Corazon Mining Limited announce the granting of Prospecting Licences and the commencement of on-ground exploration at the Miriam Nickel Sulphide Project (Miriam or Project) in the Eastern Goldfields region of Western Australia. The Miriam Project is located approximately 10 kilometres south-southwest of Coolgardie. It consists of five Prospecting Licences, three of which were granted on 23 January 2023, allowing the Company to commence its planned exploration activities.

Miriam is prospective for nickel, lithium and gold. Corazon's field work at the Project will initially focus on the nickel potential via a ground electromagnetic (EM) geophysical survey. The survey will test the Miriam Nickel Sulphide Deposit and interpreted extensions.

The EM electromagnetic method is ideally suited to detecting bedrock conductors such as massive sulfides, with the equipment configured to minimise the effect of conductive cover and improve the interpretability of any bedrock conductors detected. This first phase of fieldwork is anticipated to be completed by the end of this month, with the outcome of the survey expected to be announced in February 2023. A previous ground EM was conducted in 1999, which detected the top of the Miriam Deposit.

It is expected that the more powerful geophysical systems (with more sensitive detectors) available in the current survey will be beneficial in defining the extents of the existing drill-defined mineralisation. Miriam Project tenements have been granted and exploration has commenced. The Project is prospective for nickel, lithium and gold ­ initial exploration to focus on nickel with a ground EM geophysical survey to test for extensions at the priority Miriam Nickel Sulphide Deposit.

The Miriam Nickel Sulphide Deposit was discovered in 1969 and has a long history of ownership by gold-focused companies, with relatively little modern nickel exploration. Modern, high-powered geophysics provides the opportunity to better test and map historically defined high-grade nickel sulphide mineralisation, The Project is also prospective for lithium - Corazon recently discovered lithium (spodumene) bearing pegmatite and geochemical sampling is planned to test for lithium bearing pegmatites. The Miriam Project is situated on a trend of ultramafics best defined by the undeveloped Miriam Deposit and Nepean nickel mine.

The Miriam Nickel Sulphide Deposit was discovered in 1969, with the discovery hole returning 9.6m @ 5.60% nickel. The deposit remains undeveloped and has a long history of ownership by gold-focused companies. In addition to its nickel prospectivity, the Miriam Project is also prospective for lithium and gold.

Following the Company's recent discovery of lithium (spodumene) bearing pegmatite at Miriam, a lithium exploration program is proposed to be carried out in parallel with the Company's nickel focus at the Project. Surface geochemical sampling is planned to be undertaken as a priority, testing for indications of lithium bearing pegmatites under shallow soil cover, within the project area.