Corazon Secures 80% of Feather Cap After Wembley Gold Hits

Wembley Results Trigger Feather Cap Option Exercise

Corazon Mining Limited (ASX:CZN) has turned an exploration option into an 80% controlling interest in the Feather Cap Gold Project, following a first-pass drilling program that returned several high-grade gold intercepts at Wembley. The company delivered its option exercise notice to RBH Mining on 6 October, converting the October 2025 agreement into a pathway towards a long-term joint venture interest, subject to the stated conditions.

The drilling result that appears to have shifted the decision was 4 metres at 10.60 grams per tonne gold from 66 metres in hole 26FRC010. Other notable intercepts included 4 metres at 9.20 g/t from 65 metres, 2 metres at 5.70 g/t from 64 metres and 4 metres at 2.84 g/t from 68 metres. The company’s earlier Wembley drilling results had reported the 10.60 g/t intersection and a roughly 60-metre eastward extension of the historic system.

High-Grade Structure Remains Open at Depth

Corazon’s 20-hole, 1,936-metre reverse-circulation program, completed in August, tested the Wembley Line beneath historic workings and along strike. The company says the results define a coherent, steeply dipping structure at about 55 metres vertical depth, with the best step-out hole sitting approximately 60 metres east of historic drilling.

That is encouraging geology, but not yet a resource story. All reported intervals are downhole widths, with true widths still unknown, and the mineralisation remains open at depth. A separate interpreted ultramafic shear zone also returned anomalous gold, giving the company another follow-up target but not yet a defined deposit. Corazon says further drilling is needed before an Exploration Target or potential maiden Mineral Resource Estimate can be supported.

Staged Consideration Creates a Route to Full Ownership

Under the agreed terms, Corazon will pay $600,000 on the joint venture commencement date, in cash or shares at RBH’s election. A further $1 million is payable within four years, also in cash or shares. Any share consideration is subject to shareholder approval and priced against Corazon’s 20-trading-day VWAP before issue.

Corazon will hold 80% of the joint venture and sole-fund activities, while RBH’s 20% interest is free-carried until a final investment decision. The company must spend at least $250,000 a year on the tenements and will manage the work program. If a final investment decision is made, RBH’s interest transfers to Corazon in exchange for a 3.5% net smelter return royalty on minerals other than iron ore and manganese.

Follow-Up Drilling Will Test Feather Cap’s Scale

Feather Cap covers about 154 square kilometres in Western Australia’s Bryah-Padbury Basin and includes the granted Wembley mining lease, as well as targets at Jigsaw/Durack East, Trudgeon Well and Murphys Creek. Historical drilling at Jigsaw/Durack East returned 20 metres at 3.01 g/t gold from 40 metres, while historic Wembley drilling returned 7 metres at 6.21 g/t from 6 metres. Those historical results remain supporting evidence rather than a substitute for modern resource definition.

The next campaign is being designed to test strike and depth extensions at Wembley, with possible work on the regional structure and broader Feather Cap targets. That gives Corazon a second active gold exploration thread alongside the resource-stage Chalice project and the district-scale Two Pools opportunity, but it also broadens the company’s capital and execution demands. The immediate test is whether the high grades repeat across enough width and continuity to justify a formal Exploration Target.