Corazon Identifies High-Grade Gold Outside Chalice Resource

High-Grade Gold Found Beyond Current Resource Boundaries

Corazon Mining (ASX:CZN) has uncovered a series of high-grade gold intercepts outside the existing 191,000-ounce JORC 2012 Mineral Resource at its Chalice project in Western Australia. A thorough review of historical drilling data revealed multiple near-surface and deeper mineralised zones that were previously excluded from resource estimates, signalling substantial potential for resource growth.

The standout near-surface intercepts include 4 metres at 8.84 g/t gold from 55 metres and 3 metres at 7.38 g/t from 28 metres, located immediately adjacent to the current open pit shell. At depth, intercepts such as 5.1 metres at 2.44 g/t from 578.6 metres confirm extensions beneath and beyond existing underground workings, underscoring the resource's open nature both laterally and vertically.

Drilling Campaign to Target Expansion Zones in Q3 2026

Corazon is advancing plans for a ~10,000-metre Phase 1 drilling program, set to commence in the third quarter of 2026. The initial focus will be on the near-surface zone identified near the Kronos lode, aiming to rapidly test and potentially expand the resource with low-cost open pit targets. The drilling design is informed directly by the historical data review, which highlighted mineralisation previously overlooked due to conservative cut-off grades and wireframing.

These efforts align with Corazon’s broader WA gold strategy, which has seen the company acquire three gold projects in under a year, with Chalice now serving as the flagship. The project sits on a granted mining lease in the prolific Higginsville district, close to multiple operational processing plants, including Westgold’s Higginsville CIL facility.

Gold Price Surge Enhances Resource Growth Prospects

The existing Chalice Mineral Resource was estimated using a US$1,700 per ounce gold price assumption, underpinning a 1.3 g/t cut-off grade and open pit optimisation shell. With gold prices now significantly higher, Corazon is recalibrating these parameters to reflect current economics. This re-optimisation could lead to an expanded open pit shell and a larger resource inventory, although these studies remain preliminary and are not to be construed as production forecasts.

Managing Director Simon Coyle emphasised the significance of the findings, noting that the newly identified zones represent “exactly the kind of ounces we can pursue quickly and efficiently.” He expressed confidence that ongoing drilling through 2026 would unlock further upside from this high-grade system.

Chalice Resource Foundation and Strategic Partnerships

Chalice hosts a JORC 2012 Mineral Resource Estimate of 2.18 million tonnes at 2.74 g/t gold for 191,000 ounces, comprising measured, indicated, and inferred categories. The project benefits from a production history of 645,000 ounces and is strategically supported by Westgold Resources Limited, which holds a 19.9% stake in Corazon as part of the Chalice acquisition deal.

Corazon’s exploration pipeline also includes the Two Pools and Feather Cap gold projects in Western Australia, with drilling and exploration campaigns progressing in parallel. The company’s systematic approach to reviewing historical data and recalibrating resource models reflects a methodical strategy to unlock value across its portfolio.