Corazon Defines Maiden Exploration Target of up to 132,000 Ounces at Two Pools

Maiden Exploration Target Quantifies Two Pools Gold Potential

Corazon Mining Limited (ASX:CZN) has delivered its first quantified Exploration Target at the Two Pools Gold Project in Western Australia, estimating between 1.4 and 2.15 million tonnes grading 1.6 to 1.9 g/t gold. This translates to roughly 72,000 to 132,000 ounces of contained gold across three distinct zones: Northern, Central, and Southern. The announcement comes just 10 months after Corazon acquired the project and four months following a maiden diamond drilling program that confirmed a coherent orogenic gold system.

While the Northern Target stands out as the most advanced, underpinned by approximately 92 drillholes and tighter drill spacing of 15–30 metres in key areas, the Central and Southern Targets remain significantly under-drilled with spacing up to 200 metres. This wide spacing leaves ample room for growth through infill drilling, which Corazon plans to undertake in a ~5,000 metre Reverse Circulation (RC) campaign over the next six months.

Northern Target Shows Robust Mineralisation with Upside Potential

The Northern Target covers an interpreted mineralised system stretching about 540 metres east-west, 350 metres north-south, and 190 metres vertically. Historical drilling here has returned impressive intercepts, such as 12 metres at 8.89 g/t Au and 18 metres at 3.89 g/t Au, including standout metre intervals grading above 30 g/t. Notably, a high-grade intercept of 5 metres at 3.61 g/t Au lies approximately 200 metres down-dip and outside the current modelled target, suggesting further upside potential at depth.

Corazon’s Managing Director, Simon Coyle, emphasised the conservative nature of the target range and highlighted the potential for a “step-change in scale” as infill drilling closes existing gaps. The company’s preliminary block model for the Northern Target incorporates both drilled mineralisation and conceptual extensions not yet tested by drilling.

Central and Southern Targets Offer Significant Exploration Upside

The Central and Southern targets are less mature exploration zones, defined by widely spaced drilling that has yet to establish geological or grade continuity to a Mineral Resource standard. These areas host discrete mineralised domains with higher-grade zones above 1 g/t Au, but drill spacing locally exceeds 80–100 metres and can extend to 200 metres, limiting confidence in their continuity.

Corazon plans to tighten drill spacing here to better understand the mineralisation’s extent and grade distribution. The company also acknowledges that the Exploration Target excludes lower-grade mineralisation outside the defined domains, indicating further potential beyond current estimates.

Geological Reinterpretation Unlocks New Greenstone Belt

One of the key breakthroughs underlying the Exploration Target is Corazon’s reinterpretation of the Two Pools geology. Previously mapped largely as granite, the company identified a 20-kilometre-long greenstone belt within the project area, a classic host for orogenic gold deposits. Diamond drilling in April 2026 confirmed a package of mafic to ultramafic amphibolites with gold mineralisation structurally controlled by quartz-carbonate veinlets and associated alteration.

This revised structural model shifted the interpreted orientation of gold-bearing veins from northwest to an east-west trend, prompting a reassessment of historical drill data and guiding the current exploration strategy.

Upcoming Drilling and Broader Portfolio Developments

Corazon’s near-term exploration agenda includes the planned ~5,000 metre RC drilling program at Two Pools, designed to infill existing gaps, test conceptual extensions, and support a future Mineral Resource estimate. The company cautions that the Exploration Target remains conceptual, with no certainty that further drilling will convert it into a formal resource.

Meanwhile, assay results are pending from the recently completed maiden RC drilling at the Feather Cap Gold Project, part of Corazon’s growing Western Australian portfolio. The company also anticipates releasing an Exploration Target and commencing resource growth drilling at the Chalice Gold Project in the coming weeks, further expanding its footprint in the region.

The combined strategy across these projects reflects Corazon’s ambition to leverage district-scale land positions with systematic drilling programs, aiming to unlock significant gold resources in established and emerging WA gold provinces.