Corazon Mining : Lynn Lake Drilling Update

ASX ANNOUNCEMENT

7 June 2022

onlyuseASX: CZN

ABN: 87112 898 825

REGISTERED

OFFICE

Level 3, 33 Ord St,

West Perth, WA 6005 personalPO Box 8187

Subiaco East

WA 6008

T: [phone]

E: i [e-mail] www.corazon.com.au

For

Extensive nickel and copper mineralisation in drilling at Lynn Lake Project

107m thick zone with visible nickel and copper sulphides intersected + adjacent downhole EM conductor identified

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

Exploration underway at Lynn Lake is focused on the Fraser Lake Complex (FLC), a large metal rich mafic intrusive body, located approximately five kilometres from the historical Lynn Lake Mining Centre (Mining Centre) (Figure 1).

Corazon has drilled three holes to date in its current diamond core drilling program and is pleased to report it has intersected nickel and copper mineralisation.

Hole 045, drilled to a target depth of 618 metres, has intersected extensive magmatic mineralisation with visible nickel and copper sulphides (Figure 2) from surface - including a zone 107 metres thick, from 241 to 348 metres downhole. This intersection is typical of the low-grade mineralisation within the historical Lynn Lake Mining Centre.

This mineralisation has been geophysically linked to a dense-magnetic body approximately 200 metres to the south of hole 045. Corazon is currently drilling this target (at drill hole 046, Figures 3 and 4).

Downhole electromagnetics testing of hole 045 has identified a strong 'off-hole' conductor approximately 40 metres by 20 metres, starting from just 20 metres below surface. It is interpreted that this feature represents stronger concentration of the sulphide mineralisation intersected in hole 045 and is proposed for drill testing after the current hole 046.

Key Highlights

Drilling continuing at the Fraser Lake Complex, south of Lynn Lake Mining Centre

Targeting numerous untested pipe-like intrusive bodies (pipes) analogous to the massive sulphide deposits previously mined at Lynn Lake

Hole 045 has intersected a 107m-thick sequence of strong disseminated to net- textured and blebby sulphide mineralisation - possibly associated with a conductive body located nearby with downhole electromagnetics

Assays have been submitted and results will be released when available

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ASX Announcement | Lynn Lake Drilling Update - 7 June 2022

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personal Figure 1 - Lynn Lake Project - MobileMT survey magnetic susceptibility inversion depth slice at 50m below surface - over a

ForGeoTem total-field regional aeromagnetic image, with the area of the gravity high target outlined.

Details of Drilling Completed

Corazon plans to test a minimum of four targets at the FLC, for a total of approximately 3,000 metres of core drilling in the current phase of drilling. About eight to ten priority targets were generated from recent geological surveys (ASX announcement 17 January 2022) and, pending drilling results, the current program may be extended to include these priority targets.

To date, an initial test of three targets has been completed for a total of 1,923 metres (Table 1, drillholes FLC-2022-041, 042 and 045).

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Chalcopyrite (Cu sulphide) and Pyrrhotite (Fe sulphide) within Olivine Pyroxenite host rock

ASX Announcement | Lynn Lake Drilling Update - 7 June 2022

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Figure 2	- FLC2022-045 core photos of typical sulphide mineralisation - Pentlandite (Ni sulphide),

Drill hole FLC-2022-045 has been completed, to a depth of 618 metres, targeting a large coincident gravity/magnetic anomaly within the Motriuk Complex (Figure 1). Motriuk forms part of the intrusive magmatic channel system, located west of the main FLC intrusion.

Hole 045 has intersected extensive magmatic sulphide mineralisation from surface, including visible nickel and copper sulphides (Figure 2). The best zone of mineralisation is 107 metres in thickness, from 241 to 348 metres downhole, and is similar to the low-grade mineralisation at the historical Lynn Lake Mining Centre. This includes disseminated, net- textured and aggregate blebby sulphides typically <5% of the rock mass and up to 20% over short intervals (Table 2).

The mineralisation intersected within hole 045 has been geophysically traced to a dense-magnetic body approximately 200 metres to the south (Figure 4). Drilling of the core of the anomaly has commenced with drill hole FLC-2022-046.

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ASX Announcement | Lynn Lake Drilling Update - 7 June 2022

Downhole electromagnetics (DHEM) completed within hole 045 has identified an exciting nearby off-hole conductor (Figure 4), measuring approximately 40m by 20m, starting from only about 20 metres below surface. This conductor possibly represents a stronger concentration of the sulphides intersected by hole 045. Drilling of this anomaly (proposed

onlyhole FLC-2022-047) will be completed subsequent to drilling hole 046.

Drill holes FLC-2022-041and 042 (Figure 3) were paused approximately 200 metres from their proposed final depth. Variations in the lithologies intersected in drilling have not matched the interpretation of the aerial geophysics (gravity, magnetics and electromagnetics). As such, Corazon has taken a cautious approach, deciding to complete DHEM to assess the progress and positioning of the drill holes. DHEM is a geophysical method that is much more accurate for the definition of massive sulphides (compared to aerial methods) and is expected to refine the targeting methodology for these areas.

Wet weather and poor surface conditions are currently preventing access to these drill holes. DHEM will be completed useas a priority as soon as conditions improve.

The current drilling program is expected to extend past its planned completion date (the end of the current month). A ays will be progressively submitted, and results will be released when available.

Background to Drill Targets

The current drilling program has been designed to test discrete, geophysically-densepipe-like bodies (pipes) within the

FLC, which are analogous to the spatially related ultramafic intrusives and massive sulphide deposits within the Mining personalCentre, which were previously successfully mined over a period of 24 years.

Cor zon completed a detailed aerial gravity geophysical survey over the FLC in January 2022 that identified numerous de se, pipe-like bodies that have not been drill-tested (Figure 2) (ASX announcement 17 January 2022). These features are also present within the magnetic data and appear to come together to form a large body at depth within the centre of the FLC.

The geophysical characteristics of the FLC pipes are most similar to the EL Deposit within the Mining Centre. The EL Deposit is a vertical intrusive mafic pipe, about 300 metres in diameter, with an internal core of massive sulphide breccia and ultramafic rocks between 80 and 120 metres in diameter.

The EL Deposit was mined to only 200 metres below surface, producing approximately 1.9 million tonnes of ore at 2.4% nickel and 1.15% copper.

The potential for massive sulfide deposits to exist in close association with ultramafic lithologies within the extremely mineralised FLC forms the basis of the Company's current drilling program.

For		Hole ID			East_UTM			North_UTM			RL_m			UTM_Azim			Dip		EOH
													(m)
		FLC-2022-041	370927		6295816		361		043		80		606
		FLC-2022-042	372464		6297256		360		224		83		699
		FLC-2022-045	369108		6296208		343		308		79		618
		Table 1 - Drill hole collar setup details (survey datum grid

system NAD 83 Zone 14N)

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ASX Announcement | Lynn Lake Drilling Update - 7 June 2022

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			Interval	Total
Lithology	From (m)	To (m)	Sulphide	Style
(m)
			%
	241.40	243.00	1.60	1-5	ds, int
	245.00	245.20	0.20	10-15	ds, int, vn
	245.20	264.72	19.52	1-5	ds, int
	264.72	265.00	0.28	10-15	ds, int, vn
	265.00	266.00	1.00	1-5	ds, int
	266.00	267.00	1.00	5-10	ds, int
	267.00	269.00	2.00	1-5	ds, int
	269.00	269.65	0.65	10-15	ds, int, vn
	269.65	274.36	4.71	1-5	ds, int
	274.36	274.84	0.48	<1	ds, int
	278.56	280.53	1.97	1-5	ds, int, vn
	280.53	284.50	3.97	10-15	ds, int, net, vn
	284.50	287.02	2.52	1-5	ds, int, vn
	287.02	288.38	1.36	<1	ds, int
	288.38	289.57	1.19	5-10	ds, int, vn
	289.57	294.54	4.97	1-5	ds, int, vn
	294.54	295.03	0.49	<1	ds, int
Olivine Pyroxenite	295.20	302.55	7.35	<1	ds, int
302.55	307.53	4.98	1-5	ds, int
	307.53	308.05	0.52	5-10	ds, int, net
	308.05	308.38	0.33	1-5	ds, int
	313.94	319.24	5.30	1-5	ds, int, vn
	322.26	324.20	1.94	5-10	ds, int, net
	324.20	325.79	1.59	1-5	ds, int, vn
	325.79	326.58	0.79	5-10	ds, int, net
	326.58	329.00	2.42	1-5	ds, int, vn
	329.00	329.87	0.87	5-10	ds, int, net
	329.87	335.31	5.44	1-5	ds, int
	335.31	335.54	0.23	15-20	ds, int, vn
	335.54	336.23	0.69	1-5	ds, int, vn
	336.23	336.82	0.59	5-10	ds, int, vn
	336.82	337.08	0.26	1-5	ds, int
	337.08	345.91	8.83	1-5	ds, int
	345.91	347.05	1.14	5-10	ds, int
	347.05	348.21	1.16	1-5	ds, int
	348.21	353.51	5.30	<1	ds, blb

Table 2 - Drill hole summary log of sulphide mineralisation. Sulphide Styles: ds = disseminated, int = interstitial, vn = vein, blb = blebby, net = net texture.

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