CORAZON MINING LIMITED — Capital/Financing Update 2021

Apr 15, 2021

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ASX ANNOUNCEMENT 16 APRIL 2021
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DOWNHOLE EM IDENTIFIES MULTIPLE CONDUCTORS AT LYNN LAKE

PRIORITY NICKEL SULPHIDE TARGETS DEFINED

FOR NEXT PHASE OF DRILLING

• The initial phase of the 2021 drilling campaign has been completed

• Drilling intersected favourable host rocks and extensive indications of magmatic nickel-copper sulphide mineralisation

• Downhole EM (DHEM) geophysical surveys in progress

• Multiple “off-hole” EM conductors have been identified in the target area - potentially indicative of sulphide bodies

• Conductors represent high priority targets for the next phase of drilling

• DHEM program is ongoing - plans for the next phase of drilling will be formalised after the DHEM program is complete

Corazon Mining Limited (ASX: CZN) (Corazon or Company) is pleased to announce initial findings from the first phase of its 2021 drilling campaign at the Lynn Lake Nickel-CopperCobalt Sulphide Project (Lynn Lake or Project) in Manitoba Province, Canada.

Corazon completed three holes for a total of 1,482 metres in this phase of drilling at Lynn Lake (Table 2), resulting in a successful first-pass test of a new target area west of the Fraser Lake Complex (FLC – figures 3 and 4). Drilling also confirmed MobileMT’s effectiveness in identifying areas most favourable for magmatic nickel-copper-cobalt sulphides at Lynn Lake.

All holes drilled within the target area west of the FLC (figures 1, 2, 3) have intersected favourable host rocks and extensive indications of magmatic sulphide mineralisation. Details of the results of each hole drilled in this phase of drilling are provided in this announcement.

Downhole Electromagnetic Geophysical Survey (DHEM) Underway – Delivering Results

With drilling now complete, Corazon is conducting a DHEM program of holes on this phase and previous phases of drilling. DHEM will more accurately define conductive bodies close to drill holes, within larger areas of anomalism defined by the aerial surveys.

To date, DHEM has been completed on five holes and identified 10 new conductors of substantial size (Table 1, figures 1 and 2) which may represent sulphide bodies. These anomalies will be priority targets for the next phase of drilling and underpins the potential for the entire conductive trend, identified by MobileMT, to the west of the FLC.

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 16 APRIL 2021
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Figure 1 – A 3D oblique view of MobileMT resistivity image (hot colours = higher conductance) to the west of the FLC, at ~250m below surface, showing holes tested with DHEM and plates defined in Table 1. Drill hole and plate locations shown in Figure 2.

Plate ID	Strike Length(m)	Depth Extents(m)	Comments
23A	29	161	Super high conductance near-surface plate sitting above Plate 23B and trendingnorth towards a major MobileMT anomaly.
23B	84	287	Substantial plate on margin to MobileMT conductance trend.
24A	73	13	Three small plates define a pipe or structurally controlled conductor, plunging sub-parallel to drill hole FLC2021-24
24B	15	30
24C	60	30
24D	96	58	Good-size conductor ~75m from drill hole
18A	20	28
18B	2	27	In-hole conductor – high tenor Ni/Cu sulphide assays
18C	91	24
18D	175	134	Volcanogenic massive sulphide at surface + anomalous Ni/Cu

Table 1 – Downhole EM plate dimensions for channels 10-12 for holes #23 and #24 and channels 11-13 for hole #18. Plates have been chosen on the basis of their “longer wavelength response”, in preference to shorter wavelength characteristics of smaller bodies.

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 16 APRIL 2021
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Corazon’s Managing Director, Mr Brett Smith, said:

“ The aerial MobileMT geophysics identified a large area of conductance, previously not recognised as prospective for nickel-copper sulphides. Our first round of drilling in this area intersected the right rocks and some good magmatic sulfides that enhances the potential of the target area. Now, with the detailing of DHEM conductors of a good size, that support the MobileMT interpretations, we have expectations that this large conductive trend to the west of the Fraser Lake Complex has the makings of a nickel-copper sulphide target area similar in size to the Lynn Lake mining centre.”.

The definition of the DHEM conductors has confirmed the effectiveness of MobileMT as an exploration tool for Lynn Lake style mineralisation. Analysis of the DHEM data has focused on the identification of responses that could indicate larger bodies of magmatic sulphide. Plates of interest have been chosen on the basis of their longer wavelength response, in preference to shorter wavelength characteristics of smaller bodies.

The DHEM program is ongoing, targeting other holes drilled by Corazon in previous phases of drilling. The greater conductive area west of the FLC and the DHEM plates defined will provide priority targets for the next phase of drilling.

On completion of the DHEM program, Corazon will formalise plans for the next phase of drilling and will provide details in due course.

Results of Drilling and Down-Hole Geophysical Surveys

The current program included three core drill holes for a total of 1,482 metres (Table 2). This drilling is the first test of conductive trends identified by the aerial MobileMT geophysical survey system.

Subsequent to drilling, these drill holes were probed using down-hole electromagnetic geophysical tools (DHEM), with the intention of more accurately defining the location and size of conductors drilled (in-hole) or close by (off-hole).

The effectiveness of DHEM in testing hole #24 has initiated the testing of additional holes in the area. This work has resulted in the identification of conductors, some similar in size to the high-grade deposits within the Lynn Lake Mining Centre.

Holes #23 and #24 prove the large conductive trend west of the FLC holds the potential to host multiple conductors indicative of nickel sulphide deposits.

Hole #24 was the first pass test of the MobileMT conductive trend. It intersected good widths of favourable gabbroic rocks, with strong indications of magmatic sulphides. The area tested was strongly sheared, indicating long-lived tectonic activity. A small zone of strong sulphide mineralisation interested by the hole (ASX announcement 4 March 2021) was nickel poor, did not generate any in-hole conductance from DHEM and is believed to be the result of remobilization of sulphide along faulting/shearing. This sulphide mineralisation is potentially related to the pipe-like/fault-controlled conductive trend identified by the small conductors 24A, 24B and 24C (figures 1 and 2, Table 1). Conductor 24D is more representative of the size of a mineralised body being tested for at this site. At a size of 96 metres by 56 metres, it supports the MobileMT anomaly and provides a definitive drill target for the area.

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 16 APRIL 2021
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Hole #26 trended off-target and went over the top of the interpreted conductor. This hole was terminated at a depth of 440 metres, due to it deviating significantly off target. The DHEM of this hole failed to identify any conductors of note and due to the holes deviation, this area has yet to be adequately tested and follow-up work is required.

Hole #29 tested the strong South Pipe conductor located approximately two kilometres south from holes #24 and #26 (Figure 3). Results from this drilling are generally inconclusive, however, the Company believes the South Pipe area remains very prospective and additional work is required to advance this target.

The hole was stopped at 557 metres (planned depth of 720 metres) so that DHEM could be completed. Drilling had intersected extensive tectonic and hydrothermal breccias within the country rock (volcaniclastics and sediments). Some of these breccias contained agglomerations or clasts of what are interpreted to be magmatic or remobilised sulphide. There were no undeformed mafic intrusive rocks and the DHEM failed to identify any offhole conductors.

A magnetic pipe-like intrusive body 200 metres to the north of the conducive pipe being targeted is interpreted to be a feeder to the mafic units targeted with this phase of drilling (to the north). As such, additional ground-based exploration is now being considered to better define the South Pipe Conductor drill target.

The target model for the South Pipe is the high-grade EL Deposit in the Mining Centre. It is important to note that the high-grade nickel-copper-cobalt sulphide breccia intersected at depth (the EL Deeps discovery - 2011) could not be detected using DHEM from drill holes close by, despite displaying in-hole DHEM conductance.

Hole #23 is one of the three holes that have tested the area west of the FLC within defined high-conductance trends identified by the MobileMT. This hole was drilled in 2020 prior to the MobileMT survey and targeted a magnetic high in an area that included strong gravity and IP anomalism. Drilling intersected prospective altered gabbro and strong indications of magmatic sulphides up to 10% content (ASX announcement 3 September 2020).

Two off-hole DHEM conductors have been defined (Table 1, figures 1 and 2). The largest of these conductors is 84 metres in strike and is traced to at least 287 metres in depth extents. These conductors are on the southern margin of the MoibleMT conductive trend, striking in line with a high priority MobileMT target, north of hole #23, that has yet to be drill tested.

Hole #18 drilled in 2018 targeted a magnetic anomaly west of the Matrix Trend (Figure 3) (ASX announcement 13 March 2018). New DHEM completed on this hole has identified three off-hole conductors and one in-hole conductor (Table 1).

The in-hole conductor (18B) is small and equates to only 3% to 5% sulphide content in core, which returned a grade of about 0.2% nickel and 0.13% copper. This is high-nickel tenor material and suggests a grade range of from 4% to 7% nickel and 2% to 4% copper for 100% sulphide content (ASX announcement 13 March 2018).

Conductors 18A and 18C represent good magmatic nickel-copper sulfide targets. The use and effectiveness of electromagnetics (including DHEM) in this area is negatively affected by the strong conductance of anomaly 18D. Conductor 18D is coincident with a volcanogenic massive sulphide (VMS) xenolith caught up in the gabbro intrusion, mapped

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 16 APRIL 2021
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at surface. This VMS contains no nickel and little copper but is visually and geophysically distinctive from magmatic nickel-copper deposits. The gabbro units surrounding this xenolith are mineralised with extensive disseminated nickel-copper magmatic sulphides.

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Figure 2 – Drill hole and DHEM plate location plan. Recent DHEM completed on the drill holes FLC2018- 18 , FLC2020- 23 , FLC2021- 24 and FLC2021- 26 . Coordinate system NAD 83 Zone 14N.

Hole ID	Design E_UTM	Design N_UTM	Design RL	Design AZI_UTM	Design DIP	EOH Depth (m)
FLC2018-18	370746	6296153	353	303	-60	482.5
FLC2020-23	369839	6296208	350	202	-45	383
FLC2021-24	370135	6295421	350	311	-50	485
FLC2021-26	369780	6295747	350	187	-55	440
FLC2021-29	370721	6293572	350	187	-50	557

Table 2 – Drill holes tested with DHEM. 2021 drilling includes holes FLC2021-24 , 26 and 29 . Coordinate system NAD 83 Zone 14N.

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 16 APRIL 2021
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Figure 3 - Plan of MobileMT Resistivity Model depth slice at +100 mRSL (~250 metres below surface), with drill holes identified subject to down-hole EM surveys. MobileMT Resistivity Image: hotter colours (purples and reds) depict higher conductivity areas than the colder colours (blues and greens) which depict low conductivity areas.

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 16 APRIL 2021
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Figure 4 – Lynn Lake Project - MobileMT survey magnetic susceptibility inversion depth slice at 50m below surface - over a GeoTem total-field regional aeromagnetic image. Figure 3 shows a larger scale image of the area identified by the red insert box.

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 7

Ph: +61 (08) 6166 6361| info@corazon.com.au | www.corazon.com.au | ASX: CZN

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ASX ANNOUNCEMENT 16 APRIL 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 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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Project Location Maps

Level 3, 33 Ord St, West Perth, W.A. 6005 | PO Box 8187, Subiaco East, W.A. 6008 8 Ph: +61 (08) 6166 6361| info@corazon.com.au | www.corazon.com.au | ASX: CZN

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ASX ANNOUNCEMENT 16 APRIL 2021
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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, type of deposit under consideration, and to the activity that 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.

This announcement tables results of a downhole electromagnetic (DHEM) survey completed by Eastern Geophysics Limited, based in Nova Scotia, Canada. Eastern Geophysics Limited are an accredited geophysical consultancy with extensive experience in this form of geophysical technique targeting this style of mineralisation. The results of the DHEM survey have been audited, modelled and interpreted by the Company’s consultant geophysicist and ‘expert’, Martin St-Pierre (P. Geophysicist) from St-Pierre Geoconsultant Inc., based in British Colombia, Canada. Mr St-Pierre consents to the release of this geophysical interpretation as it appears within this announcement.

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 9 Ph: +61 (08) 6166 6361| info@corazon.com.au | www.corazon.com.au | ASX: CZN

Table 3: Checklist of Assessment and Reporting Criteria

16[th] April 2021

Core Drilling and Bore Hole Electromagnetic Surveys - 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	Bore Hole (Down Hole) Electromagnetic Survey (DHEM)
techniques	chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or	The sampling information (methodology) for this survey is provided in the section titled “_Other substantive exploration data”_within this table.
	handheld XRF instruments, etc). These examples should	This work program was completed and managed by Nova Scotia based
	not be taken as limiting the broad meaning of sampling.	Canadian geophysical consultancy Eastern Geophysics Limited and overseen
		on the Company’s behalf by Dr Larry Hulbert and Martin St-Pierre (P.
		Geophysicist).
		Drilling
		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.
	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

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Table 3: Checklist of Assessment and Reporting Criteria

16[th] April 2021

Core Drilling and Bore Hole Electromagnetic Surveys - Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
	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
	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	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

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Table 3: Checklist of Assessment and Reporting Criteria

16[th] April 2021

Core Drilling and Bore Hole Electromagnetic Surveys - Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
		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
	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.
		Assayresults atplus 1%nickel are repeated as “check assays” with the

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Table 3: Checklist of Assessment and Reporting Criteria

16[th] April 2021

Core Drilling and Bore Hole Electromagnetic Surveys - Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
		inclusion of higher grade CANMET standards.
		The laboratory (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.
	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.

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Table 3: Checklist of Assessment and Reporting Criteria

16[th] April 2021

Core Drilling and Bore Hole Electromagnetic Surveys - Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
	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 laboratory (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.
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.
	and other locations used in Mineral Resource estimation.	Down-hole surveys were completed with a Gyro supplied and operated by the
		Vital Drilling.

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Table 3: Checklist of Assessment and Reporting Criteria

16[th] April 2021

Core Drilling and Bore Hole Electromagnetic Surveys - Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
	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.
		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.
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.

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Table 3: Checklist of Assessment and Reporting Criteria

16[th] April 2021

Core Drilling and Bore Hole Electromagnetic Surveys - Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
		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.
		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.

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Table 3: Checklist of Assessment and Reporting Criteria

16[th] April 2021

Core Drilling and Bore Hole Electromagnetic Surveys - Lynn Lake Project, Canada.

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.
	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.

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Table 3: Checklist of Assessment and Reporting Criteria

16[th] April 2021

Core Drilling and Bore Hole Electromagnetic Surveys - Lynn Lake Project, Canada.

Criteria JORC Code explanation	Commentary	Commentary
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.	Drill hole collar survey below.		data pertaining to this		report are presented in the table
	Hole ID	Design E_UTM	Design N_UTM	Design RL	Design AZI_UTM	Design DIP	EOH Depth (m)
	FLC2018-18	370746	6296153	353	303	-60	482.5
	FLC2020-23	369839	6296208	350	202	-45	383
	FLC2021-24	370135	6295421	350	311	-50	485
	FLC2021-26	369780	6295747	350	187	-55	440
	FLC2021-29	370721	6293572	350	187	-50	557
	Drill holes tested with DHEM. 2021 drilling includes holes FLC2021-24,26and29. Coordinate system NAD 83 Zone 14.
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.

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Table 3: Checklist of Assessment and Reporting Criteria

16[th] April 2021

Core Drilling and Bore Hole Electromagnetic Surveys - Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
Data	In reporting Exploration Results, weighting averaging	No data aggregation has been reported in this announcement and no
aggregation	techniques, maximum and/or minimum grade truncations	adjustment to primary assaying has been undertaken.
methods	(eg cutting of high grades) and cut-off grades are usually Material and should be stated.	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	All averaging over intervals is calculated on an individual interval weighted
	high grade results and longer lengths of low grade results,	average basis from the primary (initial) assay data. No bottom-cuts or top-cuts
	the procedure used for such aggregation should be stated	have been applied.
	and some typical examples of such aggregations should be shown in detail.	Parametres and criteria for calculating intervals are defined within the notes of 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
		sedimentaryxenoliths and interpreted structures. Gravitational accumulation

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Table 3: Checklist of Assessment and Reporting Criteria

16[th] April 2021

Core Drilling and Bore Hole Electromagnetic Surveys - Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
		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.
	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
	observations; geophysical survey results; geochemical

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Table 3: Checklist of Assessment and Reporting Criteria

16[th] April 2021

Core Drilling and Bore Hole Electromagnetic Surveys - Lynn Lake Project, Canada.

Criteria JORC Code explanation

Commentary

exploration data survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

The Lynn Lake project has been explored for more than 75 years and was mined for more than 24 years. There exists an enormous amount of historical data available to the company. 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. DHEM Geophysical Surveys This work program was completed and managed by Nova Scotia based Canadian geophysical consultancy Eastern Geophysics Limited and overseen on the Company’s behalf by Dr Larry Hulbert and Martin St-Pierre (P. Geophysicist). All data is captured digitally. Procedures are in place to guarantee data quality, which is verified by field personnel and subsequently forwarded to Eastern Geophysics and Corazon Mining Limited’s consultant geophysicist Martin St-Pierre for additional QA/QC. Eastern Geophysics has completed DHEM on several holes in the Fraser Lake area of the Lynn Lake Project. The surveys utilised standard Crone Pulse EM equipment with two loops designed (one off-set from hole) and surveyed for each drill hole. Survey Parameters  Drill hole surveys are observed in X, Y, and Z components, using B field (fluxgate) probe.  Downhole reading intervals of 10m or 5m in anomalous areas.  Tx. Loops and general grid control utilized hand-held GPS.  TX. Loops and drill hole collar locations positioned with DGPS. Step response calculations may be used if required.  Time base and ramp time is determined onsite by the Geophysicist. Survey Equipment

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Table 3: Checklist of Assessment and Reporting Criteria

16[th] April 2021

Core Drilling and Bore Hole Electromagnetic Surveys - Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
		 Crone CDR3, 20 channel programmable fully digital PEM receiver.
		 Crone CHT3, 4.8 kWatt PEM transmitter, output of 30A at 240V.
		 Borehole fluxgate XYZ probe.
		 Cross component (XY) probe.
		 All slim line probes are 32mm outside diameter and pressure tested for
		depths of 2500m.
		 Additional equipment included loop wire, winch frame and counter, GH
		cables of various lengths, synchronization wire, surface coil and tripod,
		crystal clock and motor generators to power TX and winch.
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 of
	lateral extensions or depth extensions or large-scale step-	geophysical conductance as defined by an aerial MobileMT survey (ASX
	out drilling).	announcements 9 November and 23 November 2020), to the west of the
		Fraser Lake Complex.
		The results presented in this announcement are from the first-pass drill testing
		for this area, which is predominantly covered by glacial till, lake deposits and
		lakes. The identification of multiple DHEM conductors provides possible
		indications of numerous massive suphide bodies, that will require further
		exploration and drill testing.
		Further drill testing of defined anomalies 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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