Lynn Lake Nickel Sulphide Project Update

Corazon Mining Limited (ASX: CZN) (Corazon or Company) is pleased to provide an update on activities at its flagship project, the 100%-owned Lynn Lake Nickel-Copper- Cobalt Sulphide Project (Lynn Lake or Project) in the province of Manitoba, Canada.

Key Highlights

• Exploration drilling continuing at Fraser Lake Complex testing geophysical anomalies within the Motriuk ultramafic intrusion - encouraging nickel and copper sulphide mineralisation intersected
• New detailed geological modelling underway at the Lynn Lake Mining Centre to identify additional near surface resource potential not included in previous resource estimates or mining studies
• Metallurgical testwork on lower-grade mineralisation from the mining centre is underway – incorporating innovative “ore-sorting” technology as an upgrading option

Corazon’s ongoing focus is the pursuit of the potential redevelopment of Lynn Lake’s historical nickel sulphide Mining Centre towards production, and the targeted exploration for new nickel-copper-cobalt sulphide deposits within the Project area.

At the Mining Centre, the Company is assessing the potential to benefit from the extensive low-grade sulphide mineralisation surrounding known deposits and identifying relatively untested extensions to the current resources (within the upper levels of the mine surrounds).

Metallurgical testwork on lower grade material is currently underway and new 3D models of structure, rock type and geophysical surveys for the A-Plug Mining Centre (Figure 1) are being utilised to define potential areas for exploration and resource definition drilling.

Exploration drilling is ongoing at the Fraser Lake Complex (FLC) (Figure 1), testing geophysical targets (ASX announcement 11 April 2022). Encouraging nickel and copper sulphide mineralisation has been intersected at the Motriuk intrusion (ASX announcement 7 June 2022). The existence of visible pentlandite (nickel sulphide) in blebs and the potential for these sulphides to accumulate at depth, provide a compelling target for the drilling currently in progress.

Figure 1 – Lynn Lake Project - MobileMT survey magnetic susceptibility inversion depth slice at 50m below surface - over a GeoTem total-field regional aeromagnetic image, with the area of the gravity high target outlined.

Fraser Lake Complex Exploration Drilling

Exploration drilling at the Fraser Lake Complex is continuing, following early encouraging results from drilling at the Motriuk Ultramafic (ASX announcement 7 June 2022).

Progress of the drilling has been slow, with the drilling contractor needing to revert to one shift per day, due to the limited availability of personnel. This is an industry-wide issue due to both the effects of the Covid-19 pandemic and the seasonal demands for exploration personnel.

Currently, there is a 10-day scheduled break in drilling, which is due to recommence on the 22^nd of July 2022. With an all-inclusive per-metre rate for this drilling program, Corazon bears no additional cost for drilling down-time or slow meterage.

In mid-June 2022, senior Company personnel traveled to site to review the progress of the drilling, including the sulphides intersected at Motriuk (ASX announcement 7 June 2022). While the amount of sulphide mineralisation reported was low (typically 1-5% of volume) and as such the expectations for the nickel content is also low, the existence of visible pentlandite is very encouraging. The Motriuk Complex historically has been considered nickel-deficient compared to the average for such ultramafic rock (pyroxenites and peridotites). It is assumed the nickel was extracted from the melt as sulphide (pentlandite) during the magma’s transportation to Motriuk, or in-situ.

The Motriuk Ultramafic body is “keel-like” in shape, with a base that has been defined by geophysics. The current drilling is targeting the base of this intrusion, which has a dense and magnetic geophysical signature.

Updates regarding this drilling will be provided in due course.

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