Corazon Mining has unveiled a maiden Exploration Target at its Chalice Gold Project in WA, suggesting the mineralised system could hold up to 830,000 ounces of gold, significantly above the existing resource. A 7,500m drilling campaign is set to test this potential, marking a step towards development.
- Maiden Exploration Target of 600,000–830,000 oz gold defined
- Target includes existing 191,000 oz Mineral Resource
- Extensive historical drilling supports 1.7 km strike and 700 m vertical extent
- Near-surface mineralisation included for first time
- 7,500m RC drilling planned to confirm resource growth
Exploration Target Signals Major Resource Upside at Chalice
Corazon Mining (ASX:CZN) has unveiled a maiden Exploration Target at its 100%-owned Chalice Gold Project near Higginsville, Western Australia, estimating between 9.7 million and 12.3 million tonnes grading 1.9 to 2.1 g/t gold. This equates to approximately 600,000 to 830,000 ounces of contained gold, a substantial increase over the existing 191,000-ounce Mineral Resource. The target is conceptual, inclusive of the current resource, and indicates significant mineralisation beyond previously classified zones.
Historical Data Underpins Large Mineralised System
The Exploration Target draws on an extensive historical dataset comprising around 370 drillholes, including diamond, reverse circulation (RC), and rotary air blast (RAB) drilling, alongside underground face and sludge sampling. This data outlines a mineralised system stretching approximately 1.7 kilometres along strike and 700 metres vertically. Notably, the target captures near-surface mineralisation for the first time, expanding beyond the underground-only focus of the current Mineral Resource.
Corazon’s Managing Director, Simon Coyle, highlighted that decades of drilling and sampling point to a considerably larger system than the resource acquired. He emphasised the potential for a high-grade open pit cutback, which, if confirmed, could underpin a low-cost mining operation and generate meaningful cash flow as the company advances Chalice towards development.
Drilling Program to Test Geological Continuity
To validate the Exploration Target, Corazon plans to commence a minimum 7,500-metre RC drilling program in the coming weeks, subject to funding and approvals. The program aims to test geological and grade continuity assumptions, focusing on strike and down-dip extensions, infill drilling to close gaps, and improving structural understanding. The results will inform whether parts of the target can be converted into a Mineral Resource estimate.
This initiative follows Corazon’s recent acquisition spree in Western Australia, including the Two Pools and Feather Cap gold projects, positioning the company as a potential gold developer rather than just an early-stage explorer. The Two Pools project already hosts its own maiden Exploration Target of up to 132,000 ounces, further bolstering Corazon’s growth pipeline.
Strategic Location and Infrastructure Support Development
Chalice benefits from a granted Mining Lease and a robust historical production record of approximately 645,000 ounces at an average grade of 5.4 g/t gold. The project lies within 130 kilometres of seven operating processing facilities, including Westgold Resources’ Higginsville CIL plant just 22 kilometres away. Westgold also holds a 19.9% strategic stake in Corazon following the Chalice acquisition, underscoring industry confidence in the project’s potential.
The Exploration Target’s inclusion of near-surface mineralisation opens the door to potential open pit mining scenarios, a significant shift from the underground-only focus of the existing resource. This could translate into lower operating costs and faster cash flow generation if subsequent drilling confirms the conceptual upside.
Uncertainties and Next Steps
While the Exploration Target outlines a compelling opportunity, Corazon cautions that it is conceptual and not a Mineral Resource. There remains uncertainty whether further exploration will convert this target into a formal resource estimate. The company is also reviewing cut-off grades and geological interpretations to refine its understanding.
Beyond Chalice, Corazon is advancing exploration at Two Pools and Feather Cap, with further updates expected. The upcoming drilling results at Chalice will be critical in defining the project’s scale and economic viability, potentially reshaping Corazon’s trajectory in Western Australia’s competitive gold sector.
Bottom Line?
Corazon’s substantial Exploration Target at Chalice sets the stage for a pivotal drilling campaign that could redefine the project’s scale and economics, but significant uncertainty remains until results confirm continuity and grade.
Questions in the middle?
- Will the upcoming drilling validate near-surface mineralisation sufficient to support open pit mining?
- How might updated cut-off grades and geological interpretations affect the eventual Mineral Resource estimate?
- What funding and regulatory hurdles could impact the timing and scale of the planned drilling program?