Corazon Mining has announced that results from its recently completed soil geochemistry program at the Mt Gilmore Cobalt-Copper- Gold Project in north-eastern New South Wales has identified new zones of cobalt mineralisation at the Cobalt Ridge prospect.

Cobalt Ridge hosts one of the highest-grade cobalt deposits in Australia. It is a rare cobaltdominant sulphide deposit and Corazon believes the Project has the potential to supply a quality cobalt product, suitable for use in lithium-ion batteries and the emerging rechargeable battery sector.

Soil Sampling

Very little modern exploration has been conducted at the Mt Gilmore Project. Past work has been restricted to a small area of drilling and surface geochemistry at Cobalt Ridge, targeting late 1800 to early 1900’s small scale copper mines. Corazon completed its initial drilling at Cobalt Ridge late in 2016. This current phase of surface geochemistry expands geochemical coverage in the immediate area of Cobalt Ridge, identifying new targets for follow-up drilling.

The completed soil-sampling program extended coverage at Cobalt Ridge to an area of approximately 2 kilometres by 1 kilometre. In total, 390 samples were taken on a grid spacing of 50m x 50m close to the main target area and 100m x 100m in peripheral areas. Details of sampling and analytical methods are presented in the attached table.

Results have validated historical geochemistry and confirmed the presence of multiple zones of cobalt and copper mineralisation over a significant area.

Cobalt Anomalies

Drilling to date at Cobalt Ridge has tested an east-west zone of approximately 300 metres. This trend corresponds with what is believed to be a copper-dominant feature that was the target of small-scale mining in the late 1800’s to early 1900’s. Both surface geochemistry and drilling suggest the Main Cobalt Lode has a northeastern orientation, slightly at angles to this copper trend. The Main Cobalt Lode has only been drill tested for approximately a 200 metre strike and remains open and un-drilled to the southwest and northeast.

Surface geochemistry suggests the cobalt mineralisation is much more extensive than that defined by previous exploration and mining, which was focused solely on the copper mineralisation.

The cobalt geochemical trend associated with the Main Cobalt Lode is traced over approximately 450 metres, bounded to the west by unmineralised granite and to the east it goes under cover of flat-lying younger sediments. The anomaly is quite broad (approximately 150 metres) and is interpreted to cover a number of parallel sulphidic lodes (evident in drilling and on surface). An example of these targets is the Cobalt Ridge North cobalt anomaly, situated up-slope from Cobalt Ridge and Flintoff’s mineralisation.

Approximately 200 metres north of Cobalt Ridge is another northeast oriented cobalt anomaly corresponding to the old Flintoff’s workings. This anomaly is approximately 350 metres in strike, although there is an additional 150 metres of strike to the granite to the west (that may also be prospective). To the east the anomaly trends under thin cover.

The Flintoff’s anomaly contains the highest grade cobalt-in-soils result in the district (271ppm Co) and is associated with old copper workings that are more substantial than at Cobalt Ridge. Government reports from mining in the early 1900’s recorded cobalt mineralisation up to 8.9%, with more recent government rock-chip sampling (1986) returning 0.76% Co, 0.69% Cu, 0.39g/t Au and 4g/t Ag. This deposit has not been drill tested.