission of certified blank and
reviews	and data.	standard samples have been undertaken.
		At this stage, no audits or reviews have been conducted.

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	The claims that make up the Lynn Lake Project are 100% owned by Corazon
tenement and	including agreements or material issues with third parties	Mining Limited.
land tenure status	such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	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 land-based drilling.

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Table 2: Checklist of Assessment and Reporting Criteria

10[th] December 2021

Core Drilling – Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
	The security of the tenure held at the time of reporting along	The tenure includes multiple Mineral Claims, within the historical mining centre,
	with any known impediments to obtaining a licence to	as defined by the Provincial Government of Manitoba. All claims are currently
	operate in the area.	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.
Exploration	Acknowledgment and appraisal of exploration by other	Where exploration has been completed by other parties, those parties have
done by other	parties.	been referenced in this document or within previous ASX announcements by
parties		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	Survey data presented in real-world grid system NAD 83 Zone 14. Down-hole
Information	of the exploration results including a tabulation of the	survey information is not considered material and has not been provided.
	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	Drill hole collar survey data pertaining to this report are presented in the table below.
	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.

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Table 2: Checklist of Assessment and Reporting Criteria

10[th] December 2021

Core Drilling – Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria JORC Code explanation	Commentary
	Hole ID Easting Northing RL Depth AZI_UTM Dip FLC-2021-030B 369768 6295961 351 435 267.8 -70 FLC-2021-031 369740 6296194 358 208 132.6 -61 FLC-2021-036 370812 6296424 356 750 154.0 -82 FLC-2021-040 370903 6296292 356 750 176.0 -70
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.	Material information not included in the table above includes the “down hole length and interception depth”. This information has been provided in table form in the body of the announcement. Downhole survey data is not reported within and is not considered material to this report. Reported mineralised intervals may not be defined as “true widths”. Where possible, information regarding true widths is provided.
Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.	No data aggregation has been reported in this announcement and no adjustment to primary assaying has been undertaken. For reporting significant intersections, all averaging over intervals is calculated on an individual interval weighted average basis. Parametres and criteria for calculating intervals are defined within the notes of tables presented. Individual nickel grades are presented on the drill hole section provided within the report.
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	All averaging over intervals is calculated on an individual interval weighted average basis from the primary (initial) assay data. No bottom-cuts or top-cuts have been applied.

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Table 2: Checklist of Assessment and Reporting Criteria

10[th] December 2021

Core Drilling – Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
	and some typical examples of such aggregations should be	Parametres and criteria for calculating intervals are defined within the notes of
	shown in detail.	tables presented.
	The assumptions used for any reporting of metal equivalent	Metal equivalent values are not reported.
	values should be clearly stated.
Relationship	These relationships are particularly important in the	Typical Lynn Lake Ni-Cu-Co Magmatic Sulphide Deposits
between mineralisation widths and intercept lengths	reporting of Exploration Results.	Known nickel-copper-cobalt magmatic sulphide deposits in the Lynn Lake Mining Centre are typically “pipe-like” in form, averaging between 80m and 120m in strike, 30m to 60m in width and with vertical extents of 100’s of metres. The historically mined deposits in the Lynn Lake area have been developed to a maximum depth of approximately 1,100 metres.
		Multiple sulphide pipe-like deposits have been identified and mined in the Lynn
		Lake area. The core of these bodies can be massive sulphide bodies or
		sulphide breccia bodies, grading out in sulphide intensity to weakly
		disseminated at the margins.
		The ‘form’ of the mineralised bodies within the Fraser Lake Complex is less
		defined. Drilling to date supports concentrations of sulphide proximal to
		sedimentary xenoliths and interpreted structures. Gravitational accumulation
		of sulphide minerals is also widely observed. Pipe-like feeder bodies within the
		Fraser Lake system have yet to be defined.
	If the geometry of the mineralisation with respect to the drill	Azimuths and dips of the drill holes are variable, dependent on the targets
	hole angle is known, its nature should be reported.	being tested.
		The Lynn Lake deposit are described as “pipe-like bodies” that can be
		influenced by controlling structures. Drilling for the reported program attempts
		to test areas adjacent to historical infrastructure and mining. Reported
		mineralised intervals may not be defined as “true widths”. Where possible,
		information regarding true widths is provided.

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Table 2: Checklist of Assessment and Reporting Criteria

10[th] December 2021

Core Drilling – Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
	If it is not known and only the down hole lengths are	This report identifies the down hole lengths of mineralisation intersected in the
	reported, there should be a clear statement to this effect (eg	drilling. Reference within the body of the report may define interpreted true
	‘down hole length, true width not known’).	widths of mineralisation.
Diagrams	Appropriate maps and sections (with scales) and tabulations	Appropriate diagrams have been included in the announcement.
	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.
Balanced	Where comprehensive reporting of all Exploration Results is	This report tables results of the interpreted mineralised zone intersected by the
reporting	not practicable, representative reporting of both low and	drilling. Results include the broad lower-grade interval as well as narrow high-
	high grades and/or widths should be practiced to avoid	grade intervals.
	misleading reporting of Exploration Results.	Parametres and criteria for calculating intervals are defined within the notes of
		tables presented.
Other	Other exploration data, if meaningful and material, should be	Historical Exploration and Mining Data
substantive	reported including (but not limited to): geological
exploration	observations; geophysical survey results; geochemical	The Lynn Lake project has been explored for more than 75 years and was
data	survey results; bulk samples – size and method of	mined for more than 24 years. There exists an enormous amount of historical
	treatment; metallurgical test results; bulk density,	data available to the company.
	groundwater, geotechnical and rock characteristics;
	potential deleterious or contaminating substances.	This announcement only contains results for the current exploration program at
		Lynn Lake. Historical exploration results and mining data are referenced if
		considered material to this announcement.
Further work	The nature and scale of planned further work (eg tests for	The current phase of exploration at Lynn Lake is targeting a large area that is
	lateral extensions or depth extensions or large-scale step-	interpreted to be a magnetic feeder zone that has intruded late in the
	out drilling).	formational history of the Fraser Lake Gabbroic Complex.
		The results presented in this announcement are early-stage drill testing for this
		area, which is predominantly covered by glacial till, lake deposits and lakes.

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Table 2: Checklist of Assessment and Reporting Criteria

10[th] December 2021

Core Drilling – Fraser Lake Complex, Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
		Further exploration, including geophysical surveys and drilling, is expected to
		be completed by the Company.
	Diagrams clearly highlighting the areas of possible	All relevant diagrams have been presented in this report.
	extensions, including the main geological interpretations and
	future drilling areas, provided this information is not
	commercially sensitive.

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