Corazon Mining Limited announced the exploration program for 2022 has commenced at its wholly owned Lynn Lake Nickel-Copper-Cobalt Sulphide Project (Lynn Lake or Project) in Manitoba Province, Canada. Corazon has recommenced exploration at the Lynn Lake Nickel Sulphide Project in Canada; A detailed aerial gravity survey underway is expected to provide new drill targets in the search for massive nickel-copper-cobalt sulphide deposits; The immediate priority is identifying discrete dense bodies within the "eye" of the Fraser Lake Complex (FLC) - located 5 kilometres from the 100% owned Lynn Lake Mining Centre; Exploration in 2021 identified a mineralised conduit feeding into an area of high density within the FLC - possibly ultramafic lithologies, prospective for massive sulphide deposits - not previously recognised and untested by drilling; The gravity survey is designed to identify sulphide bodies of the size typical within the Lynn Lake Mining Centre; Initial results from this work are expected this month, subsequent to which plans for the next phase of drilling will be finalised. The Company has commenced a detailed airborne gravity survey designed to refine gravity high targets (dense bodies) for testing in the next phase of exploration drilling.

Geophysical surveys are critical for exploration at Lynn Lake, where there is little surface exposure of basement rocks. The aerial gravity survey will cover the entire Project and is scaled to test for small dense bodies, such as individual massive sulphide deposits (typical of Lynn Lake) and small isolated mafic plugs such as the high-grade EL Mine. Initial results from the gravity survey are expected this month, subsequent to which plans for drilling will be finalised.

Drilling is currently planned to commence within the March quarter. Of immediate priority is the Fraser Lake Complex (FLC) approximately five (5) kilometres south of the Lynn Lake Project's main mining centre. Corazon's exploration of the FLC has identified a sulphide rich conduit (an intrusive horizonal channel or feeder zone), extending over approximately 3.5 kilometres and intruding as a late-event into a pre-existing gabbroic complex (ASX announcement 10 December 2021).

Geophysical modelling of existing 200 metre spaced gravity data indicates this conduit feeds into a large dense body, approximating to the centre of the FLC's "eye". The dense body identified at the core of the FLC is interpreted to be ultramafic lithologies (possibly peridotites), that come close to the surface, but has not been previously recognised or tested with drilling. Of note within the Lynn Lake Mining Centre, ultramafic lithologies have a close spatial and timing association with the massive nickel-copper-cobalt sulphide deposits that are part of Corazon's large JORC resource estimation.

The results of Corazon's 2021 exploration program at Lynn Lake identified a new immediate- priority target area at the FLC (ASX announcement 10 December 2021). Corazon's exploration focus at the FLC has been the Matrix Trend, an IP chargeability high (anomaly) defined by geophysical surveys between 2016 and 2018. The Matrix Trend is interpreted to be an exposed (by erosion) part of a sulphide-rich magma conduit that has "punched" into the older and more fractionated Fraser Lake "gabbroic" complex.

New modelling of geophysical datasets indicates the conduit system plunges into the FLC and into an area of higher density, which is indicative of ultramafic lithologies. Ultramafics (peridotites) have yet to be identified in outcrop or drilling within the FLC, however within the Lynn Lake Mining Centre, peridotites have a very strong spatial and timing association with the massive nickel sulphide orebodies. The existence of peridotites within the FLC would be extremely encouraging and would enhance the possibility for the discovery of a Lynn Lake-style mineralised system.