Corazon Mining has secured key gold rights over two tenements near its Chalice Gold Project, unlocking historic high-grade targets and extending its greenstone belt tenure to over 40 km. The acquisition dovetails with a recently defined Exploration Target, positioning Corazon for resource growth in a prolific WA gold district.
- Mineral Resources Ltd declines first refusal on key gold rights
- Acquisition expands tenure along 40 km greenstone belt near Chalice
- Historic drilling reveals multiple high-grade gold intercepts
- Southern Corridor prioritised for immediate exploration
- Phase 1 resource growth drilling to commence soon
Rights of First Refusal Waived, Acquisition Set for Completion
Corazon Mining (ASX:CZN) has received confirmation that Mineral Resources Limited (MRL) will not exercise its rights of first refusal over the gold rights on tenements E15/1705 and E15/1721. This green light enables Corazon to proceed with finalising its acquisition from Dynamic Metals, expected to complete by 2 October 2026.
The deal significantly boosts Corazon's landholding in Western Australia's prolific gold belt, extending its footprint well beyond the existing Chalice Mining Lease. The company is now positioned as the dominant district-scale operator in the Chalice gold camp, consolidating over 40 km of highly prospective greenstone strike.
Historic Drilling Highlights Untapped High-Grade Gold Potential
A comprehensive review of historic drilling across the acquired tenements has uncovered multiple high-grade gold intercepts. Standouts include 15 metres at 16.19 grams per tonne (g/t) gold from surface (WMR643), 2 metres at 41.31 g/t from 134 metres (WMC363), and 4 metres at 9.5 g/t from 52 metres (CHAA0899). These intercepts occur within a coherent north-northwest trending mineralised system that remains open both along strike and at depth.
Corazon’s Managing Director Simon Coyle emphasised the upside, noting that while parts of the package have seen historical drilling, the gold potential remains largely untested due to past focus on nickel and lithium exploration. He highlighted how this acquisition complements the recently defined Exploration Target at Chalice, reinforcing Corazon's transition from explorer to gold developer.
Southern Corridor Takes Priority for Follow-Up Work
The Southern Corridor within the new tenure is earmarked for immediate exploration. Historic data indicates multiple sub-parallel structures capable of hosting high-grade shoots similar to those at Chalice. Corazon plans a staged program involving geological interpretation, surface geochemistry, targeted geophysics, and drilling to systematically advance these targets toward resource definition.
Northern Extension Adds District-Scale Exploration Upside
Beyond the Southern Corridor, the largely underexplored northern extension of the greenstone belt offers further growth potential. The greenstone sequence and mineralising structures continue uninterrupted, but modern gold exploration here has been limited. Corazon intends to deploy belt-scale exploration strategies including geochemical sampling and geophysical surveys to generate fresh drill targets across this corridor.
Integration with Chalice Exploration Target and Resource Growth Drilling
This acquisition dovetails with Corazon’s recent announcement of an Exploration Target of 600,000 to 830,000 ounces of gold at Chalice, which includes both near-surface and underground mineralisation. The company’s existing JORC Mineral Resource stands at 191,000 ounces at 2.74 g/t Au, mined historically at average grades above 5 g/t. The expanded tenure and new targets enhance Corazon’s ability to add ounces through its upcoming Phase 1 resource growth drilling program, set to commence in the coming weeks.
With toll-treatment options across seven regional processing facilities nearby, including Westgold’s Higginsville CIL plant, Corazon is well placed to advance its gold development ambitions in one of the world’s most active jurisdictions.
Bottom Line?
Completion of the tenement acquisition and early drilling results from the Southern Corridor will be key milestones to watch as Corazon seeks to convert exploration potential into tangible resource growth.
Questions in the middle?
- How will upcoming drilling validate and expand the historic high-grade intercepts?
- What impact will the expanded tenure have on Corazon’s overall resource profile and mine plan?
- Can Corazon leverage regional processing infrastructure to accelerate development timelines?