CORAZON MINING LIMITED — Regulatory Filings 2017

Jan 15, 2017

ANNOUNCEMENT

16 January 2017

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The Manager - Company’s Announcements Australian Securities Exchange

FINAL ASSAY RESULTS - MT GILMORE COBALT PROJECT

• All assays received from RC and Core drilling at Cobalt Ridge prospect within the Mt Gilmore Cobalt-Copper-Gold Project

• New assay results further validate a unique high-grade cobalt-dominant deposit

• Results provide indication of a larger cobalt-copper-gold system – geochemistry and geophysics to be undertaken to generate targets for next phase of drilling

Corazon Mining Limited (ASX: CZN) (“Corazon” or “the Company”) is pleased to announce the final core assay results from its recently completed maiden reverse circulation (RC) and core drilling program at the Cobalt Ridge prospect, Mt Gilmore Cobalt-Copper-Gold Project (“Project”) in northeastern New South Wales.

Two of the three core tails completed and six RC holes previously reported (ASX announcement of 14 December 2016) have intersected the Main Cobalt Lode (Table 1).

Table 1 – Main Cobalt Lode Drill Hole Intercepts

Hole ID	Hole Type	From Depth(m)	Interval (m)	Co %	Cu %	Au g/t	CuEq %
MGRCD001	Core	165	13	0.18	0.54	0.17	1.72
		incl	1	1.12	1.96	0.81	9.11
MGRCD004	Core	128.3	3	0.54	1.83	0.17	5.13
		incl	1	0.73	4.51	0.23	8.97
MGRC002	RC	135	16	0.65	0.26	0.17	4.20
		incl	6	1.48	0.14	0.32	9.07
MGRC003	RC	0	37	0.14	0.23	0.08	1.08
		incl	2	0.36	1.37	0.38	3.74
		&	1	1.20	1.02	0.44	8.36
MGRC006	RC	42	34	0.23	0.26	0.08	1.67
		incl	4	0.48	0.27	0.15	3.21
		&	5	0.71	0.88	0.27	5.25
MGRC007	RC	41	15	0.33	0.25	0.17	2.31
		incl	3	0.82	0.26	0.42	5.37
		&	1	0.61	0.67	0.43	4.54
MGRC008	RC	97	17	0.35	0.09	0.07	2.18
		incl	7	0.72	0.02	0.14	4.37
MGRC009	RC	12	28	0.10	0.41	0.10	1.06
		incl	1	0.53	2.01	0.65	5.54

Cobalt Intercept calculation parameters: Greater than or equal to 0.3m down hole thickness, greater than or equal to 0.05% Co, greater than or equal to 0.05% Co cut-off and less than or equal to 3m internal dilution. Gold values at lower detection limit <0.01ppm are attributed a value of 0.005ppm for interval calculations.

Copper equivalents: The composited value of the cobalt-copper-gold mineralisation is presented as percentage copper equivalents (CuEq%). These metals have been historically extracted from small scale mining at Mt Gilmore and it is the Company’s belief that the cobalt, copper and gold is recoverable. Metallurgical test work currently underway is expected to underpin these assumptions. CuEq% = Cu%+(Co%5.89)+(Au_ppm0.679). Metal prices used are Cu US$5,642/t, Co US$33,249/t and Au US$1,191.86/oz (reference infomine.com spot prices quoted on 12-01-2017).

ANNOUNCEMENT 16 January 2017

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RC and core drilling assay results have validated the Company’s assessment of Cobalt Ridge as a unique, high-grade cobalt-dominant deposit with the potential to deliver valuable, discrete high-grade zones of cobalt, within broader moderate grade mineralisation.

The main cobalt lode has been drilled over a strike of about 200 metres, to a depth of 140 metres below surface (Figures 1 and 2). The mineralisation is open to the west, where it is coincident with soil geochemical anomalism and small-scale historical workings targeting copper mineralisation.

The main cobalt lode mineralisation is typically about 16 metres in down-hole width (~8 metres true width), with intersections up to 37 metres down-hole. Average cobalt grades for these intervals within the drilling completed by Corazon are between 0.23% and 0.65% cobalt. Multiple higher-grade zones of up to 1.48% cobalt exist, at between one and seven metres down hole widths. Best individual one metre assay from this drilling is 2.79% cobalt.

Full drill results are presented in Table 2, with additional details pertaining to drilling and assaying are available in Table 3.

Importance of Cobalt

Cobalt is a metal of growing strategic importance due to its requirement for use in lithium-ion batteries and the emerging rechargeable battery sector. At current cobalt metal prices of around US$30,000 per tonne, the grades intersected in the drilling at Cobalt Ridge represent potentially significant in-ground value for both the broad zones and discreet high grade zones of cobalt mineralisation. Historic mining for cobalt, copper, gold and silver within the project area supports the opportunity for the metallurgical extraction of these metals. Metallurgical performance test work on RC drill chips is currently underway, with results expected Q1, 2017.

Background to Mr Gilmore drill program

Corazon’s maiden drill program at Mt Gilmore has been designed to confirm the continuity, position and extent of the cobalt-copper-gold mineralisation within the Cobalt Ridge prospect area, which has been identified by previous drilling. Corazon’s drilling has validated historical mining and exploration results and has confirmed the presence of multiple zones of sulphide mineralisation over a strike length of at least 300 metres. The mineralisation remains open along strike and at depth.

Between October and December 2016 Corazon completed 18 RC holes at Cobalt Ridge, three of these holes were extended with core tails. In total 2,070 metres of RC and 261.10 metres of core was completed.

Full details of this program are presented in Table 3.

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ANNOUNCEMENT

16 January 2017

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ANNOUNCEMENT 16 January 2017

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Cobalt Ridge – Potential Upside

Geological interpretation of the drill core and RC assay results has resulted in a fuller understanding of the mineralisation at Cobalt Ridge. As evidenced in the diamond core (Figure 3), the mineralised system displays intense pervasive alteration and sulphide filled tourmaline brecciation indicative of a larger cobalt-copper-gold system. This alteration is observed on surface at Cobalt Ridge and other prospects within the greater Mt Gilmore region.

Three priority target areas have been defined at Cobalt Ridge. None of these targets have been tested with modern exploration and it is proposed that surface geochemistry and geophysics will provide a good first-pass test.

Cobalt Ridge West – The best result from drilling by Corazon at Cobalt Ridge is the western-most hole, MGRC002. This mineralisation plunges to the west-northwest, coincident with the intersection of structures and lithologies. Additional (undrilled) structures have been identified at surface, which have the potential to generate high-grade mineralisation.

The target is supported by anomalous soil geochemistry (Figure 2) and abundant sub-cropping quartztourmaline-limonite breccia (Cobalt Ridge host rock).

Flintoff’s – This target sits immediately to the north of Cobalt Ridge and is centred on late 1800’s copper workings. These workings exhibit the same trend and host material as at Cobalt Ridge, but are substantially larger.

The edge of the Cobalt Ridge soil sampling survey just touches on this trend, returning strong anomalism (Figure 2).

Cobalt Ridge East – The target is situated at the intersection of the Cobalt Ridge and Flintoff’s trends, under the cover of thin sediments.

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Figure 2 – New Targets Identified at Cobalt Ridge (Datum GDA94 – Zone56)

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MGRCD001 – Quartz tourmaline carbonate sulphide breccia

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MGRCD001 – Tourmaline sulphide cemented breccia

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MGRCD004 – Sulphide cemented tourmaline breccia

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Figure 3 – Cobalt Ridge Core – 2016 Drilling Program

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Table 2 – Cobalt Ridge Significant RC and Core Drilling Assay Intervals

Hole ID	Interval	Interval	Down Hole Width (m)	Co %	Cu %	Au g/t	CuEq %
	From m	To m
MGRCD001	39	53	14	0.15	0.26	0.18	1.24
	68	70	2	0.12	0.32	0.24	1.19
	78.7	84	5.3	0.15	0.46	0.26	1.49
Incl.	83	84	1	0.61	1.61	1.19	6.01
	123	123.7	0.7	0.10	0.12	0.01	0.69
	126.7	140	13.3	0.10	0.13	0.01	0.70
	144	148	4	0.11	0.02	0.02	0.68
	154	156	2	0.16	0.09	0.03	1.05
	165	178	13	0.18	0.54	0.17	1.72
Incl.	175	176	1	1.12	1.96	0.81	9.11
MGRC002	72	75	3	0.05	0.20	0.08	0.57
	90	93	3	0.22	0.85	0.14	2.24
	103	110	7	0.07	0.20	0.07	0.65
	135	151	16	0.65	0.26	0.17	4.20
Incl.	135	141	6	1.48	0.14	0.32	9.07
MGRC003	0	37	37	0.14	0.23	0.08	1.08
Incl.	20	22	2	0.36	1.37	0.38	3.74
Incl.	32	33	1	1.20	1.02	0.44	8.36
	55	57	2	0.09	0.43	0.14	1.03
	70	71	1	0.38	0.25	0.16	2.60
MGRCD004	20	22	2	0.06	0.03	0.02	0.41
	65	66	1	0.09	0.11	0.36	0.88
	85	87	2	0.34	0.41	0.06	2.45
	128.3	131.3	3	0.54	1.83	0.17	5.13
Incl.	128.7	129.7	1	0.73	4.51	0.23	8.97
MGRC005	24	26	2	0.06	0.02	0.01	0.38
	83	85	2	0.27	0.01	0.03	1.62
MGRC006	42	76	34	0.23	0.26	0.08	1.67
Incl.	44	48	4	0.48	0.27	0.15	3.21
Incl.	65	70	5	0.71	0.88	0.27	5.25
	85	87	2	0.23	0.09	0.05	1.48
	101	103	2	0.65	0.41	0.29	4.43
MGRC007	0	10	10	0.06	0.08	0.01	0.42
	18	19	1	0.09	0.05	0.01	0.56
	23	35	12	0.10	0.27	0.07	0.88
	41	56	15	0.33	0.25	0.17	2.31
Incl.	47	50	3	0.82	0.26	0.42	5.37
Incl.	54	55	1	0.61	0.67	0.43	4.54
	72	75	3	0.08	0.19	0.04	0.70
MGRC008	19	21	2	0.06	0.13	0.03	0.52
	37	38	1	0.06	0.03	0.02	0.37
	72	81	9	0.13	0.02	0.02	0.80
	97	114	17	0.35	0.09	0.07	2.18
Incl.	104	111	7	0.72	0.02	0.14	4.37
MGRC009	4	8	4	0.05	0.18	0.07	0.53
	12	40	28	0.10	0.41	0.10	1.06
Incl.	28	29	1	0.53	2.01	0.65	5.54

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ANNOUNCEMENT 16 January 2017

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Table 2 (continued) – Cobalt Ridge Significant RC and Core Drilling Assay Intervals

Table 2 (co	ntinued	) –Coba	lt Ridge Si	gnifican	t RC an	d Core D	rilling Assay I
Hole ID	Inte	rval	Down Hole	Co %	Cu %	Au g/t	CuEq %
	From m	To m	Width (m)
~~MGRCD010~~	~~40~~	~~41~~	~~1~~	~~0.22~~	~~1.71~~	~~5.90~~	~~7.02~~
	~~95~~	~~97~~	~~2~~	~~0.10~~	~~1.06~~	~~0.26~~	~~1.84~~
	125.6	126	0.4	0.11	0.79	0.44	1.74
	134	135	1	0.10	0.28	0.06	0.91
	158.3	165	6.7	0.14	0.10	0.07	0.97
	179.7	180	0.3	0.15	0.99	0.33	2.10
MGRC011	48	55	7	0.05	0.13	0.05	0.45
	59	61	2	0.06	0.15	0.14	0.60
	86	90	4	0.16	0.87	0.20	1.92
MGRC012	14	16	2	0.11	0.03	0.02	0.69
	39	40	1	0.09	0.34	0.84	1.46
	59	70	11	0.13	0.81	0.18	1.67
MGRC013	41	45	4	0.06	1.14	0.25	1.67
	96	97	1	0.10	0.49	0.11	1.13
MGRC014	34	35	1	0.07	0.84	1.15	2.06
	67	68	1	0.06	0.08	0.77	0.97
MGRC015	88	89	1	0.05	0.36	0.03	0.69
	124	125	1	0.06	0.09	0.03	0.44
MGRC016	94	96	2	0.05	0.22	0.12	0.60
MGRC017	11	12	1	0.06	0.07	0.07	0.46
MGRC018	41	42	1	0.07	0.11	1.44	1.51
	57	59	2	0.08	0.25	0.69	1.20

Notes for Table 2

Cobalt Intercept calculation parameters: Greater than or equal to 0.3m down hole thickness, greater than or equal to 0.05% Co, greater than or equal to 0.05% Co cut-off and less than or equal to 3m internal dilution. Gold values at lower detection limit <0.01ppm are attributed a value of 0.005ppm for interval calculations.

Copper equivalents: The composited value of the cobalt-copper-gold mineralisation is presented as percentage copper equivalents (CuEq%). These metals have been historically extracted from small scale mining at Mt Gilmore and it is the Company’s belief that the cobalt, copper and gold is recoverable. Metallurgical test work currently underway is expected to underpin these assumptions. CuEq% = Cu%+(Co%5.89)+(Au_ppm0.679). Metal prices used are Cu US$5,642/t, Co US$33,249/t and Au US$1,191.86/oz (reference infomine.com spot prices quoted on 12-01-2017).

Mt Gilmore Project Overview

The Mt Gilmore Project (“Project”) is located 35 kilometres from the major centre of Grafton in northeastern New South Wales. Corazon owns a 51% interest in Mt Gilmore and has an exclusive right to earn up to an 80% interest in the Project.

The Project is located in the New England Orogen, a significant mineral province in Eastern Australia with a gold endowment of more the 35M ounces and the potential to host large copper-gold systems.

This region hosts deposits such as the Mount Morgan Cu-Au Mine (+50Mt @ 5.9 g/t Au and 0.7% Cu) and Mt Rawdon Gold Mine (50Mt @ 0.71 g/t Au).

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ANNOUNCEMENT

16 January 2017

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Within the Project, a prospective 18 kilometre trend (the Mt Gilmore Trend) has been identified which includes:

• More than 25 historic copper, gold, cobalt and iron workings, including significant shafts, adits and drives with high-grade copper and gold mineralisation (rock chips up to grades of 26.8%Cu and 9.2 g/t Au); and

• Five large scale Cu-Au targets defined to date.

Although mapping indicates extensive hydrothermal alteration and copper-gold mineralisation at surface, very little modern exploration has been undertaken. Aside from small-scale historic coppergold and iron mines, previous exploration has predominantly been restricted to general prospecting/ mapping, rock-chip/ grab sampling, with drilling completed at only one of the targets (the Pulganbar – Cobalt Ridge area).

The Cobalt Ridge Prospect

The Cobalt Ridge Prospect is a small part of the greater Mt Gilmore Copper-Cobalt-Gold Project. It represents an advanced cobalt play with shallow drilled defined Co-Cu-Au lodes that remain open along strike and at depth.

The high-grade nature of this cobalt mineralisation is published in historical records from shallow mining (maximum shaft depth 36.5 metres), reporting a maximum of 14.7% cobalt (Co), 14.9% copper (Cu) and up to 1.7 oz/ ton gold (Au). The richer mineralisation seemingly occurs in small lenses or pods within a broader zone of lower-grade mineralisation.

Modern exploration within the Mt Gilmore Project commenced in the 1980’s; PanContinental completed ground IP and magnetic geophysical surveys, gridded soil geochemistry for Cu, Au and Co, 25 trenches (1518.5 metres) and 17 RC drill holes (for 1020.82 metres).

Between 2006 and 2008, Central West Gold N.L. drilled 25 holes for 2880 metres, including 21 holes for 2604 metres at Cobalt Ridge. This work defined multiple parallel sub-vertical Co-Cu-Au sulphide lodes over a strike of 300 metres and width of between 50 metres and 120 metres. Maximum individual one (1) metre drill results include 3.38% Co, 3.18% Cu and 4.92 g/t Au.

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ANNOUNCEMENT 16 January 2017

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Company Overview – Corazon Mining Limited

Corazon Mining Limited (ASX:CZN) (“Corazon” or “the Company”) is a Perth-based Australian mineral exploration company with projects in Canada and Australia.

The Company’s flagship project is the Lynn Lake Nickel-Copper-Cobalt Project in the Canadian province of Manitoba. The recent acquisition of the Mt Gilmore Cobalt-Copper-Gold Project (ASX announcement, 16 June 2016) in New South Wales (Australia) has provided Corazon with an exciting duel focus and opportunity.

Lynn Lake is a significant historic nickel-copper-cobalt mining area that ceased operation in 1976, after 24 years of continuous production. Corazon has been active in the Lynn Lake area since 2010 and has, for the first time since mine closure in 1976, consolidated the Lynn Lake Mining Centre under the ownership of one company.

The Lynn Lake Project is a development opportunity and boasts large remnant nickel-copper-cobalt resources within the historical mining centre, as well as significant drill defined resource potential from historical drilling and modern discoveries proximal to the mines. In addition to the near-mine opportunities, the exploration upside of this project is potentially enormous.

Recent work by Corazon has highlighted a very large and compelling exploration target at the nearby Fraser Lake Complex (refer to Corazon’s previous ASX announcements). The Fraser Lake Complex is predominantly under cover, twice as large as Lynn Lake, and has all the geophysical and geochemical characteristics of the Lynn Lake mineralisation.

The Australian Mt Gilmore Project provides the Company with an early-stage exploration play with indicators of large scale copper-gold systems such as porphyry and skarn intrusive related deposits. The most advanced exploration project within Mt Gilmore is the Cobalt Ridge prospect, a high-grade cobalt deposit with accompanying copper and gold mineralisation. The cobalt mineralisation within the Mt Gilmore Project provides an early focus for exploration activities for the Company.

END .

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

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

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ANNOUNCEMENT

16 January 2017

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Important Information

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 mineralization 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 Company has engaged senior geologists Mr Darren Glover and Mr Ben Harper to assist in the planning and completion of the current phase of exploration at Mt Gilmore. Both Mr Glover and Mr Harper are New South Wales based geologists and have extensive experience in Intrusive Related Copper Gold systems that provide models for the mineralisation at Mt Gilmore.

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Table 3: Checklist of Assessment and Reporting Criteria

16 January, 2017

Mt Gilmore Project, New South Wales, Australia.

RC and Core Drilling – October to December 2016

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	JORC Code explanation	Commentary
Sampling		Nature and quality of sampling (eg cut channels, random chips, or	Pulverised rock chip samples from drilling were collected in large PVC
techniques		specific specialised industry standard measurement tools appropriate	bag on a one metre basis.
		to the minerals under investigation, such as down hole gamma
		sondes, or handheld XRF instruments, etc). These examples should	Reverse Circulation drilling utilizing a face sampling hammer provided a
		not be taken as limiting the broad meaning of sampling.	clean, predominantly dry sample, from which subsamples were taken for
		Include reference to measures taken to ensure sample representivity	laboratory analysis and geological logging.
		and the appropriate calibration of any measurement tools or systems used.	Sub-sampling provided a nominal 2kg to 3kg sample for lab analysis.
		Aspects of the determination of mineralisation that are Material to the Public Report.	Sub-sampling was completed on a 1 metre basis, or composited on a 2 metre or 4 metre basis according to geology.
		In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required,	Core drilling included both HQ and NQ core sizes. Sampling was completed on half-core, for intervals of a minimum of 300mm and maximum of 1 metre, determined based on geological boundaries.
		such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	Industry standard sample Blanks and Standards were submitted for analysis with drill samples on a 1 in 50 basis.
			Field duplicate samples for analysis were taken every 50 samples.
			All samples were submitted to an independent certified Australian
			laboratory for analysis.
Drilling		Drill type (eg core, reverse circulation, open-hole hammer, rotary air	Reverse circulation and core drilling was undertaken by Drillit Consulting,
techniques		blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	utilizing a rubber track mounted rig and rod holding support unit.
		or standard tube, depth of diamond tails, face-sampling bit or other	Equipment details include:
		type, whether core is oriented and if so, by what method, etc).
			 Multi-Drill 600 drill rig
			 6m length rods, 122 mm diameter RC drill bit, HQ and NQ core
			diametres
			 Auxiliarycompressor(1150psi)and booster(900cfm)

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Table 3: Checklist of Assessment and Reporting Criteria

16 January, 2017

Mt Gilmore Project, New South Wales, Australia.

RC and Core Drilling – October to December 2016

Criteria	JORC Code explanation	JORC Code explanation	Commentary
			 Above ground sumps and water collection units.
Drill sample		Method of recording and assessing core and chip sample recoveries	Sample recovery is considered to be very good by industry standards and
recovery		and results assessed.	predominantly dry. Where drilling intersected ground water wet samples
		Measures taken to maximise sample recovery and ensure	and recovery was noted on 1m intervals in drill logs. When water inflow
		representative nature of the samples.	compromised sample quality, drilling was discontinued.
		Whether a relationship exists between sample recovery and grade
		and whether sample bias may have occurred due to preferential
		loss/gain of fine/coarse material.
Logging		Whether core and chip samples have been geologically and	Qualitative and quantitative logged was completed by a qualified and
		geotechnically logged to a level of detail to support appropriate	experienced senior geologist. RC drill holes were logged on a 1 metre
		Mineral Resource estimation, mining studies and metallurgical	basis.
		studies.
		Whether logging is qualitative or quantitative in nature. Core (or
		costean, channel, etc) photography.
		The total length and percentage of the relevant intersections logged.
Sub-sampling		If core, whether cut or sawn and whether quarter, half or all core	RC drill holes were bulked sampled on a 1 metre basis. Geological
techniques		taken.	logging determined sub-sampling, which was completed on either 1
and sample		If non-core, whether riffled, tube sampled, rotary split, etc and	metre basis, or composited individual 1 metre samples on a 2 metre or 4
preparation		whether sampled wet or dry.	metre basis.
	 	For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to	Subsampling of the bulk 1 metre samples was undertaken utilizing a spear sampling tool.
		maximise representivity of samples.	Subsampling size for laboratory submission is nominally between 2kg
		Measures taken to ensure that the sampling is representative of the in	and 3kg.
		situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.	Core drilling included both HQ and NQ core sizes. Sampling was completed on half-core, for intervals of a minimum of 300mm and maximum of 1 metre, determined based on geological boundaries.
			Drill core was halved by using an industry standard core saw.

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Table 3: Checklist of Assessment and Reporting Criteria

16 January, 2017

Mt Gilmore Project, New South Wales, Australia.

RC and Core Drilling – October to December 2016

Criteria	JORC Code explanation	JORC Code explanation	Commentary
			These sub-sampling techniques are industry standard and if correctly
			applied provide quality, representative samples for laboratory analysis.
			Field duplicates of the RC sub-sampling were taken on a 1 in 50 basis,
			for laboratory analysis and subsequent statistical auditing of sampling
			procedures.
Quality of		The nature, quality and appropriateness of the assaying and	All samples for analysis have been submitted to ALS Minerals, Shand
assay data		laboratory procedures used and whether the technique is considered	Street, Brisbane, Queensland. ALS is a respected and certified
and		partial or total.	independent laboratory with extensive experience and with operations
laboratory		For geophysical tools, spectrometers, handheld XRF instruments, etc,	throughout the world.
tests		the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	Samples submitted included sub-samples and composited samples, field duplicates and certified Standards and Blanks.
		Nature of quality control procedures adopted (eg standards, blanks,	Lab Standards, Repeats and Blanks have also been reported within the
		duplicates, external laboratory checks) and whether acceptable levels	ALS Certificates, along with the standard QC Reports.
		of accuracy (ie lack of bias) and precision have been established.	Sample preparation included crush (-6mm), pulverizing and sub-split for
			analysis.
			Analysis methods and detection limits for work are reported in the table
			below.
			Element Method Detection
			Limit
			Au ALS Method – Au-
			AA26 0.01ppm
			Ore grade 50gm
			FA AAS finish
			Ag, Al, As, Ba, Be, Bi, Ca, ALS Methods – Variable
			Cd, Ce, Co, Cr, Cs, Cu, GEO-4A01 ME-
			Fe, Ga, Be, Hf, In, K, La, MS61 +
			Li, Mg, Mn, Mo, Na, Nb, Ni, P, Pb, Rb, Re, S, Sb, 48 element 4 acid digestion, with

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Table 3: Checklist of Assessment and Reporting Criteria

16 January, 2017

Mt Gilmore Project, New South Wales, Australia.

RC and Core Drilling – October to December 2016

Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
	Sc, Se, Sn, Sr, Ta, Te, Th, Ti, Tl, U, V, W, Y Zn Zr.	ICP-MS & ICPAES analysis Co-OG62 for >1% Co & Cu-OG62 for >1% Cu
Verification of sampling and assaying  The verification of significant intersections by either independent or alternative company personnel.  The use of twinned holes.  Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.  Discuss any adjustment to assay data. Sampling and analytical methods are of a good standard and as such the results are considered representative of the mineralisation. Sample security has been controlled by the Company or ALS Minerals. Auditing of these results have determined accuracies within acceptable industry standards.
Location of data points  Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.  Specification of the grid system used.  Quality and adequacy of topographic control. Drill hole locations were surveyed by hand-held GPS utilising the GDA94 (Zone 56) datum (approximately + 5m accuracy). Subsequent to the completion of the drilling, all current and historical holes will be surveyed using a more accurate DGPS. Down hole surveying of holes was undertaken nominally every 14 metres down-hole using a Reflex Electronic Multi-Shot Camera.
Data spacing and distribution  Data spacing for reporting of Exploration Results.  Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.  Whether sample compositing has been applied. Data spacing is variable. No determination has yet been made regarding data spacing and whether sample distribution is sufficient for resource estimation.
Orientation of data in relation to  Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.  If the relationship between the drilling orientation and the orientation Drill hole azimuths are believed to be perpendicular to the mineralised trend as defined by past exploration. Mineralised zones are interpreted to be sub-vertical with drilling with planned dips of -600 into these zones.

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Table 3: Checklist of Assessment and Reporting Criteria

16 January, 2017

Mt Gilmore Project, New South Wales, Australia.

RC and Core Drilling – October to December 2016

Criteria	JORC Code explanation	JORC Code explanation	Commentary
geological		of key mineralised structures is considered to have introduced a	Analysis of sample and data bias has yet to be undertaken. No
structure		sampling bias, this should be assessed and reported if material.	information has been provided in the current or historical reporting to
			suggest any bias.
			Core drilling is currently underway and will assist in the geological
			understanding of mineralised trends.
Sample		The measures taken to ensure sample security.	Sample submission for the RC drill program was undertaken by a
security			qualified geologist.
Audits or		The results of any audits or reviews of sampling techniques and data.	No audit of results has yet been undertaken.
reviews

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary
Mineral		Type, reference name/number, location and ownership including	The Mount Gilmore Project includes a single Exploration Licence
tenement and		agreements or material issues with third parties such as joint	(EL8379) located in New South Wales, Australia. The lease was granted
land tenure		ventures, partnerships, overriding royalties, native title interests,	on 23rd June 2015 and includes 99 “Units”.
status		historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	EL8379 is owned 51% by Corazon Mining Limited subsidiary Mt Gilmore Resources Pty Ltd and 49% by Providence Gold and Minerals Pty Ltd. Corazon Mining Limited has the option to earn up to 80% equity in the Project (refer to announcement dated 16 June, 2016).
			The lease covers private farm (station) land and minor Crown Land.
Exploration		Acknowledgment and appraisal of exploration by other parties.	Mineralisation was discovered in the Mt Gilmore Project region more than
done by other			130 years ago with small scale mining being completed in the late 1870’s
parties			at Glamorgan, Flintoffs and Federal copper and mercury mines.
			Historical records exist for the historical production and sampling. These
			reports are variable in quality and reliability.

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Table 3: Checklist of Assessment and Reporting Criteria

16 January, 2017

Mt Gilmore Project, New South Wales, Australia.

RC and Core Drilling – October to December 2016

Criteria JORC Code explanation	Commentary
	Modern exploration within the Project commenced in the 1980’s when PanContinental completed ground IP and magnetic geophysical surveys, gridded soil geochemistry for Cu, As, Au and Co, 25 trenches (1518.5m) and 17 RC drill holes (for 1,020.82m). Between 2006 and 2008 Central West Gold NL completed 25 RC holes and 2 core tails for 2,880m of RC and 163m of core. 21 of these holes were targeting Cobalt Ridge and 4 were completed at Gold Hill. The current Project holders have been focussed on developing data that supports a regional scale Cu-Au system along the Mt Gilmore trend.
Geology  Deposit type, geological setting and style of mineralisation.	The Project is located on the western edge of the Mesozoic Clarence- Morton Basin, where it abuts the Siluro-Devonian Silverwood Group. The Silverwood group is intruded by the Later Permian Towgon Grange Granodiorite and, at the contact, tourmaline rich bodies occur that range from veinlets to breccia-fill to dyke-like bodies up to 10m wide. The tourmaline enrichment appears to correlate with copper, cobalt and gold soil anomalies. Zoning of mineralisation has been identified, with cinnabar concentrated within the granodiorite and copper and gold concentrated within the hornfels. The Project is considered prospective for tourmaline breccia hosted Co- Cu-Au deposits, Cu-Au-Fe skarns and Quartz-sulphide vein systems, including porphyry Cu-Au deposits.
Drill hole 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	Drill hole information for RC drilling completed by Corazon Mining Limited at the Cobalt Ridge prospect is proved in the table below. Hole ID North East RL Dip (degrees) Mag Az (degrees) Total Depth MGRC001 6,740,207 468,492 65 -60 335.0 56

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Table 3: Checklist of Assessment and Reporting Criteria

16 January, 2017

Mt Gilmore Project, New South Wales, Australia.

RC and Core Drilling – October to December 2016

Criteria JORC Code explanation	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary
o hole length.  If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	MGRC002	6,740,204	468,466	69	-60	335.0	174
	MGRC003	6,740,282	468,448	72	-60	155.0	120
	MGRC004	6,740,316	468,439	72	-60	155.0	105
	MGRC005	6,740,315	468,438	72	-60	155.0	89
	MGRC006	6,740,305	468,471	73	-60	155.0	120
	MGRC007	6,740,290	468,500	67	-60	155.0	100
	MGRC008	6,740,315	468,494	67	-60	155.0	132
	MGRC009	6,740,258	468,534	66	-60	335.0	126
	MGRC010	6,740,229	468,541	65	-60	335.0	121
	MGRC011	6,740,316	468,556	67	-60	170.0	114
	MGRC012	6,740,310	468,570	67	-60	155.0	96
	MGRC013	6,740,323	468,622	69	-60	155.0	105
	MGRC014	6,740,400	468,664	67	-60	155.0	97
	MGRC015	6,740,220	468,610	69	-60	335.0	149
	MGRC016	6,740,259	468,689	73	-60	335.0	120
	MGRC017	6,740,313	468,726	67	-60	335.0	126
	MGRC018	6,740,258	468,739	67	-60	335.0	120

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Table 3: Checklist of Assessment and Reporting Criteria

16 January, 2017

Mt Gilmore Project, New South Wales, Australia.

RC and Core Drilling – October to December 2016

Criteria	JORC Code explanation	JORC Code explanation	Commentary
Data		In reporting Exploration Results, weighting averaging techniques,	Intercepts > or equal to 1m down hole Co thickness, with > or equal to
aggregation		maximum and/or minimum grade truncations (eg cutting of high	0.05% Co, > or equal to 0.05% Co cut-off & < or equal to 3m internal
methods		grades) and cut-off grades are usually Material and should be stated.	dilution parameters were used to calculate down hole Co-Cu-Au
		Where aggregate intercepts incorporate short lengths of high grade	intercepts.
		results and longer lengths of low grade results, the procedure used
		for such aggregation should be stated and some typical examples of
		such aggregations should be shown in detail.
		The assumptions used for any reporting of metal equivalent values
		should be clearly stated.
Relationship		These relationships are particularly important in the reporting of	All drill hole intervals provided are down hole widths.
between mineralisation widths and		Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	Drilling has been planned such that it is perpendicular to the main mineralised trend as defined by historical work.
intercept		If it is not known and only the down hole lengths are reported, there	Mineralised zones are interpreted to be sub-vertical. Drilling has collar
lengths		should be a clear statement to this effect (eg ‘down hole length, true	dips of 600 into these zones.
		width not known’).
Diagrams		Appropriate maps and sections (with scales) and tabulations of	All diagrams include scales for reference (if appropriate).
		intercepts should be included for any significant discovery being
		reported These should include, but not be limited to a plan view of
		drill hole collar locations and appropriate sectional views.
Balanced		Where comprehensive reporting of all Exploration Results is not	Noted and complied with.
reporting		practicable, representative reporting of both low and high grades
		and/or widths should be practiced to avoid misleading reporting of
		Exploration Results.
Other		Other exploration data, if meaningful and material, should be reported	Historical exploration results have been previously reported by Corazon
substantive		including (but not limited to): geological observations; geophysical	Mining Limited. This work included rock-chip sampling, soil
exploration		survey results; geochemical survey results; bulk samples – size and	geochemistry, geophysics and drilling. Reliance has been placed on
data		method of treatment; metallurgical test results; bulk density,	historical reports as an indicator of potential only.
		groundwater, geotechnical and rock characteristics; potential
		deleterious or contaminating substances.

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Table 3: Checklist of Assessment and Reporting Criteria

16 January, 2017

Mt Gilmore Project, New South Wales, Australia.

RC and Core Drilling – October to December 2016

Criteria	JORC Code explanation	JORC Code explanation	Commentary
Further work		The nature and scale of planned further work (eg tests for lateral	Additional analysis of this drilling will provide a better understanding of
		extensions or depth extensions or large-scale step-out drilling).	the mineralised trends and mineralisation processes that will be used in
		Diagrams clearly highlighting the areas of possible extensions,	future interpretation and modelling at Cobalt Ridge.
		including the main geological interpretations and future drilling areas,
		provided this information is not commercially sensitive.

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