CORAZON MINING LIMITED — Regulatory Filings 2018

Mar 12, 2018

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ASX ANNOUNCEMENT 13 March 2018
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DRILLING INTERSECTS WIDE ZONES OF DISSEMINATED MINERALISATION AT LYNN LAKE PROJECT

• 1,415m, five hole drilling program completed at the Lynn Lake Project ( Lynn Lake ) in Canada

• Three holes completed at the Fraser Lake Complex (FLC) intersected widespread sulphide mineralisation

• Samples have been submitted for laboratory analysis - results are pending

• Visual observation indicates the disseminated mineralisation is consistent with the outcomes of prior successful drilling at Lynn Lake

• FLC is a large mineralised system – Corazon’s ongoing exploration continues to deliver encouraging results and strengthen the geological model and targeting processes for economic nickel-copper-cobalt sulphide deposits

• JORC Resource upgrade underway for the Lynn Lake Mining Centre – Resource to be used in mining studies for assessment of a potential future mining operation

• Exploration program also underway at the Mt Gilmore Cobalt-Copper-Gold Project in NSW - details of upcoming field work at both projects to be provided in near future

Corazon Mining Limited (ASX: CZN) ( Corazon or the Company ) is pleased to announce it has completed its latest phase of drilling at the Fraser Lake Complex ( FLC ), located just five kilometers south of its 100% owned Lynn Lake Nickel-Copper-Cobalt Mining Centre ( Lynn Lake ) in Canada.

Corazon has active exploration programs underway at both its Lynn Lake Project in Canada and the Mt Gilmore Cobalt-Copper-Gold Project in New South Wales, Australia.

Drilling at Lynn Lake comprised three holes at the FLC and two holes at targets closer to the Lynn Lake Mining Centre for a total of 1,415 metres (refer to Table 1 for details). This phase of drilling targeted large, untested geophysical anomalies identified in Corazon’s successful 2017 Field Season at Lynn Lake,

Corazon’s 2017 drilling resulted in the discovery of a significant, new magmatic nickel-coppercobalt sulphide system at the FLC, exhibiting similar characteristics to the nearby high-grade NiCu-Co Sulphide EL Mine Deposit, within the Lynn Lake Mining Centre.

The Company advises that significant and widespread disseminated to heavy net-textured sulphide mineralisation was intersected in this recent drilling from surface and throughout all holes within the FLC. These initial results from this phase of drilling are consistent with mineralisation intersected in the 2017 drilling program.

Samples from this drilling have been submitted for laboratory analysis and the Company will release results as they become available.

Drilling at the FLC continues to deliver positive results which strengthen Corazon’s geological model for the target, and belief that the FLC has the potential to host significant nickel-copper-

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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cobalt sulphide deposits. It is noted, though, that the feeder zone(s) for this mineralisation have not yet been identified. With this aim in mind, the results of the recent drilling will enable the Company to further refine its targeting and interpretation processes for on-going exploration.

The Company also advises that work has commenced for the re-estimation and up-grade of Resources within the Lynn Lake Mining Centre. These Resources will be used to complete mining studies for the re-establishment of mining at Lynn Lake. The price of nickel has risen strongly in the past 12 months and the forecast demand outlook is similarly positive, factors which add weight to the potential economic viability of mining at Lynn Lake.

In addition to the ongoing work at Lynn Lake Project, Corazon has an active exploration program underway at the Mt Gilmore Cobalt-Copper-Gold project in New South Wales, Australia. Details of upcoming fieldwork at both projects will be provided in due course.

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Figure 1 – Lynn Lake drill hole location over interpreted geology plan .

END .

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

Brett Smith

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

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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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 that he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Smith consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

Canadian geologist Dr. Larry Hulbert has been engaged by Corazon to manage the collation of past exploration information and the definition of new targets at Lynn Lake. Dr Hulbert has extensive knowledge of the Lynn Lake district and over 40 years’ experience in Ni-Cu-PGM exploration and research. Dr Hulbert is one of North America's foremost experts on magmatic sulphide deposits and would qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”.

Dr. Hulbert has authored numerous professional papers, was the recipient of the Barlow Medal from CIM in 1993, a Robinson Distinguished Lecturer for the Geological and Mineralogical Association of Canada for 2001-2002, and in 2003 received the Earth Sciences Sector Merit Award from Natural Resources Canada.

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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Table 1: Checklist of Assessment and Reporting Criteria

13[th] March2018

- Core Drilling Lynn Lake Project, Canada.

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	JORC Code explanation	Commentary
Sampling		Nature and quality of sampling (eg cut channels, random	Drill Core Sampling
techniques		chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or	Half core is sampled on the basis of geology. Minimum interval 200mm, maximum interval sampled is 1.5m.
		handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any	The drill core is cut using an industry standard core saw. Individual samples are collected in labelled calico bags. Sample weights are typically between 2kg and 5kg.
	 	measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. 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	“Field-Testing” - a hand-held XRF (Niton) is used for the purposes of assisting with mineral identification and metal content. Analysis is completed by point- testing of the dry, un-processed, core sample. This style of sampling typically un-reliable and can result in large variations in results. Broad ranges for nickel contents have been stated. These results are indicative only and by no means truly representative and should not be used for the purposed of resource calculations.
		cases more explanation may be required, 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.
Drilling		Drill type (eg core, reverse circulation, open-hole hammer,	NQ drill core is being undertaken by Vital Drilling Services from Ontario,
techniques		rotary air blast, auger, Bangka, sonic, etc) and details (eg	utilizinga skid mounted Odyssey Drill Rig 500. Rod lengths are 3m, with
		core diameter, triple or standard tube, depth of diamond	core run lengths also of 3m.
		tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	Depth capacity of this drill rig is approximately 1000 metres.
Drill sample		Method of recording and assessing core and chip sample	Recovery of the core drilling is excellent (+99%).
recovery		recoveries and results assessed.
		Measures taken to maximise sample recovery and ensure
		representative nature of the samples.
		Whether a relationship exists between sample recovery and
		grade and whether sample bias may have occurred due to

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Table 1: Checklist of Assessment and Reporting Criteria

13[th] March2018

- Core Drilling Lynn Lake Project, Canada.

Criteria	JORC Code explanation	JORC Code explanation	Commentary
		preferential loss/gainof fine/coarse material.
Logging		Whether core and chip samples have been geologically and	Core is geologically logged and tested for magnetic susceptibility &
		geotechnically logged to a level of detail to support	conductivity.
		appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core	A hand-held XRF (Niton) is used for the purposes of assisting with mineral identification and metal content.
		(or costean, channel, etc) photography.
		The total length and percentage of the relevant intersections
		logged.
Sub-		If core, whether cut or sawn and whether quarter, half or all	Drill core is cut and typically half core is taken as a sample for analysis.
sampling techniques and sample		core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	Quality control measures include core duplicates (1/4 core), CANMET certified reference materials (standards) and silica blanks.
preparation	 	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.	Samples are transported to TSL Laboratories in Saskatoon for sample preparation, including total sample crushing and pulverising to 80% passing 75 microns. TSL are to complete initial analysis for nickel, copper and cobalt.
		Measures taken to ensure that the sampling is	Based on the initial assay results from TSL, it is expected selected samples will
		representative of the in situ material collected, including for	be forwarded to ACME Laboratories in Vancouver for additional analysis.
		instance results for field duplicate/second-half sampling.
		Whether sample sizes are appropriate to the grain size of	Sample security, shipment and transport is overseen by Aurora Geosciences
		the material being sampled.	personnel.
Quality of		The nature, quality and appropriateness of the assaying and	Once sample preparation and initial analysis for nickel, copper and cobalt is
assay data		laboratory procedures used and whether the technique is	completed by TSL Laboratories, selected samples may be transported to
and		considered partial or total.	ACME Laboratories in Vancouver for analysis. Analysis will include a multi-
laboratory		For geophysical tools, spectrometers, handheld XRF	element analysis using ICP-MS with a 4 acid digest (30 gram samples). A total
tests		instruments, etc, the parameters used in determining the	of 37 elements are tested for (ACME method code AQ525).
		analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	Both TSL and ACME are accredited Canadian laboratories.
		Nature of quality control procedures adopted (eg standards,	A hand-held XRF (Niton) is used for the purposes of assisting with mineral
		blanks, duplicates, external laboratory checks) and whether	identification and metal content. Broad ranges for nickel and copper metal
		acceptable levels of accuracy (ie lack of bias) and precision	contents have been stated. These results are indicative only and by no means
		have been established.

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Table 1: Checklist of Assessment and Reporting Criteria

13[th] March2018

- Core Drilling Lynn Lake Project, Canada.

Criteria	JORC Code explanation	JORC Code explanation	Commentary
			truly representative and should not be used for the purposed of resource
			calculations.
Verification		The verification of significant intersections by either	Drilling is being managed by experienced geological personnel from Aurora
of sampling		independent or alternative company personnel.	Geosciences and overseen by Corazon’s consultant and nickel sulphide expert
and		The use of twinned holes.	Dr Larry Hulbert.
assaying	 	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data.	All data is captured electronically on site and transferred to backup facilities. All paper information is captured electronically and stored digitally and in paper format.
			No adjustment to primary assaying has been undertaken. All averaging over
			intervals is calculated on an individual interval weighted average basis.
Location of		Accuracy and quality of surveys used to locate drill holes	Drill holes were positioned using a hand-held Trimble GEOXH GPS and Reflex
data points		(collar and down-hole surveys), trenches, mine workings	Northfinder APS.
		and other locations used in Mineral Resource estimation. Specification of the grid system used.	The survey data is recorded in real-world grid system NAD 83 Zone 14.
		Quality and adequacy of topographic control.
Data spacing		Data spacing for reporting of Exploration Results.	Drill holes are widely space and targeted at individual geophysical anomalies.
and distribution		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	Sampling for analysis has been completed over areas with identified strong sulphide mineralisation. Not all drill core has been tested.
		estimation procedure(s) and classifications applied.	This exploration is reconnaissance in nature and as such will not result in the
		Whether sample compositing has been applied.	immediate definition of a mineral resource estimation.
Orientation		Whether the orientation of sampling achieves unbiased	Drill holes are widely space and targeted at individual geophysical anomalies.
of data in relation to		sampling of possible structures and the extent to which this is known, considering the deposit type.	Azimuths and dips are variable, dependent on the targets being tested.
geological		If the relationship between the drilling orientation and the	No bias for the sampling has been established.
structure		orientation of key mineralised structures is considered to
		have introduced a sampling bias, this should be assessed
		and reported if material.

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Table 1: Checklist of Assessment and Reporting Criteria

13[th] March2018

- Core Drilling Lynn Lake Project, Canada.

Criteria	JORC Code explanation	JORC Code explanation	Commentary
Sample		The measures taken to ensure sample security.	Sample security is overseen by Aurora Geosciences personnel until shipment to
security			the Laboratory.
			Individual samples are collected in plastic bags, before being bundled together
			into sealed in large PVC bags and sealed with security tags for transport to the
			laboratory.
Audits or		The results of any audits or reviews of sampling techniques	Industry standard duplicate sampling and submission of certified blank and
reviews		and data.	standard samples have been undertaken.
			At this stage, no audits or reviews have been conducted.

Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	JORC Code explanation	Commentary
Mineral		Type, reference name/number, location and ownership	The areas drilled are predominantly covered in an agreement between Mr
tenement		including agreements or material issues with third parties	Peter Dunlop and Corazon Mining Limited whereby Corazon has the option to
and land		such as joint ventures, partnerships, overriding royalties,	acquire 100% of the project by meeting certain conditions. This agreement
tenure status		native title interests, historical sites, wilderness or national	was originally announced within a Company ASX announcement dated 18 May
		park and environmental settings.	2010, with the most recent amendments to this agreement presented in a
		The security of the tenure held at the time of reporting along	Company ASX announcement dated 29 July 2015.
		with any known impediments to obtaining a licence to operate in the area.	The tenure includes multiple Mineral Claims as defined by the Provincial Government of Manitoba. All claims are currently in good standing.
			Corazon Mining works closely with First Nation groups and several government
			organizations responsible for mining and the environment. Work Permits are
			currently in place for the FLC and covers activities such as ground geophysics
			and land-based drilling.
Exploration		Acknowledgment and appraisal of exploration by other	Where exploration has been completed by other parties, those parties have
done by		parties.	been referenced in this document or within previous ASX announcements by
other parties

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Table 1: Checklist of Assessment and Reporting Criteria

13[th] March2018

- Core Drilling Lynn Lake Project, Canada.

Criteria JORC Code explanation	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary
	the Company. In particular refer to CZN ASX announcement dated 11 April 2016.
Geology  Deposit type, geological setting and style of mineralisation.	Magmatic nickel-copper-cobalt sulphide deposits associated within mafic/ultramafic intrusive rock (gabbro related). Volcanogenic massive sulphide (VMS) deposits. Zinc dominant +/- lead, copper, silver and gold.
Drill hole Information  A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length.  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.	Drill Hole Survey Data
	Hole_ID	East	North	RL	Azim	Dip	Depth
	FLC-2018-018	370746.8	6296153.52	353.2	303.0	-60	482.5
	FLC-2018-020	371227.4	6296500.46	350.7	303.8	-51	244.5
	FLC-2018-021	370470.5	6295926.28	351.2	123.0	-70	443.5
	Flag-2018-01	374761.1	6298377.88	349.1	258.0	-58	125.0
	Flag-2018-02	374871.2	6298421.14	348.5	302.0	-80	119.5
Data aggregation methods  In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.  Where aggregate intercepts incorporate short lengths of high grade 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.	No data aggregation has been reported in this announcement.

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Table 1: Checklist of Assessment and Reporting Criteria

13[th] March2018

- Core Drilling Lynn Lake Project, Canada.

Criteria	JORC Code explanation	JORC Code explanation	Commentary
Relationship		These relationships are particularly important in the	Typical Lynn Lake Ni-Cu-Co Magmatic Sulphide Deposits
between mineralisatio n widths and intercept lengths	 	reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	Known nickel-copper-cobalt magmatic sulphide deposits in the Lynn Lake Mining Centre are typically “pipe-like” in form, averaging between 80m and 120m in strike, 30m to 60m in width and with vertical extents of 100’s of metres. The historically mined deposits in the Lynn Lake area have been developed to a maximum depth of approximately 1,100 metres.
			Multiple sulphide pipe-like deposits have been identified and mined in the Lynn
			Lake area.
Diagrams		Appropriate maps and sections (with scales) and tabulations	Appropriate diagrams have been included in the announcement.
		of intercepts should be included for any significant discovery
		being reported These should include, but not be limited to a
		plan view of drill hole collar locations and appropriate
		sectional views.
Balanced		Where comprehensive reporting of all Exploration Results is	This report tables early findings with respect to core drilling currently being
reporting		not practicable, representative reporting of both low and	undertake at Lynn Lake.
		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	The announcement contains results of current and past exploration programs
substantive		reported including (but not limited to): geological	including surface sampling, drilling, geophysics and geological mapping.
exploration		observations; geophysical survey results; geochemical
data		survey results; bulk samples – size and method of	Information regarding this work has been referenced in this document or within
		treatment; metallurgical test results; bulk density,	previous ASX announcements by the Company.
		groundwater, geotechnical and rock characteristics;
		potential deleterious or contaminating substances.
Further work		The nature and scale of planned further work (eg tests for	Analysis of assays and geophysics is expected to provide an exploration focus
		lateral extensions or depth extensions or large-scale step-	at Lynn Lake.
		out drilling).
		Diagrams clearly highlighting the areas of possible
		extensions, including the main geological interpretations and
		future drilling areas, provided this information is not
		commercially sensitive.

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