Slide 1: Fraser Lake Complex Technical Presentation
ASX ANNOUNCEMENT 27 MAY 2020 FRASER LAKE COMPLEX TECHNICAL PRESENTATION BACKGROUND TO CORAZON’S EXPLORATION APPROACH TO UNLOCKING NEW NICKEL SULPHIDE DISCOVERIES Corazon Mining Limited (ASX: CZN) (Corazon or Company) is pleased to provide this Technical Presentation on the new and compelling nickel
Slide 2: Ends
ASX ANNOUNCEMENT 27 MAY 2020 ENDS This announcement has been authorized on behalf of Corazon Mining Limited by Managing Director, Mr Brett Smith. For further information visit www.corazon.com.au or contact: Brett Smith James Moses Managing Director Media & Investor Relations Corazon Mining Limited M
Slide 3: Fraser Lake Complex Technical Presentation
Fraser Lake Complex Technical Presentation New Understanding New Targets Drilling Underway May 2020 | ASX: CZN
Slide 4: Forward Looking Statement
2 Forward Looking Statement This presentation has been prepared by Corazon Mining Limited (“Corazon”). It contains forecasts and forward looking statements which are not a guarantee of future performance and which involve certain risks. Actual results and future outcomes will in all likelihood diffe
Slide 5: Corazon Mining Limited – At A Glance
3 Corazon Mining Limited – At A Glance Projects Capital Structure – ASX:CZN Lynn Lake – Nickel-Copper-Cobalt Sulphide Issued Shares 2.4b • Manitoba, Canada Quoted Options(1) 529m • Advanced exploration/development project • Historical mine + prospective exploration ground Market Cap (@ $0.003/share)
Slide 6: Two Quality Projects – Key Demand Driven Commodities
4 Two Quality Projects – Key Demand Driven Commodities Lynn Lake – Priority Focus for CZN Nickel-Copper-Cobalt Major Historic Nickel Sulphide Mining Centre Large JORC Resource - With Upside Potential Significant Development Opportunity Exciting Exploration Play Mt Gilmore Copper-Cobalt-Gold New Comp
Slide 7: Lynn Lake Strategy
5 Lynn Lake Strategy CORAZON HAS A TWO-PRONGED STRATEGY FOR EXPLORATION AND DEVELOPMENT i) Expand near-surface JORC 2012 resource base at the Lynn Lake Mining Centre to complement existing resources at depth • Building on the already extensive resources and looking to develop a significant low-cost
Slide 8: Lynn Lake Project Background
6 Lynn Lake Project Background A NICKEL SULPHIDE DEVELOPMENT OPPORTUNITY Lynn Lake: Prolific historical nickel producing district Mine operated for 24 years until 1976 – +20Mt processed Large JORC 2012 Resource – with further growth potential 16.3Mt @ 0.72% Ni, 0.33% Cu, 0.033% Co 116,800t of
Slide 9: Building a Globally Significant Nickel Sulphide Asset in Canada
7 Building a Globally Significant Nickel Sulphide Asset in Canada SINCE 2010 – EXPLORATION AND DISCOVERY Corazon has consolidated ownership of the entire Lynn Lake Nickel Camp Historical Mine Area Exploration success with two discoveries; EL Deeps – 23.75m @ 3.34% Ni, 1.54% Cu (discovery hole)
Slide 10: Fraser Lake Complex
8 Fraser Lake Complex THE EXPLORATION JEWEL IN THE CROWN FLC is located 5km south of the Lynn Lake Mining Centre 1950’s/1960’s Mapping FLC is twice as large as the ‘A Plug’ at Lynn Lake – which has produced 18Mt @ 0.88% Ni + 0.47%Cu Rail Geochemically and structurally similar to Lynn Lake and
Slide 11: Fraser Lake Complex – The Matrix Trend
9 Fraser Lake Complex THE MATRIX TREND – CORAZON’S INITIAL TARGET MATRIX IP ANOMALY – EXTENSIVE NICKEL SULPHIDE MINERALISATION WITHIN THE FLC Matrix Trend is a +1.8km IP Chargeability anomaly coincident with multiple stacked sub- horizontal sulphide-rich magmatic pulses/flows Hole #14 56.1m @ 0.43
Slide 12: Fraser Lake Complex New Geophysical Approach
10 Fraser Lake Complex NEW GEOPHYSICAL APPROACH A NEW UNDERSTANDING THE KEY TO A POTENTIAL SIGNIFICANT DISCOVERY Matrix Trend IP Changeability High Corazon’s extensive work at FLC has led to a deep understanding of the West East geology and mineralisation controls Magnetic Vector Inversion (MVI)
Slide 13: MVI Geophysical Processing
11 MVI Geophysical OLD Conventional Magnetic FLC2017-14 85.5m @ 0.22%Ni, 0.11%Cu Processing Susceptibility Inversion Cross-Section -300E 53.1m @ 0.40%Ni, 0.18%Cu Incl AN EFFECTIVE NEW TARGETING TOOL Effective to possibly 200-300 22.6m @ 0.70%Ni, Basal Contact of 0.35%Cu metres below surface Intrusio
Slide 14: New Geophysical Approach
12 New Geophysical Approach KEY TO A POTENTIAL SIGNIFICANT DISCOVERY NEW EVIDENCE SUPPORTING MAGMATIC LAYERING WITHIN THE FLC Matrix Trend IP Changeability High Phases of gabbro within the FLC, mapped in the 1970’s, can be observed West East in the MVI images A new north-westerly dip is interpre
Slide 15: The Matrix Trend is Possibly NOT the Primary Target Within the FLC
13 The Matrix Trend is Possibly NOT THE MATRIX TREND the Primary Target Within the FLC Matrix Trend Corazon’s drilling at the FLC has IP Changeability High focused on the Matrix Trend – which defines the eastern/basal contact of the West East youngest phase of intrusion with older FLC gabbros Mixi
Slide 16: Priority New Target
14 Priority New Target COMPELLING LOCATION An MVI magnetic high is identified on the flat basal contact of the FLC – potentially a basal accumulation of sulphide – west of the Matrix Trend Large +300m x +200m target area supported by Magnetics (MVI), IP chargeability high and surface geochemistr
Slide 17: Priority New Target – MVI X-Sections
15 Priority New Target COMPELLING LOCATION “Basal Contact” setting similar is to numerous other Generic Model major global nickel-copper magmatic sulphide deposits X-Section Voisey’s Bay (Canada) Nova Bollinger (Western Australia) Eagle (USA) Savanah (Western Australia) New Target is obs
Slide 18: New Substantial Target
16 New Substantial Target CURRENT STATUS OF DRILLING (ASX announcement 1 May 2020) Drilling of this new target is underway Hole FLC2020-22 drilled to 523.4m (~400m below surface) – drilling paused due to poor surface conditions caused by spring meltwater Sulphide content starting to increase w
Slide 19: Lynn Lake Project Overview
17 Lynn Lake Project Overview RIGHT COMMODITIES – PERFECT TIMING Lynn Lake – One of the best brown-fields nickel sulphide exploration plays in North America Underpinned by JORC 2012 Resource of 116,800t nickel, 54,300t copper and 5,300t cobalt Market support and sentiment for nickel sulphide p
Slide 20: Contact
18 CONTACT Level 3, 33 Ord St, WEST PERTH WA 6005 PO Box 8187, SUBIACO EAST WA 6008 +61(8) 6142 6366 info@corazon.com.au 1 www.corazon.com.au
Slide 21: Lynn Lake Mining Centre: Major Brown-Fields Exploration and Development Focus
19 Lynn Lake Mining Centre: Major ‘Brown-Fields’ Exploration and Development’ Focus 0 500m PROLIFIC LARGE TONNAGE – LOW COST PRODUCER N A Shaft Past Production 1953-1976 A Plug Golf Deposit 206,200t Nickel and 107,600t Copper Disco Deposit A Plug - 18Mt @ 0.88% Ni + 0.47%Cu EL Plug - 1.9Mt @ 2
Slide 22: Lynn Lake Mining Centre: Multiple Deposits – Existing Resources & Expansion Potential
20 Lynn Lake Mining Centre: Multiple Deposits – Existing Resources & Expansion Potential South Western Areas Discovery – 2008 Drilling Target North 2019/2020 18m @ 1.5% Ni, 0.70% Cu 4 kms Disco Resource 77kt @ 0.71%Ni, C B A ‘EL’ Resource 0.41%Cu E 2.4Mt @ 0.94%Ni, 0.32%Cu ‘O’ Resource 6.0Mt @ 0.68%
Slide 23: Game-Changing Metallurgical Results: Further Improvements Expected
21 ‘Game-Changing’ Metallurgical Results: Further Improvements Expected DELIVERS “PRODUCT” OPTIONALITY First comprehensive flotation testwork in more than 40 years First time separate clean high-value nickel and copper concentrates have been produced (ASX announcements date 11th & 12th Feb 2019)
Slide 24: Lynn Lake - Significant Resource Established
22 Lynn Lake - significant Resource established Comparison with Australian Ni Sulphide Resources Lynn Lake ranks as a substantial project when matched against Australian nickel sulphide resource areas 116,800t Ni (80% Indicated Category) 54,300t Cu 5,300t Co IMPORTANT INFORMATION 1. Data collation a
Slide 25: Supporting Data for Comparison with Australian Ni Sulphide Deposits
23 Supporting Data for Comparison with Australian Ni Sulphide Deposits Resource Company Date of Data Measured Indicated Inferred Project Project Status References Sources '000 '000 '000 Name Code Ni% Cu% Co% Ni% Cu% Co% Ni% Cu% Co% Tonnes Tonnes Tonnes Yakabindi BHP Billiton BHP Mine Development BHP
Slide 26: Competent Person Statement
24 Competent Person Statement The information in this report that relates to Exploration Results and Targets is based on information compiled by Mr. Brett Smith, B.Sc Hons (Geol), Member AusIMM, Member AIG and an employee of Corazon Mining Limited. Mr. Smith has sufficient experience that is relevan