Corazon Mining Limited announced its first phase of exploration has identified three initial, priority drill targets at the Miriam Nickel Sulphide, Lithium Project (Miriam or Project) in the Eastern Goldfields region of Western Australia. The Miriam Project is located approximately 10 kilometres south-southwest of Coolgardie, and is prospective for nickel, lithium and gold. Corazon commenced on-ground activities at the Project in January, testing for nickel sulphide mineralization.

The outcomes of this initial exploration have been positive, with three initial targets identified along the prospective 2.4 kilometre-long Miriam trend. The targets identified to date are interpreted as three large ultramafic lava paleo-channels or paleo-depressions that may be favourable traps for nickel sulphide accumulation; the Miriam Main Channel, the North Channel and South Channel. The Main Channel hosts the drill-defined Miriam Nickel Sulphide Deposit.

The existence and prospectivity of the North and South Channels are also supported by past geophysical surveys and nickel sulphide identified by exploration drilling. Further details on these targets are provided in this announcement. Corazon is currently testing the Miriam Trend via detailed ground magnetic and gravity geophysics, This work will better define the basal contact of the prospective ultramafic for targeted drilling, as well as possibly identifying variations in the depth of weathering that may infer sulphide bodies.

The results of this detailed targeting work are expected next month. Once drill targets have been confirmed, a program of works will be submitted for governmental drilling approval. Exploration Identifies Three Initial Targets Ground EM Survey A "moving loop" ground electromagnetic (EM) survey has been completed over the prospective Miriam trend (Figure 1), a 2.4 kilometres trend defined by the basal contact of ultramafic lithologies.

Most prominent within this survey were large conductive bodies interpreted to be barren sulphidic sediments, located immediately to the east of (and beneath) the targeted ultramafic basal contact (eastern lithological contact). These conductive bodies have a substantial impact on the capacity of ground and down-hole EM, and most significantly provides certainty that past geophysics has not effectively tested the Miriam Trend. Based on the results of Corazon's EM survey, the historical ground and down-hole EM surveys were re-modelled and interrogated.

This work and the results from historical drilling, has led to the interpretation of three large ultramafic lava paleo-channels or paleo-depressions ("channels") that may have been favourable traps for nickel sulphide accumulation. These channels provide an immediate focus for the next phase of exploration at Miriam. Defined Target Details The three channels identified to date along the Miriam Trend are interpreted to have been significant depressions along the basal contact of the ultramafic lava flow(s), within the paleo-substrate.

These are identified as the North, Main and South channels. The Main Channel hosts the Miriam nickel sulphide deposit. The channel is defined by multiple drill hole intercepts, including the Miriam discovery hole HH92 that intersected violarite (a weathered nickel sulphide mineral) with 9.6m @ 5.60% Ni, along with deeper intercepts such as MD1 with 12.5m @ 0.56% Ni and MD3A with 3.2m @ 2.59% Ni and 0.52% Cu.

Past drilling and geophysics (surface and down-hole) define a precise drill hole target at approximately 250 metres below surface, on the basal contact of the ultramafic, down-plunge (steep to the southeast) from the nickel sulphide drill intercepts. Historical exploration drilling of the Miriam Deposit has contributed greatly to the understanding of the ultramafic sequences within the Project area. The channel locations interpreted from the geophysics matches perfectly with detailed drillhole logging and channel facies interpretations (where they exist).

The North Channel has not been drill tested below about 100 metres depth. There exists mapped gossans (iron-oxide minerals formed from weathered sulphide) and soil geochemical anomalism at surface. Weak shallow geophysical conductors from historical EM are defined on the interpreted basal contact.

Detailed ground magnetics and gravity is underway to further map this area prior to drilling. The South Channel is also not well tested by drilling and will be mapped in more detail with ground geophysics prior to defining targets for drilling. Deeper drilling has intersected nickel sulphide (MID013 0.3m @ 3.05% Ni, MID010 1.16m @ 1.50% Ni), with these intercepts appearing on the northern margin (flank) of the interpreted channel, which is open to the south.

There are indications of smaller scale komatiite (volcanic ultramafic host rocks) channels existing along the Miriam Trend. These provide an opportunity for the definition of additional targets. Next Steps: Detailed ground magnetic and gravity surveys are underway at Miriam, testing the ultramafic basal contact.

This work is expected to be completed and incorporated into the drill hole targeting exercise in April. Subsequent to defining the drill targets, the Company will seek approvals for drilling from the Government of Western Australia. 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 underway, in parallel with the Company's nickel focus. Surface soil geochemical sampling has been completed, testing for indications of lithium bearing pegmatites under thin soil cover within the Project area. The results of this work are expected in the coming weeks.