CORAZON MINING LIMITED — Interim / Quarterly Report 2020

Oct 29, 2019

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ASX ANNOUNCEMENT 30 OCTOBER 2019
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QUARTERLY ACTIVITIES REPORT

PERIOD ENDING 30 SEPTEMBER 2019

Corazon Mining Limited (ASX: CZN) (Corazon or Company) is a base metals explorer advancing the Lynn Lake Nickel Copper Cobalt Mining Centre in Canada and the Mt Gilmore Cobalt Copper Gold Sulphide Project in N.S.W. - two quality projects with the potential to supply strategic metals to what is forecast to be a major growth sector – the rechargeable battery industry. Corazon is an aggressive explorer and in recent times has discovered new large sulphide systems at both of its projects.

The Company is pleased to present its Quarterly Activities Report for the period ending 30 September 2019 (Quarter).

L YN N L AKE N ICK E L CO PPE R CO BALT M IN IN G CE N T RE

RE-FOCUS ON LYNN LAKE NICKEL PRECINCT

• Recent recovery in the price of nickel has led Corazon to undertake a strategic review of its Lynn Lake Project, creating the opportunity for accelerated exploration and development plans.

• Priority targets for upcoming work programs will focus on near-surface mineralisation, as well as areas on-trend from the historical workings at Lynn Lake.

• Corazon’s process for defining Lynn Lake’s development potential has included new quality resource estimations and modern metallurgy.

• Metallurgical work has delivered a major technical breakthrough, for the first time at Lynn Lake producing separate highvalue and high-purity nickel and copper concentrates.

• This work will underpin the commencement of a Scoping Study into the potential development of Lynn Lake.

• With little modern exploration being undertaken, the opportunity for discovery at Lynn Lake is substantial.

MT GILMORE COBALT COPPER GOLD PROJECT

GEOPHYSICAL TARGETS IDENTIFIED BELOW LARGE SURFACE GEOCHEMICAL ANOMALIES

• High tenor Induced Polarisation (IP) geophysical targets identified - coincident with large copper-cobaltsilver soil anomalies.

• Priority target over ~1km in diameter

• Widespread sulphide mineralisation and hydrothermal alteration observed at surface.

• Target area previously returned highgrade rock chip assays up to 16.3% Cu, 1,250 ppm Co and 1.29 g/t Au

• IP survey ongoing, targeting recently discovered geochemical anomalies.

• Current field work designed to define priority targets for next phase of drilling.

80% PROJECT EARN-IN COMPLETED

• Corazon has completed its 80% earn-in interest at Mount Gilmore by completing $2 million in exploration expenditure at the project within three years of commencement of the agreement with the project vendors.

Level 2, 38 Richardson St, West Perth, W.A. 6005 | PO Box 8187, Subiaco East, W.A. 6008 PH: +61 (8) 6142 6366 | info@corazon,com.au | www.corazon.com.au | ASX: CZN

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ASX ANNOUNCEMENT 30 OCTOBER 2019
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LYNN LAKE NICKEL-COPPER-COBALT SULPHIDE PROJECT Overview

The Lynn Lake Mining Centre (Lynn Lake) has been described as one of the best “brownfields” exploration plays in North America. Modern exploration techniques and a better understanding of these nickel-copper-cobalt sulphide systems has resulted in Corazon’s discovery of several new areas of mineralisation at Lynn Lake in recent years.

Corazon controls the entire Lynn Lake Mining Centre, located in Manitoba, Canada (Figure 1) - a historical mining centre with large JORC compliant resources and infrastructure that, with an improved nickel price, has significant redevelopment potential.

Corazon is the first company to have control of the entire Lynn Lake nickel camp since mine closure in 1976. The Company has consolidated the entire Lynn Lake nickel camp and its extensive historical datasets, which includes more than 75 years of exploration and 24 years of mining information. This data provides the opportunity to compete detailed interrogation and targeting within the mine area and across the wider project area.

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As part of Corazon’s process of defining Lynn Lake’s development potential, new quality resource estimations have been completed and modern metallurgy has delivered a major technical breakthrough, producing separate high-value and high-purity nickel and copper concentrates.

This work will enable the determination of value for the large historical mining centre, at a time when there is an expectation of future increased demand for metals.

Re-Focus on Lynn Lake Nickel Precinct

The recent recovery in the price of nickel has led Corazon to undertake a positive strategic review of its Lynn Lake Project, and the opportunity to re-focus and accelerate its exploration and development plans to deliver value for shareholders.

The nickel-copper-cobalt sulphide deposits at Lynn Lake were mined continuously between 1954 and 1976, processing more than 20 million tonnes and it was one of Canada’s major nickel mining centres of its time. Substantial resources remain and further extensive drill defined mineralisation also exists within the Lynn Lake mining centre. These areas outline targets for further exploration.

With little modern exploration being undertaken, the opportunity for discovery at Lynn Lake is substantial. Recent work highlights the Lynn Lake Project’s potential, with discoveries made by several companies including Western Areas NL (ASX: WSA), Independent Nickel Inc (TSX: INI) and Corazon.

The priority targets for upcoming work programs will focus on near-surface mineralisation, as well as areas on-trend from the historical workings at Lynn Lake.

Figure 1 – Lynn Lake project location map

Level 2, 38 Richardson St, West Perth, W.A. 6005 | PO Box 8187, Subiaco East, W.A. 6008 PH: +61 (8) 6142 6366 | info@corazon,com.au | www.corazon.com.au | ASX: CZN

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Scoping Studies

As part of Corazon’s process of defining Lynn Lake’s development potential, new quality resource estimations have been completed and modern metallurgy has been undertaken. The met work has delivered a major technical breakthrough, for the first time at Lynn Lake producing separate high-value and high-purity nickel and copper concentrates (refer ASX announcements dated 11[th] and 12[th] February 2019). This work will underpin the commencement of a Scoping Study into the potential development of the project.

MT GILMORE COBALT-COPPER-GOLD PROJECT

Overview

The Mt Gilmore Cobalt-Copper-Gold Project (Mt Gilmore) is located 35 kilometres from the city of Grafton in north-eastern New South Wales (NSW) (Figure 2). Corazon owns an 80% interest in Mt Gilmore and is managing and sole funding exploration until any future decision to mine is made.

Much of Mt Gilmore’s historical exploration has focused on the Cobalt Ridge prospect (Cobalt Ridge) - a rare high-grade cobalt sulphide deposit. Corazon’s metallurgical testwork on the Cobalt Ridge mineralisation has delivered exceptional, high-grade metal concentrates and cobalt/copper sulphates, suitable for use in rechargeable (lithium-ion) batteries.

Since acquisition in mid-2016, Corazon’s exploration results have underpinned its belief that Mt Gilmore is prospective for hosting multiple rare, cobalt-rich sulphide deposits, similar to Cobalt Ridge. Corazon’s recent exploration of the prospective 22 kilometre “Mt Gilmore trend” uncovered a major copper-cobalt-silver-gold geochemical trend, potentially representing a district-scale exploration play for large intrusive-related copper-cobalt-gold deposits. These targets have become Corazon’s exploration focus at Mt Gilmore.

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Figure 2 – Mt Gilmore Project Location Map

80% Earn-In Interest Completed

During the Quarter, Corazon announced it has completed its 80% earn-in interest at the Mt Gilmore Copper-Cobalt-Gold Project (ASX announcement 2 July 2019). Corazon entered into an agreement with the project vendors, Providence Gold and Minerals Pty Ltd (Providence), in 2016, giving it the right to earn up to an 80% interest in Mt Gilmore by completing $2 million in exploration expenditure at the project within three years of commencement of the agreement (ASX announcement 16 June 2016).

Corazon has now completed its earn-in at Mt Gilmore, and has issued 83.33 million shares to Providence, increasing its interest in Mt Gilmore by an additional 29% - taking its total ownership in mineral exploration lease EL8379 to 80% (ASX announcements 3 April and 30 May 2019). Pursuant to the agreement, Corazon remains project manager and continues to sole fund activities at Mt Gilmore until a decision to mine is made.

Level 2, 38 Richardson St, West Perth, W.A. 6005 | PO Box 8187, Subiaco East, W.A. 6008 PH: +61 (8) 6142 6366 | info@corazon,com.au | www.corazon.com.au | ASX: CZN

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Geophysical Targets Identified Below Large Surface Geochemical Anomalies

During the Quarter, Corazon announced initial results from its IP geophysical survey that is testing the recently identified copper-cobaltsilver soil anomalies (ASX announcements 23 July 2019).

The newly identified areas of mineralisation are believed to support the potential for a large concealed sulphide system (ASX announcement 31[st] May 2019).

Importantly, these newly identified areas of mineralisation are adjacent to the high-grade copper rich structures previously identified by Corazon (ASX announcement 5 February 2019), and are believed to represent a mineralised alteration halo of what may potentially be a large, concealed sulphide system.

IP methods have been used with great effect in the successful exploration for sulphide deposits in NSW.

Corazon’s current IP survey at Mt Gilmore is a first-pass, wide-spaced program which provides an initial test of the effectiveness of IP, testing for geophysical characteristics typical of concealed copper-cobalt-gold sulphide bodies.

The IP survey has defined large areas of moderate “IP changeability” anomalism, interpreted to be hydrothermal alteration and sulphide mineralisation in association with high “IP resistivity” areas, interpreted to be intrusive bodies. This relationship is supported by field mapping undertaken by Corazon at Mt Gilmore.

The Gordonbrook Hill (GBH) target (Figure 3) is the best IP anomaly identified to date, exhibiting moderate changeability anomalism over an area of approximately one (1) kilometre in diameter. In addition, mapped “leakage structures”, adjacent to and extending from the GBH target have previously returned rock chip sample results of up to 16.3% copper, 1,250 ppm cobalt and 1.29 g/t gold (ASX Announcement 5 February

2019), which reinforce this target area’s strong prospectivity.

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Figure 3 – Mt Gilmore Project Interpreted Regional Geology over Copper in Soils Image.

CORPORATE

Cash

Corazon closed the Quarter with ~$1.2M in cash; the Company’s quarterly summary of financials are presented as a separate ASX release in the Appendix 5B.

Share Purchase Plan Completed

During the Quarter Corazon advised that its Share Purchase Plan (SPP) had closed (ASX announcement 10 July 2019).

Level 2, 38 Richardson St, West Perth, W.A. 6005 | PO Box 8187, Subiaco East, W.A. 6008 PH: +61 (8) 6142 6366 | info@corazon,com.au | www.corazon.com.au | ASX: CZN

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Under the SPP, Corazon gave eligible shareholders the opportunity to subscribe for up to $15,000 worth of Shares at an issue price of $0.003 per Share, irrespective of the size of their shareholding (for further details, refer to ASX announcement 3 April 2019).

Eligible shareholders applied for $414,000 under the SPP, with PAC Partners Securities Pty Ltd completing a partial underwriting of the Plan for $86,000, enabling the Company to raise a total of $500,000.

Issue of the new securities under the SPP occurred on 10 July 2019. The new shares issued rank equally with the existing Corazon fully paid ordinary shares. The Company sought and obtained quotation of the options issued under the SPP and the Placement (ASX code: CZNO).

Mt Gilmore 80% Earn-In Interest Completed

During the Quarter, Corazon completed its 80% earn-in interest at Mount Gilmore (ASX announcement 2[nd ] July 2019). Corazon entered into an agreement with the project vendors, Providence Gold and Minerals Pty Ltd in 2016, giving it the right to earn up to an 80% interest in Mount Gilmore by completing $2 million in exploration expenditure at the project within three years of commencement of the agreement (ASX announcement 16[th] June 2016).

Issue of Shares

On 2 July 2019, the Company issued 83,333,334 fully paid ordinary shares as consideration to acquire a further interest of 29% in the Mt Gilmore cobalt-copper-gold project, increasing interest to 80% of the project.

On 10 July 2019 166,666,622 fully paid ordinary shares and 111,111,061 quoted options under the SPP and 76,936,895 quoted options were issued to participants in the placement undertaken by the Company (ASX announcement 3 April 2019).

Lapsed Options

On 23 August, 85,000,000 unlisted options exercisable at $0.03 by 22 August 2019 expired unexercised.

Chairman Appointed

On 18[th] September 2019, Corazon welcomed Mr Terry Streeter to the board as nonexecutive Chairman, to help drive and an accelerated exploration and development program at the Lynn Lake project. Mr Clive Jones stepped down as non-executive Chairman and retained a role with the Company as non-executive Director.

Mr Streeter has more than 30 years’ experience in the nickel sulphide industry, including previous highly successful board positions with leading Australian nickel exploration and mining companies Jubilee Mines NL and Western Areas NL.

Placement

On 18[th] September 2019, Corazon announced the receipt of firm commitments totalling approximately $1,000,000 through a Placement of approximately 417.6 million Ordinary shares in Corazon at an issue price of $0.0025 per Share, to sophisticated and professional investors.

An additional 10,000,000 Shares will be issued to Mr Terry Streeter, who will participate in the Placement, subject to shareholder approval at the Annual General Meeting.

The funds raised pursuant to the Placement will be used to accelerate exploration activities at the Lynn Lake Project, including studies to identify priority drill targets within the mine area and the completion of a Scoping Study on the current resource areas.

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Level 2, 38 Richardson St, West Perth, W.A. 6005 | PO Box 8187, Subiaco East, W.A. 6008 PH: +61 (8) 6142 6366 | info@corazon,com.au | www.corazon.com.au | ASX: CZN

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

Brett Smith	James Moses
Managing Director	Media & Investor Relations
Corazon Mining Limited	Mandate Corporate
P: +61 (8) 6142 6366	M: +61 (0) 420 991 574
E: info@corazonmining.com.au	E: james@mandatecorporate.com.au

Competent Persons Statement

The information in this report that relates to Mineral Resources for the EL, Disco, ‘N’, ‘O ’and ‘P’ deposits contained within the Lynn Lake Nickel Project is based on information compiled by Mr Stephen Hyland who is a Fellow of the Australasian Institute of Mining and Metallurgy and who has provided expert guidance on resource modelling and resource estimation. Mr Hyland is a Principal Consultant Geologist at HGMC consultants and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hyland consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

The information in this report that relates to Exploration Results and Targets is based on information compiled by Mr. Brett Smith, B.Sc Hons (Geol), Member AusIMM, Member AIG and an employee of Corazon Mining Limited. Mr. Smith has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Smith consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

The information in this report that relates to the Processing and Metallurgy for the Lynn Lake Project is based on and fairly represents information and supporting documentation compiled by Damian Connelly who is a Member of The Australasian Institute of Mining and Metallurgy and a full time employee of METS Engineering (METS). Damian Connelly has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity 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’. Damian Connelly consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

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

Forward-looking statements are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements.

Level 2, 38 Richardson St, West Perth, W.A. 6005 | PO Box 8187, Subiaco East, W.A. 6008 PH: +61 (8) 6142 6366 | info@corazon,com.au | www.corazon.com.au | ASX: CZN

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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 forwardlooking 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 2, 38 Richardson St, West Perth, W.A. 6005 | PO Box 8187, Subiaco East, W.A. 6008 PH: +61 (8) 6142 6366 | info@corazon,com.au | www.corazon.com.au | ASX: CZN

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Schedule of Tenements

CORAZON MINING LIMITED CONSOLIDATED BASIS

SCHEDULE OF INTERESTS IN MINING TENEMENTS

(as required by ASX Listing Rule 5.3.3)

CORAZON MINING LIMITED CONSOLIDATED BASIS SCHEDULE OF INTERESTS IN MINING TENEMENTS (as required by ASX Listing Rule 5.3.3)	CORAZON MINING LIMITED CONSOLIDATED BASIS SCHEDULE OF INTERESTS IN MINING TENEMENTS (as required by ASX Listing Rule 5.3.3)	CORAZON MINING LIMITED CONSOLIDATED BASIS SCHEDULE OF INTERESTS IN MINING TENEMENTS (as required by ASX Listing Rule 5.3.3)	CORAZON MINING LIMITED CONSOLIDATED BASIS SCHEDULE OF INTERESTS IN MINING TENEMENTS (as required by ASX Listing Rule 5.3.3)	CORAZON MINING LIMITED CONSOLIDATED BASIS SCHEDULE OF INTERESTS IN MINING TENEMENTS (as required by ASX Listing Rule 5.3.3)
Project	Mining tenements held	Location of tenements	Beneficial % interest at the end of the quarter	Change in the quarter
MT GILMORE	EL 8379	New South Wales	80%	29%
MT GILMORE	EL 8589	New South Wales	100%
LYNN LAKE	P7698E	Canada	100%1
LYNN LAKE	P8370E	Canada	100%1
LYNN LAKE	P7699E	Canada	100%1
LYNN LAKE	P7702E	Canada	100%1
LYNN LAKE	P3163F	Canada	100%1
LYNN LAKE	P3164F	Canada	100%1
LYNN LAKE	P3165F	Canada	100%1
LYNN LAKE	P2291F	Canada	100%1
LYNN LAKE	P3534F	Canada	100%1
LYNN LAKE	MB2482	Canada	100%1
LYNN LAKE	MB3566	Canada	100%1
LYNN LAKE	MB3567	Canada	100%1
LYNN LAKE	P1045F	Canada	100%1
LYNN LAKE	MB3580	Canada	100%1
LYNN LAKE	MB3581	Canada	100%1

Level 2, 38 Richardson St, West Perth, W.A. 6005 | PO Box 8187, Subiaco East, W.A. 6008 PH: +61 (8) 6142 6366 | info@corazon,com.au | www.corazon.com.au | ASX: CZN

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LYNN LAKE	MB7346	Canada	100%1
LYNN LAKE	MB7349	Canada	100%1
LYNN LAKE	MB7350	Canada	100%1
LYNN LAKE	MB7025	Canada	100%1
LYNN LAKE	MB7361	Canada	100%1
LYNN LAKE	MB7362	Canada	100%1
LYNN LAKE	MB6364	Canada	100%1
LYNN LAKE	MB5175	Canada	100%1
LYNN LAKE	MB5701	Canada	100%1
LYNN LAKE	MB8734	Canada	100%1
LYNN LAKE	MB8735	Canada	100%1
LYNN LAKE	MB9218	Canada	100%1
LYNN LAKE	MB5399	Canada	100%1
LYNN LAKE	MB6360	Canada	100%1
LYNN LAKE	MB6361	Canada	100%1
LYNN LAKE	MB6362	Canada	100%1
LYNN LAKE	MB6363	Canada	100%1
LYNN LAKE	MB9453	Canada	100%1
LYNN LAKE	MB5672	Canada	100%1
LYNN LAKE	MB5669	Canada	100%1
LYNN LAKE	MB10070	Canada	100%1
LYNN LAKE	MB10071	Canada	100%1
LYNN LAKE	MB10085	Canada	100%1
LYNN LAKE	MB10086	Canada	100%1
LYNN LAKE	MB10382	Canada	100%1
LYNN LAKE	MB10383	Canada	100%1

Level 2, 38 Richardson St, West Perth, W.A. 6005 | PO Box 8187, Subiaco East, W.A. 6008 PH: +61 (8) 6142 6366 | info@corazon,com.au | www.corazon.com.au | ASX: CZN

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LYNN LAKE	MB10384	Canada	100%1
LYNN LAKE	MB10387	Canada	100%1
LYNN LAKE	MB10388	Canada	100%1
LYNN LAKE	MB11838	Canada	100%1
LYNN LAKE	MB11839	Canada	100%1
LYNN LAKE	MB11840	Canada	100%1
LYNN LAKE	MB11841	Canada	100%1
LYNN LAKE	MB11842	Canada	100%1
LYNN LAKE	MB11843	Canada	100%1
LYNN LAKE	MB11844	Canada	100%1
VICTORY PROJECT	MB11328	Canada	100%2
VICTORY PROJECT	MB11388	Canada	100%2
VICTORY PROJECT	MB11389	Canada	100%2
VICTORY PROJECT	MB11390	Canada	100%2
VICTORY PROJECT	M2228	Canada	100%2
VICTORY PROJECT	M2229	Canada	100%2
VICTORY PROJECT	M2230	Canada	100%2
VICTORY PROJECT	M2232	Canada	100%2
VICTORY PROJECT	M2233	Canada	100%2
VICTORY PROJECT	M2234	Canada	100%2
VICTORY PROJECT	M2248	Canada	100%2
VICTORY PROJECT	M2249	Canada	100%2
VICTORY PROJECT	M2251	Canada	100%2
VICTORY PROJECT	M2252	Canada	100%2
VICTORY PROJECT	M2253	Canada	100%2
VICTORY PROJECT	M2254	Canada	100%2
VICTORY PROJECT	M2255	Canada	100%2

Level 2, 38 Richardson St, West Perth, W.A. 6005 | PO Box 8187, Subiaco East, W.A. 6008 PH: +61 (8) 6142 6366 | info@corazon,com.au | www.corazon.com.au | ASX: CZN

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VICTORY PROJECT	M2256	Canada	100%2
VICTORY PROJECT	ML77	Canada	100%2
VICTORY PROJECT	ML90	Canada	100%2

NOTES:

1. Option to acquire up to 100% of the Lynn Lake Project. For terms of the agreement, refer to prior announcement dated 09/08/12.

1. Victory Purchase agreement for terms of the agreement, refer to prior announcement dated 04/04/15.

Level 2, 38 Richardson St, West Perth, W.A. 6005 | PO Box 8187, Subiaco East, W.A. 6008 PH: +61 (8) 6142 6366 | info@corazon,com.au | www.corazon.com.au | ASX: CZN

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