FLC Technical Presentation, May 2020

Background to Corazon’s Exploration Approach to Unlocking New Nickel-Sulphide Discoveries

Corazon is pleased to provide this Technical Presentation on the new and compelling nickel sulphide targets at the Fraser Lake Complex (FLC), located within the Company’s 100%-owned Lynn Lake Nickel-Copper-Cobalt Sulphide Project (Lynn Lake or Project) in Manitoba province, Canada.

Corazon is pursuing a two-pronged strategy for the exploration and development of the Lynn Lake Project, as outlined following;

  1. Expand the near-surface JORC 2012 Resource base via drilling exploration at the Lynn Lake Mining Centre to complement existing Resources at depth, and confirm a large global resource to support the potential future development of a significant, low-cost mining operation. Highly positive metallurgical studies are being conducted in parallel.
  2. Explore for new, world-class nickel sulphide deposits within the Lynn Lake project area, including at the FLC, located just five kilometres south of the Lynn Lake Mining Centre.

The Company’s current focus is on drilling new high-priority geophysical targets within the FLC. Drilling underway is currently paused due to poor surface conditions from the spring melt, although it is planned to recommence drilling in the near future.

This Technical Presentation provides detailed background information on Corazon’s targeting and exploration approach to uncovering new Lynn Lake-style nickel sulphide discoveries at the FLC.

  • The FLC is a mafic intrusive rich in magmatic sulfides, prospective for the discovery of major nickel-copper-cobalt sulphide deposits.
  • Corazon is applying new geophysical processing methods that have delivered significant new geophysical anomalies at the FLC, on-trend from drill defined mineralisation.
  • Corazon has previously successfully used the same approach to define known mineralisation to depths of at least 600 metres at the Lynn Lake Mining Centre.
  • This approach has generated a significant flat-lying target covering an area of at least 350 metres x 200 metres, on the basal contact of the FLC intrusive.
  • The first hole into this target (hole FLC2020-22) has intersected the top of the geophysical target anomaly – at ~400 metres below surface.
  • Sulphide content has increased (to between 1% and 8%) with depth as the hole moves closer to the geophysical target – in line with Corazon’s geological model (ASX announcement 1 May 2020).
  • The peak of the magnetic anomaly sits at about 450 metres below surface and the base of the target is interpreted to be ~500 metres below surface.