Corazon Mining has transformed its Western Australian gold portfolio by securing the Chalice Gold Project for A$25.7 million, backed by a $16.5 million capital raise and Westgold's strategic 19.9% stake. Early drilling success at Two Pools and new targets at Feather Cap set the stage for an active exploration push.
- Chalice acquisition for ~A$25.7 million secures 191,000oz JORC resource
- A$16.5 million placement funds acquisition and drilling programs
- Westgold becomes 19.9% cornerstone shareholder
- Two Pools maiden diamond drilling confirms structurally controlled gold
- Feather Cap adds two walk-up drill targets with heritage cleared
Chalice Acquisition Elevates Corazon to Advanced Gold Developer
Corazon Mining (ASX:CZN) has taken a decisive leap from explorer to advanced gold developer with its binding agreement to acquire 100% of the Chalice Gold Project in Western Australia's Eastern Goldfields for approximately A$25.7 million. The deal, completed after the quarter ended 30 June 2026, brings a JORC 2012 Mineral Resource of 191,000 ounces at 2.74 g/t Au into Corazon's fold, alongside a hefty historical production tally of 645,000 ounces at an average grade of roughly 5.4 g/t Au.
The Chalice project sits on a granted mining lease close to Westgold Resources' 1.6 Mtpa Higginsville CIL plant, just 22km away, offering operational synergies. The resource remains open at depth and along strike across four mineralised zones, suggesting potential for near-term growth. Corazon plans to kick off a 10,000-metre resource growth drilling campaign targeting near-surface zones identified in historical data, aiming to build on the project's high-grade legacy.
Capital Raise and Strategic Partnership with Westgold
Funding the acquisition and exploration push was a A$16.5 million placement at A$0.14 per share, completed post-quarter, which also bolsters Corazon's balance sheet for ongoing activities at Two Pools and Feather Cap. As part of the transaction, Westgold Resources secured a 19.9% stake in Corazon, cementing a strategic partnership and gaining a seat on Corazon’s board while maintaining its holding above 10%. This endorsement by a seasoned WA gold producer lends credibility and potential operational alignment as Corazon advances Chalice.
Two Pools Drilling Confirms Robust Gold System
Corazon's maiden diamond drilling program at Two Pools, its first WA gold acquisition from August 2025, confirmed consistent gold mineralisation across all four holes. Notably, a high-grade intercept of 4.6 g/t Au in hole TPDD0002 supports the presence of a structurally controlled orogenic gold system. The program also revised the orientation of gold-bearing veins from a northwest trend to an east-west alignment, a critical update that will guide follow-up reverse circulation drilling. A significant pegmatite dyke, 25-40 metres thick and traced over 500 metres, was intersected, interpreted as a fluid-focusing structure with exploration upside.
Feather Cap Unveils New Drill Targets and Heritage Clearance
At Feather Cap, Corazon identified two fresh walk-up drill targets: Trudgeon Well, an untested 3.5-kilometre gold-in-lag anomaly, and Murphy's Creek, a drill-ready target along strike from Westgold's Durack deposit. The company completed a heritage survey across key target areas, clearing the path for a maiden reverse circulation drilling campaign planned for the September quarter. Historical data underpin encouraging shallow intercepts, including 7m at 6.21 g/t Au at Wembley and 35m at 1.47 g/t Au at Durack East/Jigsaw, reinforcing Feather Cap’s potential.
Corporate Strengthening and Financial Position
Corazon fortified its leadership ahead of these developments with the appointments of Warrick Clent as Non-Executive Director and Paul Hughes as Chief Financial Officer, bringing deep technical and financial expertise. The company closed the quarter with A$1.453 million in cash, significantly boosted by the placement funds received subsequently.
Looking forward, Corazon aims for a busy September quarter featuring the commencement of Chalice’s resource growth drilling, ongoing structural interpretation at Two Pools to refine follow-up drilling, and maiden drilling at Feather Cap post-heritage clearance. The recent appointment of Will Stewart as General Manager – Geology adds further technical firepower to support these ambitions.
Bottom Line?
Corazon’s acquisition of Chalice and early drilling successes position it well to accelerate resource growth, but execution of the planned drilling campaigns and integration of Westgold’s strategic partnership will be key to unlocking value.
Questions in the middle?
- Will the Phase 1 drilling at Chalice confirm resource expansion beyond the current 191,000oz estimate?
- How will Westgold’s 19.9% stake influence Corazon’s operational and strategic decisions going forward?
- Can the revised structural model at Two Pools translate into meaningful high-grade discoveries in follow-up drilling?