CORAZON MINING LIMITED — Capital/Financing Update 2018

Aug 26, 2018

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ASX ANNOUNCEMENT 27 August 2018
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DRILLING INTERSECTS HIGH GRADE COBALT MINERALISATION AT MT GILMORE PROJECT

• Results have been received for the first five holes drilled at Cobalt Ridge - located within the Mt Gilmore Cobalt-Copper-Gold Project in New South Wales

• Three holes have intersected significant cobalt mineralisation, including multiple highergrade zones within broader packages of cobalt-copper-gold mineralisation

• Western and eastern extensions to the main mineralised trend have been identified

• Highlight result of 5m at 2.14% cobalt within a broader intersection of 27m at 0.47% cobalt in hole MGRC042 - identifies the faulted-off western extension to the Main Lode

• Current proposed program includes 14 holes for over 2000 metres RC and core drilling at Cobalt Ridge – program may be extended subject to results

• 12 holes have been completed for 1,363 metres of RC and 398.8 metres of core drilling

• Drilling program expected to be completed in the current quarter, with results to be released as they become available

Corazon Mining Limited (ASX: CZN) ( Corazon or Company ) is pleased to announce the first batch of assay results from its ongoing drilling program at the Mt Gilmore Cobalt-Copper-Gold Project ( Project ) in New South Wales.

The Company has received assay results from five holes (MGRC041 – MGRC043 and MGRC045) at the priority Cobalt Ridge prospect. Assay results from three holes are highly encouraging, identifying multiple cobalt-rich lodes within a broader package of mineralisation that identifies the Main Lode at Cobalt Ridge.

A highlight to date is the high-grade result of 5m @ 2.14% Cobalt (Co) within a broader intersection of 27m @ 0.47% Co from a down-hole depth of 49m, in drill hole MGRC042 (Table 1 and Figure 1). This hole appears to have identified the faulted-off western extension of the Main Lode and is highly representative of the main target at Cobalt ridge. Significant intersections are provided in Table 1 with drill hole locations provided in Figure 2.

Commenting on the results Corazon Managing Director Brett Smith said; “We are very pleased with these results. Cobalt Ridge is an intensely altered, structurally complex system and every drill hole helps us gain a greater understanding of this deposit. It’s a hole by hole process, however the results continue to validate and strengthen the Company’s belief that Cobalt Ridge has the potential to host a significant sulphide-dominant cobalt deposit, the understanding of which can then be applied to the greater Mt Gilmore Project area.”

Level 1, 329 Hay St, Subiaco, W.A. 6008 | PO Box 8187, Subiaco East, W.A. 6008 | +61 (8) 6142 6366 | info@corazon,com.au | www.corazon.com.au | ASX: CZN

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Drilling Program Overview

The current drilling program is presently focused on priority targets within and around the Cobalt Ridge prospect. Drilling will also test features generated by the Company’s recently completed 3D Induced Polarisation ( IP ) geophysical survey.

Approximately 14 holes for 2000 metres of reverse circulation ( RC ) and core drilling are proposed. Approvals are also in place for the extension of the current program, subject to results.

To date, 12 holes have been completed for 1,363 metres of RC and 398.8 metres of core. Drilling is on-going and is expected to be completed in this quarter. The Company will provide further details on the progress of drilling and results as they become available.

The results of three holes that returned significant intercepts are presented in Table 1 below. Additional information regarding the drilling is provided in Table 2 attached.

Hole ID	Downhole(m)	Downhole(m)	Coppm	Coppm	Cu%	Au g/t	Cu EQ%
	From	Width	Coppm	Co%
MGRC041	22	8	1,363	0.14	0.17	0.01	1.67
	43	1	1,890	0.19	0.29	0.31	2.51
	58	4	750	0.08	0.16	0.13	1.09
	96	1	580	0.06	0.11	0.01	0.75
MGRC042	43	1	540	0.05	0.15	0.06	0.72
	49	4	1,270	0.13	0.19	0.07	1.62
	57	9	13,054	1.31	0.27	0.27	14.38
Incl.	57	5	21,442	2.14	0.33	0.42	23.36
	70	5	888	0.09	0.02	0.02	0.98
	137	3	3,087	0.31	0.36	0.11	3.73
MGRC045	9	1	910	0.09	0.13	0.49	1.40
	23	3	1,193	0.12	0.11	0.32	1.59
	86	4	918	0.09	0.03	0.22	1.13

Table 1 : Significant assay results from Cobalt Ridge drilling

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. Assay values at “lower than” detection limits are attributed a value of 50% of that detection limit 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% * 10.63) + (ppm Au * 0.64). Metal prices used are Cu US$6,018/t, Co US$64,000/t and Au US$1,203/oz.

Level 1, 329 Hay St, Subiaco, W.A. 6008 | PO Box 8187, Subiaco East, W.A. 6008 | +61 (8) 6142 6366 | info@corazon,com.au | www.corazon.com.au | ASX: CZN

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The most outstanding result is from hole MGRC042 . This hole has identified what is interpreted to be the faulted-off western extension of the Main Lode at Cobalt Ridge. The potential in this area was initially indicated by hole MGRC003 (32m @ 0.15 near surface) (Figure 1), although follow-up drilling to the west had failed to identify mineralisation typical of the Cobalt Ridge Main Lode.

Interpretations are that MGRC003 and MGRC042 tests a faulted-off block of the Main Lode and suggests there is potential to extend mineralisation to the west, north of where past drilling has been focused.

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Figure 1 : Interpreted cross-section for MGRC042 (section location shown on Figure 2).

Drill hole MGRC040 (Figure 2) tested an IP chargeability high, south of the Main Lode at Cobalt Ridge. Several strong structures and alteration zones were intersected, however, there was very little cobalt anomalism.

MGRC041 (Figure 2) tested a large gap in the existing drilling of the Main Lode and defined near surface mineralisation, which has likely been depleted due to the effects of weathering. This hole represents the up-dip extension of historical holes PUL19 (17m at 0.37% Co from 59m, including 3m at 1.52% Co) and PUL29 (19m at 0.32% Co from 79m).

Level 1, 329 Hay St, Subiaco, W.A. 6008 | PO Box 8187, Subiaco East, W.A. 6008 | +61 (8) 6142 6366 | info@corazon,com.au | www.corazon.com.au | ASX: CZN

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MGRC043 (Figure 2) targeted a gap in the existing drilling, testing for parallel lodes south of the Main Lode at Cobalt Ridge. Only low levels of anomalism were intersected.

Drill hole MGRC045 (Figure 2) has identified the eastern extension of the Main Lode at Cobalt Ridge. This mineralisation is coincident with a small isolated IP chargeability high (geophysical anomaly). The zone is interpreted to be between 10 and 15 metres in true width (down-hole from 10 metres to 26 metres) and has not been well tested by previous drilling. While the tenor of the cobalt mineralisation in this hole is not as high as the main body of mineralisation, the sulphide content and alteration is very strong and this newly defined trend/extension provides a high priority drill target. Previous interpretations had the eastern extension of the Main Lode trending to the southeast. This trend is now considered to be a splay or a separate intersecting mineralised structure.

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Figure 2 : Drill hole collar and trace plan over a cobalt in soils geochemical image.

Level 1, 329 Hay St, Subiaco, W.A. 6008 | PO Box 8187, Subiaco East, W.A. 6008 | +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 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.

Forward Looking Statements

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

Forward-looking statements are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the Company’s prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

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

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

Level 1, 329 Hay St, Subiaco, W.A. 6008 | PO Box 8187, Subiaco East, W.A. 6008 | +61 (8) 6142 6366 | info@corazon,com.au | www.corazon.com.au | ASX: CZN

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27[th] August, 2018

Table 2: Checklist of Assessment and Reporting Criteria

Mt Gilmore Project, New South Wales, Australia.

RC and Core Drilling – August 2018

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling (eg cut channels, random chips, or	For Reverse Circulation (RC) drilling, pulverised drill chip samples were
techniques	specific specialised industry standard measurement tools appropriate	collected in large PVC 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	RC drilling utilizing a face sampling hammer provided a clean,
	not be taken as limiting the broad meaning of sampling.	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 is NQ2 core size. Sampling of the core holes (NQ2 tails to RC holes) is completed on half-core, for intervals of a minimum of 500mm 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 20 basis.
		Field duplicate samples for analysis were taken every 25 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 has been undertaken by Drillit
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	Consulting, utilizing a rubber track mounted rig and rod holding support
	or standard tube, depth of diamond tails, face-sampling bit or other	unit. Equipment details include:
	type, whether core is oriented and if so, by what method, etc).
		 Multi-Drill 600 drill rig
		 6m length rods, 118-127 mm diameter RC drill bits, NQ2 core
		diameter
		 Auxiliarycompressor(1150psi)and booster(900cfm)

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Table 2: Checklist of Assessment and Reporting Criteria

27[th] August, 2018

Mt Gilmore Project, New South Wales, Australia.

RC and Core Drilling – August 2018

Criteria	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, RC drilling was discontinued, and diamond
	 Whether a relationship exists between sample recovery and grade	drilling undertaken to extend hole depth.
	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. Core photos were taken before being cut and sampled.
	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 maximise representivity of samples.	Subsampling of the bulk 1 metre samples was undertaken utilizing a spear sampling tool. 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.	Core drilling is NQ2 size. Sampling was completed on half-core, for intervals of a minimum of 500mm and maximum of 1 metre, determined
	 Whether sample sizes are appropriate to the grain size of the material being sampled.	based on geological boundaries.
		Drill core was halved by using an industry standard core saw.

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Table 2: Checklist of Assessment and Reporting Criteria

27[th] August, 2018

Mt Gilmore Project, New South Wales, Australia.

RC and Core Drilling – August 2018

Criteria	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 25 basis,
		for laboratory analysis and subsequent statistical auditing of sampling
		procedures.
Quality of	 The nature, quality and appropriateness of the assaying and	All drill hole samples for analysis have been submitted to ALS Minerals,
assay data	laboratory procedures used and whether the technique is considered	Shand 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 2: Checklist of Assessment and Reporting Criteria

27[th] August, 2018

Mt Gilmore Project, New South Wales, Australia.

RC and Core Drilling – August 2018

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 initially surveyed using a Garmin handheld GPSmap 64s (approximately ± 3m accuracy). Drill hole collar locations will be finally surveyed using a Trimble Juno 5 DGPS utilising the GDA94 (Zone 56) datum (approximately ± 10mm accuracy) at the end of the drilling program.. Down hole surveying of holes was undertaken nominally every 25-30 metres per single-shot to monitor the in-time deviation and 10 meters interval multi-shot of the whole hole as the end of hole survey using a Axis True-North Seeking Solid State Champ GYRO (accuracy: azimuth ± 0.75º, inclination ± 0.15º).
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.

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Table 2: Checklist of Assessment and Reporting Criteria

27[th] August, 2018

Mt Gilmore Project, New South Wales, Australia.

RC and Core Drilling – August 2018

Criteria	JORC Code explanation	Commentary
Orientation of	 Whether the orientation of sampling achieves unbiased sampling of	Drill hole azimuths are believed to be perpendicular to the mineralised
data in	possible structures and the extent to which this is known, considering	trend as defined by past exploration. Mineralised zones are interpreted
relation to	the deposit type.	to be sub-vertical with drilling with planned dips of -50º to -70º into these
geological	 If the relationship between the drilling orientation and the orientation	zones.
structure	of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	Analysis of sample and data bias has yet to be undertaken. No 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 drill program was undertaken by a qualified
security		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	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 23rdJune 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.

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Table 2: Checklist of Assessment and Reporting Criteria

27[th] August, 2018

Mt Gilmore Project, New South Wales, Australia.

RC and Core Drilling – August 2018

Criteria	JORC Code explanation	Commentary
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.
		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.

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Table 2: Checklist of Assessment and Reporting Criteria

27[th] August, 2018

Mt Gilmore Project, New South Wales, Australia.

RC and Core Drilling – August 2018

Criteria	JORC Code explanation	Commentary
Drill hole	 A summary of all information material to the understanding of the	Drill hole survey information for drilling completed by Corazon Mining
Information	exploration results including a tabulation of the following information	Limited at the Cobalt Ridge prospect is provided in the table below.
	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.
	 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.
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

Criteria	JORC Code explanation	Commentary
Drill hole	 A summary of all information material to the understanding of the	Drill hole survey information for drilling completed by Corazon Mining
Information	exploration results including a tabulation of the following information	Limited at the Cobalt Ridge prospect is provided in the table below.
	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.
	 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.
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

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Table 2: Checklist of Assessment and Reporting Criteria

27[th] August, 2018

Mt Gilmore Project, New South Wales, Australia.

RC and Core Drilling – August 2018

Criteria	JORC Code explanation	Commentary
	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 -50º to -70º 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.
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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