Corazon Mining has begun a 50-hole, approximately 7,500-metre RC drilling program at its Chalice Gold Project in Western Australia. The campaign will test near-surface extensions to the existing 191,000-ounce resource, while the company cautions that its larger 830,000-ounce Exploration Target remains conceptual.
- 50-hole, approximately 7,500m maiden RC drilling program underway
- Testing gold extensions up to 1km south of the historical open pit
- Existing JORC resource stands at 191,000oz at 2.7g/t gold
- Exploration Target ranges from 600,000oz to 830,000oz, inclusive of the resource
- First assays expected within weeks, with drilling due to finish by November
Chalice Drilling Moves from Target to Test
Corazon Mining Limited (ASX:CZN) has put its most important near-term geological question to work: whether gold mineralisation south of Chalice’s historical open pit forms part of a larger, continuous system. The company has commenced a maiden 50-hole, approximately 7,500-metre reverse circulation program at the 100%-owned project near Higginsville in Western Australia.
The drilling is aimed at expanding the existing JORC 2012 Mineral Resource Estimate of 191,000 ounces at 2.7 grams per tonne gold. It will test extensions up to about 1,000 metres south and along strike from the open pit, reaching approximately 200 metres vertical depth, with the first assay results expected progressively within weeks.
Near-Surface Targets Carry the First Test
Corazon has prioritised the shallow mineralised system, describing it as the most capital and time-efficient route to assess resource growth. The program is designed to address areas with limited historical drilling and test the continuity, geometry and extent of mineralisation immediately south of the pit.
The campaign directly tests the company’s recently defined Exploration Target of 9.7 million to 12.3 million tonnes at 1.9g/t to 2.1g/t gold, equivalent to approximately 600,000 to 830,000 contained ounces. That estimate includes the existing 191,000-ounce resource, rather than representing additional ounces on top of it.
Exploration Target Still Requires Validation
The larger number comes with a substantial geological footnote. Corazon states that the Exploration Target is conceptual, with insufficient exploration completed to estimate a Mineral Resource for the additional mineralisation. Further drilling may not confirm its scale, grade or continuity, and any future resource update remains dependent on the results and their interpretation.
The company completed a heritage survey with the Ngadju Native Title Group before drilling began. Corazon plans to complete the current program by November 2026, then use the results to update its geological model and assess whether a Mineral Resource update is warranted.
Deeper Chalice Targets Remain for Later Phases
The initial program is not intended to settle the full geological picture. Corazon has identified deeper targets for later drilling, including the down-dip extension of the underground resource and possible parallel lodes. Those targets sit beyond the immediate shallow test and could become the focus of a second phase if the current results support further work.
For shareholders, the next meaningful evidence will come from the assays rather than the drill count. The results must show whether historical intersections beyond the current resource connect into a coherent body of mineralisation, and whether that continuity is strong enough to justify a formal resource update or subsequent technical and economic studies.
Bottom Line?
The drilling is a material step towards testing Chalice’s growth case, but the investment thesis still turns on whether assays validate a conceptual target rather than simply extend isolated historical intersections.
Questions in the middle?
- Will the new drilling demonstrate continuous mineralisation across the 1km southern corridor?
- How will assay grades and widths compare with the 2.7g/t gold resource average?
- Could the results support a Mineral Resource update and justify deeper Phase 2 drilling?