CORAZON MINING LIMITED — Capital/Financing Update 2023

Aug 14, 2023

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ASX ANNOUNCEMENT
15 [th] August 2023
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Drilling Intersects Nickel-CopperCobalt Sulphides at the Lynn Lake

Project

Groundbreaking new geophysical methods directly detect nickel-copper-cobalt sulphide mineralisation

Key Highlights

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• Drilling of geophysical anomaly intersects a late-stage nickeliferous ultramafic pipelike body, with Lynn Lake-style mineralisation, at the Fraser Lake Complex (FLC).

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• The mineralised pipe forms part of a much larger, previously unrecognised, intrusion with significant potential to host additional nickel sulphide mineralisation.

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• Results confirm that the new geophysical methods used by Corazon are remarkably effective in identifying sulphide mineralisation.

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• Additional high priority targets within the geophysical survey test area are yet to be drilled and are a key focus for future drilling.

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• The new groundbreaking geophysical methods have only tested ~20% of the FLC exploration area – planning is underway to expand the survey.

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ASX: CZN ABN: 87112 898 825

REGISTERED OFFICE

Level 3, 33 Ord St, West Perth, WA 6005

PO Box 8187 Subiaco East WA 6008

T : +61 8 6166 6361 E : info@corazon.com.au www.corazon.com.au

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Corazon Mining Limited (ASX: CZN) (Corazon or Company) is pleased to announce that drilling has intersected nickel-copper-cobalt sulphide at the Fraser Lake Complex (FLC), within the Lynn Lake Nickel-Copper-Cobalt Sulphide Project (Lynn Lake or Project) in the province of Manitoba, Canada.

The results come from a recently completed two-hole drilling program at the FLC, approximately five kilometres south of the historical Lynn Lake Mining Centre (Figure 6), which successfully targeted a geophysical anomaly defined by new geophysical techniques (ASX announcement 13 June 2023).

Drilling identified a small ultramafic (pyroxenitic) pipe-like intrusion, with visible nickel sulphide (pentlandite) and copper sulphide (chalcopyrite) at its centre (Figure 1). The assays reflect typical low-to-medium grade Lynn Lake mineralisation and reaffirms Corazon’s interpretation that this intrusion was a single pulse of metal rich magma, and part of a more substantial, previously unrecognised, intrusive centre within the FLC.

The drilling program successfully confirmed that the innovative 3D induced polarisation (IP) and magnetotelluric (MT) geophysical survey deployed by Corazon at the FLC has been successful in directly detecting a mineralised ultramafic intrusive of only 30 metres in diameter, in an area where no other geophysical techniques have been effective.

Drilling of this target, along with a reassessment and reprocessing of all geophysical datasets, has shown that this pipe is part of a much larger pipe-like body, some 500 metres wide with a core of about 300 metres in diameter. This larger target has only

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ASX Announcement | Nickel Sulphide in Drilling at Lynn Lake – 15 August 2023

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been partially tested by the new geophysical techniques (Figure 3) and has developed into a priority target of a size capable of hosting multiple mineralised pipes.

Additional high priority targets were defined by the 3D IP+MT geophysical survey, which are yet to be drilled (Figure 2). These represent a core focus for the next phase of drilling at the FLC. Further, it is noted that the geophysical survey covers only approximately 20% of the FLC (refer to Figure 5 and 6), and Corazon plans to expand the successful survey technique across the FLC.

Drilling Identifies Lynn Lake-Style Nickel-Copper-Cobalt Sulphides

The FLC is a key exploration focus for the discovery of additional nickel sulphide deposits at Lynn Lake (Figure 6). The exploration area hosts a large magmatic sulphide system, approximately six kilometres by three kilometres, which has been subject to wide-spaced drilling over a small portion of the system, of approximately 1.5 by 1.5 kilometres.

Drill holes FLC-2023-057 and -058 targeted a ground MT conductive anomaly (MTC-3 in Figure 2), approximately 80 metres in diameter, that is pipe-like in form and extends from near surface to more than 700 metres below surface (Figure 4).

Drilling intersected a pyroxenite of approximately 30 metres in diameter, with a two to three-metre sulphide rich zone at the centre (core) of the intrusion. Both holes intersected this central mineralisation at about 170 metres apart down-dip (Figure 4), and returned –

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FLC-2023-057 : 1.85m @ 0.34% Ni and 0.24% Cu from 226.75m

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FLC-2023-058 : 0.88m @ 0.40% Ni and 0.09% Cu from 24.80m

The peak result was about 0.8% nickel. These grades are consistent with low to medium grade Lynn Lake mineralisation.

Drill hole FLC-2023-057 into anomaly MTC-3 also intersected 55.4 metres of complex sulphide mineralisation (the Sulphide Zone in Figure 4), including metre scale intervals of massive sulphide, intermixed with semi-massive to disseminated style sulphide mineralisation. Geochemistry supports this sulphide zone being a mixture of barren sedimentary sulphide and mineralised magmatic sulphide.

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Figure 1 – FLC-2023-057 core photo.. “ Nickeliferous centre of pyroxenite intrusion ”. Hole depths marked on core in white. Refer to Table 1 for descriptions of the core.

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ASX Announcement | Nickel Sulphide in Drilling at Lynn Lake – 15 August 2023

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Significantly, this large (predominantly barren) massive sulphide body does not form part of the MT conductivity anomaly targeted by the drilling.

The best magmatic (nickel and copper bearing) sulphide incept was low-grade and fine-grained in characteristic, possibly suggesting a rapid precipitation of the sulphides, which would prevent the time required for nickel and copper enrichment.

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FLC-2023-057 : 15.6m @ 0.12% Ni and 0.11% Cu from 194.4m

Within the Mining Centre, this tenor of mineralisation (with a 1:1 Ni/Cu ratio) would be categorised as “marginal gabbroic mineralisation” - an early mineralising event, which surrounds the orebodies.

Table 1 provides a summary description of this mineralisation.

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Figure 2 – MT Resistivity Inversion Image at ~350m below surface. Hot colours depict strong conductivity. Figure 4 section line (A-A’), “MTC” targets and drill holes FLC-2023-057 and -058 are located on this plan. The location of the MT geophysical survey area within the Lynn Lake Project is shown in Figure 5 and 6.

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ASX Announcement | Nickel Sulphide in Drilling at Lynn Lake – 15 August 2023

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Figure 3-A – New geophysical methods directly detect mineralised intrusion .

Image plan of recent 3D MT Resistivity Inversion at ~350m below surface. Reverse colour swatch - hot colours depict high conductivity.

Drill holes FLC-2023-057 and - 058 targeted the MT conductive pipe MTC-3, intersecting nickel/copper sulphides within mafic/ultramafic intrusives similar to those that host mineralisation within the Lynn Lake Mining Centre.

Drilling intersected a nickeliferous pyroxenitic (ultramafic) pipe, with a footprint depicted on the image at ~250 metres below surface, as the red circle.

Figure 3-B – Drilling and geophysics

identify a nickeliferous pyroxenitic pipe (red circle) as part of a much larger target for nickel sulphide deposits.

Image plan of VTEM conductivity at surface. Hot colours depict high conductivity.

Target MTC-3 appears within a much larger VTEM conductive geophysical anomaly – the majority of which has yet to be tested by the definitive 3D IP+MT geophysical survey methods.

The VTEM conductor is annular in shape, with target MTC-3 located on the western inside edge of the “contact halo”. Very little historical drilling has targeted the marginal zone of this VTEM anomaly (where the MTC3 MT metalliferous conductive pipe is located).

Given the nickel and copper anomalism within drill holes FLC-2023-057 and -058, the central area of the VTEM anomaly is a priority exploration target for nickel sulphide deposits.

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ASX Announcement | Nickel Sulphide in Drilling at Lynn Lake – 15 August 2023

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Bigger and Better Targets Identified

Target MTC-3 is a conductive geophysical anomaly defined by a 3D ground MT survey. Although it is the first anomaly to be drill tested from the recently completed innovative 3D IP+MT geophysical survey (ASX announcement 13 June 2023), it is not the highest priority target generated from the survey. Seasonally wet ground conditions have prevented access to the other significant targets and as such Target MTC-3 was the only opportunity for a quick, initial test of these new geophysical exploration techniques.

In the Lynn Lake area, the nickel sulphide deposits occur in clusters and are hosted by mafic to ultramafic gabbroic intrusive bodies impacting each other, with the later phases being more mineralised and more ultramafic in composition. The orebodies within the Mining Centre have a spatial and timing association with late pyroxenites/peridotites (ultramafics that typically have dense geophysical characteristics). This relationship suggests there is good potential for exploration at the FLC, which hosts multiple dense, pipe-like bodies, as defined by Corazon’s recent Air Gravity geophysical survey (Figure 5).

The cause of the MTC-3 anomaly is interpreted as a metalliferous pyroxenitic pipe-like intrusion of only approximately 30 metres in width (where drilled), extending to a depth of more than 700 metres (the effective depth extent of the geophysical survey). Interpretations are that it is a single pulse of an early mineralising event that intruded a larger pipe-like body that has previously intruded the large, barren FLC gabbro (Figure 3).

As can be seen in Figure 3, the drilled pyroxenite is a small part of a much larger pipe, defined as a conductive body by a VTEM (versatile time domain electromagnetic) aerial geophysical survey. This VTEM feature has previously been dismissed as being caused by a large country rock xenolith, which hosts barren, geophysically conductive, volcanogenic massive sulphide (VMS) material, caught up in the FLC gabbro.

The MTC-3 pipe, where drilled by hole FLC-2023-057, has intruded a near surface, barren sedimentary sulphide (possibly a volcanogenic massive sulphide within country rock material). These barren sedimentary sulphides are very conductive, but typically small, flat-lying bodies, which could not be the source of the deep-rooted (+700 metres below surface) MT anomaly. These sulphides are marginal to, and do not seem to form part of, the targeted MTC-3 MT conductive anomaly.

The initial logging of drill hole FLC-2023-057 identified a significant amount of “basalt” (xenolith material) in the upper parts of the hole. Assay results also identified very fine-grained gabbro, interpreted to be the finer-grained contact halo of the annular intrusion shown in Figure 3. This material has subsequently been intruded by later sulphide bearing gabbro-norite and the pyroxenite of MTC-3.

The drilled pyroxenite intrusion causing the MT conducive anomaly MTC-3 is internal to this annular feature. This annular anomaly has geochemical and geophysical characteristics very similar to the EL Pipe within the Lynn Lake Mining Centre. The EL Pipe hosts the highest-grade nickel-copper-cobalt sulphide deposit at Lynn Lake.

Background to Geophysical Targets

Corazon’s recently completed innovative3D IP+MT geophysical survey utilised Quantec Geoscience’s powerful Orion 3D DCIP and MT Deep Imaging system. This survey was a test of the methods, designed to map the sulphide dispersion in 3D to a depth of at least 700 metres. The ground-based geophysical survey was completed on a small test area (Figure 6), approximately 2.3 by 1.2 kilometers covering only 20% of the total interpreted extent of the FLC intrusive body, where past drilling has defined good levels of magmatic nickel-copper-cobalt sulphide mineralisation.

Initial interpretation of the 3D IP and MT survey data has defined three MT conductive (low resistivity) anomalies, which represent new priority drill targets; MTC-1, MTC-2 and MTC-3 (Figure 2) (ASX announcement 13[th] June 2023).

MTC-1 is adjacent (200 metres to the southeast) and sub-parallel to the Matrix Trend (a mineralised IP chargeability high) and on-trend with pipe-like gravity high bodies identified by a recent Air Gravity survey (ASX announcements 17[th] January 2022, 11[th] April 2022, 23[rd] August 2022), suggesting a strong structural control. Broad intercepts of disseminated and matrix to net-textured sulphide mineralisation intersected by Corazon’s drilling (to date) at the FLC are geophysically coincident with chargeability-high anomalies that appear connected to MTC-1. This is the highest priority target defined.

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ASX Announcement | Nickel Sulphide in Drilling at Lynn Lake – 15 August 2023

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MTC-2 is located at the intersection of the Matrix Trend induced polarisation (IP) high anomaly (indicating disseminated sulphides) with a northwest trending deep crustal gravity structure, and adjacent to an Air Gravity-high, pipe-like body.

MTC-3 is not coincident with any interpreted controlling structures, is distal to the Air Gravity pipe-like bodies and hence has been considered a lower priority compared to the other two targets. A higher tenor of MT conductance for MTC-3 is also a point of difference to the other conductors identified.

MTC-1 and MTC-2 appear structurally controlled and are on-trend with dense pipe-like features. Both are marginal to IP chargeability highs (likely representing disseminated sulphide). MTC-3 is located beneath an area of very strong surface geophysical conductance, caused by sulphidic country rock xenoliths caught up in the gabbroic intrusion, which has geophysically limited the effectiveness of electrical geophysical methods (IP or EM) at depth.

The cross-section in Figure 4 shows the MTC-3 conductive feature, with a core of approximately 80 metres in diameter, extending to at least 700 metres below surface.

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Figure 4 – MT Resistivity Inversion Cross-Section – hot colours depicting strong conductivity. Image includes approximate location of drill holes FLC-2023-057 and FLC-2023-058. Section location shown in Figure 2.

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ASX Announcement | Nickel Sulphide in Drilling at Lynn Lake – 15 August 2023

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Figure 5 – Fraser Lake Complex Air Gravity Inversion image at ~250m below surface. Numerous dense pipe-like bodies identified at FLC. Ground-breaking 3D IP+MT survey partially tested two gravity pipes and delivered three priority MT conductivity drill targets. The initial target drill tested (MTC-3) proved to be mineralised. In the Lynn Lake Mining Centre there is a direct link between nickel-copper-cobalt sulphide deposits and late, dense, ultramafic intrusions. Projection NAD83 UTM Zone 14N.

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Figure 6 – Lynn Lake Project – Interpreted geology and 3D DCIP and MT survey area defined.

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ASX Announcement | Nickel Sulphide in Drilling at Lynn Lake – 15 August 2023

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Drill HoleQuick Log - FLC-2023-057	Drill HoleQuick Log - FLC-2023-057	Drill HoleQuick Log - FLC-2023-057	Drill HoleQuick Log - FLC-2023-057
From Depth (m) Interval (m)		Overview	Additional Description
0.00	4.00	Overburden
4.00	29.09	Gabbronorite
33.09	11.96	Gabbro with volcanic xenoliths
45.05	49.35	Mela-gabbronorite
94.40	37.84	Meta mafic volcanic
132.24	3.27	Sulphide Zone	Mela-gabbronorite + indications of mafic volcanic inclusions. Overall 20-25% fine grained pyrrhotite with local massive sulphide (+65% sulphide) intervals of~20cm
135.51	22.44	Meta mafic volcanic	Traces and weak disseminations of sulphide
157.95	55.40	Sulphide Zone	Overall sulphide content approx 35%. Metre scale intervals of massive (+65%) sulphide intermixed with semi-massive (15-65%) to disseminated (<15%) intensity sulphide. Very fine grained sulphides, predominantly pyrrhotite, isolated blebs of pentlandite, negligible indication of chalcopyrite.
213.35	12.95	Mela-gabbronorite	Traces and weak disseminations of sulphide
226.30	2.69	Mineralised core of mela- gabbronorite intrusion	Blebby and patchy coarse grained pyrrhotite (3-5%) >pentlandite (1- 2%)>chalcopyrite(1%).
228.99	34.01	Mela-gabbronorite	Traces and weak disseminations of sulphide
263.00	18.00	Mela-gabbro
281.00	54.00	Mela-gabbro with volcanic
335.00	72.00	Mela-gabbro and gabbronorite, minor volcanic xenoliths

Drill Hole Quick Log - FLC-2023-058

From Depth (m) Interval (m)	From Depth (m) Interval (m)	Overview	Additional Description
0.00	8.50	Mediumgrainedgabbronorite	Localised taxiticgabbro and layer anorth.gabbronorite
8.50	13.95	Medium grained equigranular gabbronorite
22.45	4.55	Sulphidic melagabbronorite	Mineralised zone including coarse net-textured and semi-massive magmatic sulphide. Intervals of 200mm scale containing 10-15% interstitial sulphide. Pyrrhotite dominant, Isolated pentlandite clots and trace to1% chalcopyrite.
27.00	40.00	Mediumgrainedgabbronorite
67.00	5.00	Taxiticgabbronorite	Trace to disseminated sulphides
72.00	25.00	Mediumgrainedgabbronorite
97.00	3.00	Mediumgrainedgabbronorite	Localizedpatches and bands of fine diss sulphide(1-2%)
100.00	22.00	Medium grained gabbronorite
122.00	3.00	Gabbronorite-lucogabbronorite	Localizedpatches and bands of fine diss sulphide(1-2%)
125.00	9.00	Finegrainedgabbronorite

Table 1 – Drill hole summary logs

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ASX Announcement | Nickel Sulphide in Drilling at Lynn Lake – 15 August 2023

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Next Steps at Fraser Lake

The MTC-3 anomaly was the first to be tested, due to being the most easily accessed. Drilling of targets MTC-1 and MTC-2 is planned to be conducted in the next phase of drilling, subject to ground conditions. Typically, the best time for regional exploration drilling at Lynn Lake is during winter. However, access to priority targets within the FLC will continue to be monitored, such that drilling can occur at the earliest possible time.

The 3D IP+MT geophysical method has proven to be a very effective in defining mineralising intrusive events. Plans are being developed to extend the test survey area to include other prospective targets within the FLC.

Other Project Activities

Corazon Mining Limited (ASX: CZN) is an Australian mineral resources company with a portfolio of battery minerals projects in Australia and Canada. The Company’s core commodities focus – nickel sulphide, copper and cobalt – positions it to take advantage of the massive demand for these metals which are critical inputs for the booming global rechargeable battery sector.

Corazon’s core asset is the Lynn Lake Nickel-Copper-Cobalt-Project (Lynn Lake) in Manitoba Province, Canada. Corazon has consolidated the entire historical mining centre and surrounding tenure under its sole ownership – the first company to do so in this major nickel producing district, since mine closure in 1976 (Figure 3). Lynn Lake hosts a large JORC compliant nickel-copper-cobalt resource and presents Corazon with a major development opportunity that is becoming increasingly prospective due to increases in metal prices, and their strong demand outlooks as core components in the emerging global rechargeable battery industry.

New mining and processing studies are underway for the Lynn Lake Mining Centre. Metallurgical test work, including innovative ore-upgrade processing, is currently being completed. Mining studies are focused on defining costs to be included in the future mine design, and, in particular, options for shaft refurbishment and function. The resource estimates for Lynn Lake are also being updated to include new knowledge acquired from recent orebody analysis. Mining studies will be completed on a deposit-by-deposit basis, as these resources are progressively upgraded.

In Australia, Corazon is exploring the Miriam Nickel-Copper Sulphide and Lithium Project (Miriam) in Western Australia and the Mt Gilmore Cobalt-Copper-Gold Sulphide Project (Mt Gilmore) in New South Wales.

Miriam is a highly prospective nickel sulphide exploration project and represents a strategic addition to Corazon’s nickel sulphide asset portfolio. Recent exploration by Corazon has also identified the potential for lithium (spodumene) bearing pegmatites at the Miriam Project (ASX announcement 29 March 2023). Corazon is currently securing drilling permits for a first-phase drilling program at priority nickel sulphide and lithium targets.

Mt Gilmore is centered on a regionally substantive hydrothermal system with extensive copper, cobalt, silver and gold anomalism, including high-grade rock chip samples over a strike of more than 20 kilometres. Mt Gilmore also hosts the Cobalt Ridge Deposit - a unique high-grade cobalt-dominant sulphide deposit. The University of Tasmania has been engaged to undertake “mineral geochemistry vectoring analysis”, which utilises proprietary science designed to identify the location of the heat source of “large porphyry copper deposit(s)”, that the University expert geologists believe are the cause of the surface mineralisation/alteration at Mt Gilmore.

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ASX Announcement | Nickel Sulphide in Drilling at Lynn Lake – 15 August 2023

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Hole No	From(m)	Length(m)	Co_ppm	Cu_ppm	Ni_ppm	Comment
FLC-2023-057	191.00	1.00	54	838	901
FLC-2023-057	192.00	1.00	44	836	813
FLC-2023-057	193.00	0.70	34	1060	616
FLC-2023-057	193.70	0.70	26	524	495
FLC-2023-057	194.40	1.02	64	1230	1140	Mineralised Sulphide Zone
FLC-2023-057	195.42	0.73	83	1790	1470
FLC-2023-057	196.15	0.65	5	111	101
FLC-2023-057	196.80	0.70	80	1850	1430
FLC-2023-057	197.50	0.75	91	1370	1620
FLC-2023-057	198.25	0.75	91	1080	1620
FLC-2023-057	199.00	1.00	73	1080	1280
FLC-2023-057	200.00	1.00	72	1180	1290
FLC-2023-057	201.00	1.00	68	1140	1230
FLC-2023-057	202.00	1.00	70	1020	1240
FLC-2023-057	203.00	0.62	55	976	928
FLC-2023-057	203.62	0.48	18	34	61
FLC-2023-057	204.10	0.90	71	1020	1270
FLC-2023-057	205.00	1.00	78	1160	1360
FLC-2023-057	206.00	1.00	62	1240	1130
FLC-2023-057	207.00	1.00	60	1060	1030
FLC-2023-057	208.00	1.00	60	1210	1100
FLC-2023-057	209.00	1.00	57	1080	1040
FLC-2023-057	210.00	1.00	47	846	830
FLC-2023-057	211.00	0.70	40	679	704
FLC-2023-057	211.70	0.80	34	578	657
FLC-2023-057	212.50	0.85	43	634	762
FLC-2023-057	213.35	0.65	50	98	393
FLC-2023-057	214.00	1.00	73	174	515
FLC-2023-057	215.00	1.00	71	176	458
FLC-2023-057	216.00	1.00	78	292	622
FLC-2023-057	217.00	1.15	87	427	776
FLC-2023-057	218.15	0.85	39	55	71
FLC-2023-057	219.00	0.70	35	123	72
FLC-2023-057	219.70	0.70	45	136	197
FLC-2023-057	220.40	0.67	56	407	419
FLC-2023-057	221.07	0.93	77	376	638
FLC-2023-057	222.00	1.00	92	461	799
FLC-2023-057	223.00	1.00	88	483	780
FLC-2023-057	224.00	0.85	95	738	1020
FLC-2023-057	224.85	0.60	80	914	992
FLC-2023-057	225.45	0.85	91	683	877
FLC-2023-057	226.30	0.45	86	1090	903
FLC-2023-057	226.75	0.25	456	5100	6710
FLC-2023-057	227.00	0.35	277	2400	4000	Mineralised Core
FLC-2023-057	227.35	0.30	169	2580	2270
FLC-2023-057	227.65	0.60	158	1820	2040
FLC-2023-057	228.25	0.35	252	1410	3470
FLC-2023-057	228.60	0.39	43	234	143
FLC-2023-057	228.99	1.01	89	491	816
FLC-2023-057	230.00	1.00	89	1030	796
FLC-2023-058	18.00	1.00	38	97	89
FLC-2023-058	21.00	0.70	36	321	165
FLC-2023-058	21.70	0.75	46	126	190
FLC-2023-058	22.45	0.45	394	2390	6580
FLC-2023-058	22.90	0.60	63	202	482
FLC-2023-058	23.50	0.60	40	118	102
FLC-2023-058	24.10	0.70	42	105	125
FLC-2023-058	24.80	0.63	616	247	2410	Mineralised Core
FLC-2023-058	25.43	0.25	1210	2560	7880
FLC-2023-058	25.68	0.52	85	660	878
FLC-2023-058	26.20	0.60	40	90	93

Table 2 – Individual Assays for Stated Intervals.

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ASX Announcement | Nickel Sulphide in Drilling at Lynn Lake – 15 August 2023

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Figure 7 – Lynn Lake Project Location Map

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This announcement has been authorised by the board of Corazon Mining Limited. 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

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ASX Announcement | Nickel Sulphide in Drilling at Lynn Lake – 15 August 2023

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Competent Persons Statement :

The information in this report that relates to Exploration Results and Targets is based on information compiled by Mr. Brett Smith, B.Sc Hons (Geol), Member AusIMM, Member AIG and an employee of Corazon Mining Limited. Mr. Smith has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity 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 presents results of an “Orion 3D DCIP and MT Deep Imaging geophysical technique”, work undertaken by Quantec Geoscience. Quantec Geoscience is an accredited geophysical consultancy who have developed the Orion geophysical method for targeting large sulphide systems.

The results of the 3D DCIP and MT survey have been audited, processed 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. He has consulted for numerous mining companies including majors and has extensive experience in magmatic nickel sulphide exploration. He was part of the team that received an excellence in exploration award from BHP for the Ekati diamond mine discovery. 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 forwardlooking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the Company’s prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forwardlooking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

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

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

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Table 3: Checklist of Assessment and Reporting Criteria

15[th] August 2023

Core Drilling – Assay Results – 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.	Sampling and assaying is undertaken on half core, with intervals determined on the basis of geology. Generally, the minimum sample interval is approximately 10cm and a maximum interval of 1.0m through mineralised intervals, and 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.
		Loging and the visual description of the sulphide mineralisation is consistent
		with procedures established for Lynn Lake over decades of mining and
		exploration.
		Sampling will be completed using industry standard practices that are
		appropriate for the style of mineralisation being tested.
	Aspects of the determination of mineralisation that are	Visual descriptions of the mineralisation have been provided by a senior
	Material to the Public Report.	geologist with extensive experience in the Lynn Lake style of nickel-copper-
		cobalt sulphide mineralisation.
	In cases where ‘industry standard’ work has been done this
	would be relatively simple (eg ‘reverse circulation drilling	Sampling is undertaken with regards to defining the statistically anomalous
	was used to obtain 1 m samples from which 3 kg was	lower bounds of mineralisation for the style of mineralisation being tested. The
	pulverised to produce a 30 g charge for fire assay’). In other	criteria used to define mineralisation and anomalous or significant
	cases more explanation may be required, such as where	mineralisation is reported.
	there is coarse gold that has inherent sampling problems.
	Unusual commodities or mineralisation types(eg submarine	Lynn Lake includes nickel,copper and cobalt sulphide mineralisation that has

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Table 3: Checklist of Assessment and Reporting Criteria

15[th] August 2023

Core Drilling – Assay Results – Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
	nodules) may warrant disclosure of detailed information	historically been mined and processed to metal concentrates. The
		determination of mineralisation utilises industry standard exploration techniques
		and are defined within this table.
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.
	grade and whether sample bias may have occurred due to
	preferential loss/gain of fine/coarse material.
Logging	Whether core and chip samples have been geologically and	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 completed 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

15[th] August 2023

Core Drilling – Assay Results – 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. Not all core is sampled and assayed.
	logged.
Sub-	If core, whether cut or sawn and whether quarter, half or all	Drill core is cut by a core saw, with typically half core taken as a sample for
sampling	core taken.	analysis.
techniques
and sample
preparation
	If non-core, whether riffled, tube sampled, rotary split, etc	Not applicable, as only core drilling has been undertaken.
	and whether sampled wet or dry.
	For all sample types, the nature, quality and	Samples are to be transported to Geoanalytical Laboratories, an accredited
	appropriateness of the sample preparation technique.	Canadian laboratory in Saskatoon, for sample preparation, including total
		sample crushing and pulverising to 80% passing 75 microns.
		Geoanalytical 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, it is expected selected samples will be
		undergo additional multielement analysis (37 elements) using ICP-MS with a 4
		acid digest (30 gram samples).
	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 laboratory (Geoanalytical)also has their own duplicate,repeat and

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Table 3: Checklist of Assessment and Reporting Criteria

15[th] August 2023

Core Drilling – Assay Results – Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
		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	Standard 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 Geoanalytical Laboratories in Saskatoon multielement analysis using ICP-MS with a 4 acid digest (30 gram samples).
		Sample preparation, including total sample crushing and pulverising to 80%
		passing 75 microns.
		Geoanalytical 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, it is expected selected samples will be
		undergo additional multielement analysis (37 elements) using ICP-MS with a 4
		acid digest (30 gram samples).
	For geophysical tools, spectrometers, handheld XRF	Hand-held XRF has not been used for this drill program.
	instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	The sulphide mineralisation at Lynn Lake is typically coarse-grained and as such there are increased functional inaccuracies in using Hand-held XRF’s. A hand-held XRF is sometimes used for the purposes of assisting with mineral
		identification. Hand-held XRF results are not reported.

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Table 3: Checklist of Assessment and Reporting Criteria

15[th] August 2023

Core Drilling – Assay Results – 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 (Geoanalytical) 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
		To date at Lynn Lake, drill core assay results have been 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.
		The drill core trays are digitally photographed, with the images kept as a
		reference dataset.
	Discuss any adjustment to assay data.	Typically there is no adjustment to primary assay results. For reporting
		significant intersections, all averaging over intervals is calculated on an
		individual interval weighted average basis.

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Table 3: Checklist of Assessment and Reporting Criteria

15[th] August 2023

Core Drilling – Assay Results – Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
Location of	Accuracy and quality of surveys used to locate drill holes	Reported drill holes were positioned using a hand-held Garmin GPS with an
data points	(collar and down-hole surveys), trenches, mine workings	assumed accuracy of +5 metres and a Reflex Northfinder APS, with sub-metre
	and other locations used in Mineral Resource estimation.	precision.
		Down-hole surveys are completed with a Gyro supplied and operated by the
		Vital Drilling.
		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 2022 Lidar
		geophysical survey. All underground drilling within the Mining Centre 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 caution approach has been taken for the
		accuracy of the z values, and it is expected corrections will be undertaken
		when access to the underground workings is achieved.
		Historical exploration drill holes (for example at the Fraser Lake Complex) were
		surveyed by mine site surveyors and have been digitally captured, transformed
		to real-world coordinates and corrected where necessary. The location of these
		drill holes is considered very accurate for the period in which the work was
		undertaken.
	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.	The Lynn Lake Project has been surveyed using Lidar geophysics, which
		provides sub-metre control on the topography.

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Table 3: Checklist of Assessment and Reporting Criteria

15[th] August 2023

Core Drilling – Assay Results – Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
Data spacing	Data spacing for reporting of Exploration Results.	Drill holes at the FLC are widely space and targeting areas of interest defined
and		from historical drilling, interpreted geology and geophysical trends defined by
distribution		Corazon Mining Limited.
		This drilling is intended to identify areas of interest for on-going exploration
		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. Weighted average intervals, combining individual
		samples may be provided within the report, as a descriptor of geological
		features.
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.
		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.
		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 maynot be defined as “true widths”. Wherepossible,

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Table 3: Checklist of Assessment and Reporting Criteria

15[th] August 2023

Core Drilling – Assay Results – Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
		information regarding true widths is specified, or indicated by the plans and
		sections 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 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.

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Table 3: Checklist of Assessment and Reporting Criteria

15[th] August 2023

Core Drilling – Assay Results – Lynn Lake Project, Canada.

Criteria JORC Code explanation	Commentary
Exploration done by other parties Acknowledgment and appraisal of exploration by other parties.	Where exploration has been completed by other parties, those parties have been referenced in this document or within previous ASX announcements by the Company. In particular refer to CZN ASX announcement dated 11 April 2016. Lynn Lake is an historical mining centre, discovered in the late 1940’s, explored and operated as a mine by the company Sherritt Gordon up until 1976. Subsequent to mine closure, the tenure has been in part owned by multiple parties. Corazon has consolidated the mining centre and all prospective exploration ground, for the first time since mine closure in 1976.
Geology Deposit type, geological setting and style of mineralisation.	Greenstone hosted magmatic nickel-copper-cobalt sulphide deposits associated within mafic/ultramafic intrusives (gabbro related). Volcanogenic massive sulphide (VMS) deposits also exist in the project area. These are zinc dominant, with lesser amounts of lead, copper, silver and gold.
Drill hole Information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length.	Survey data presented in real-world grid system NAD 83 Zone 14. Down-hole survey information is not considered material and has not been provided. Drill hole collar survey data pertaining to this report are presented in the table below. Two (2) holes were completed for 541 metres of core in total. Coordinate system NAD 83 Zone 14N. Hole ID Target ID East_UTM North_UTM RL_m UTM_Azim Dip EOH (m) FLC-2023-057 MTC_3 370581 6296584 360 155 -57.0 407.0 FLC-2023-058 MTC_3 370628 6296425 360 155 -45.0 134.0
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. All holes are surveyed with a continuous sampling Gyro.

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Table 3: Checklist of Assessment and Reporting Criteria

15[th] August 2023

Core Drilling – Assay Results – Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
		Reported mineralised intervals may not be defined as “true widths”. Where
		possible, information regarding true widths is provided.
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.
	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
		sedimentary xenoliths and interpreted structures. Gravitational accumulation
		of sulphide minerals is also widely observed.

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Table 3: Checklist of Assessment and Reporting Criteria

15[th] August 2023

Core Drilling – Assay Results – Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
	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
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.

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Table 3: Checklist of Assessment and Reporting Criteria

15[th] August 2023

Core Drilling – Assay Results – Lynn Lake Project, Canada.

Criteria	JORC Code explanation	Commentary
Further work	The nature and scale of planned further work (eg tests for	The current phase of exploration at Lynn Lake is targeting several discrete
	lateral extensions or depth extensions or large-scale step-	geophysical anomalies, based on gravity, magnetics, electromagnetics,
	out drilling).	magnetotellurics and induced polarisation geophysical methods.
		The results presented in this announcement are from the first-pass drill testing
		for these areas, which is predominantly covered by glacial till, lake deposits
		and lakes.
		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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