Corazon Mining Limited announced high- grade lithium assay results from spodumene-bearing pegmatite within the Miriam Nickel Sulphide Project (Miriam or Project) in the Eastern Goldfields region of Western Australia. Corazon recently reported the discovery of spodumene (lithium mineral) bearing pegmatite along with widespread indicators of pegmatite in a field-mapping program undertaken at the Miriam Project. The identification of spodumene was verified using Raman Spectroscopy.

Laboratory analysis has confirmed the presence of lithium and validated the Company's initial findings, including high grade values of between 1.01% and 1.85% Li2O. Notwithstanding the high grades from weakly weathered samples, it is noted that the strongly weathered surface samples have suffered significant lithium depletion. The Miriam leases are in the process of being granted.

The Company plans to undertake detailed exploration to confirm the extent of the lithium mineralisation within the Project area, in tandem with the aggressive nickel sulphide exploration program previously proposed for the Miriam nickel-sulphide deposit. It is proposed this work will include the testing of unweathered pegmatite(s) with shallow drilling. Rock samples of spodumene-rich outcropping pegmatite were extracted from a historical prospecting trench.

At surface, this pegmatite is weathered and the spodumene is greyish-green in colour, and replaced by albite and ultrafine muscovite (alteration and weathering processes). In less weathered pegmatite samples, the spodumene is unaltered, yellowish white in natural light and shows orange luminescence under long wavelength UV light. Spodumene crystals observed are generally 1.5-3 centimetres in width and up to 40 centimetres in length.

Rock samples submitted for analysis have an estimated spodumene content up to approximately 30%. These visual descriptions should not be used to determine the lithium content of the pegmatite. Samples submitted for laboratory analysis were variable in character, so as to acquire information to assess the effects alteration and weathering has on the overall lithium content within the pegmatite.

It is expected the samples of pegmatite are a very small representation of the intrusive units that appears to strike north-south and can be traced via indications within the soil profile for at least 10 metres. The true dimensions of the pegmatites, or the representativeness of these outcrops for the entire pegmatite, cannot be determined without drilling. The intensively weathered spodumene-bearing pegmatite samples have Li2O contents between 500 ppm and 700 ppm.

Assays from the less weathered pegmatitic material returned much higher grades, up to 1.85% Li2O. Roman Spectroscopy and whole-rock geochemistry suggest that lithium depletion on intensively weathered sample is significant. Samples numbered CMR0016, 17 and 18 are taken from a weathered pegmatite located approximately 800 metres to the west-northwest of the pegmatite with strong visible spodumene and good lithium results.

These samples have elevated lithium assays, similar to the weathered samples of the spodumene bearing pegmatite and greater than expected from barren pegmatites. This pegmatite potentially supports the prospectivity of the Miriam Project to host additional lithium-bearing pegmatites. The Miriam Project is located approximately 10 kilometres south-southwest of Coolgardie on a trend of ultramafics best identified by the Miriam and Nepean nickel deposits.