Corazon Finds Broad Gold Zones in First Chalice Holes

High-Grade Interval Leads Chalice Assays

Corazon Mining Limited (ASX:CZN) has started its Chalice resource growth campaign with a high-grade hit: 4 metres at 9.93 g/t gold from 207 metres downhole in hole 26CRC002. The result sits below a broader 22-metre interval grading 1.29 g/t gold, giving the company both a standout grade and a wider mineralised zone in its first batch of assays.

The second hole, 26CRC001, returned 27 metres at 1.26 g/t gold from 180 metres, including 12 metres at 1.43 g/t and a separate 7-metre section at 1.42 g/t. Corazon says the two holes, drilled about 40 metres apart from the southern edge of the historical open pit, intersected mineralisation at comparable downhole depths. That is an encouraging early indication of continuity, although the company has not yet established true widths.

Drilling Targets Southern Pit Extensions

The assays are the first results from the maiden Chalice drilling program, which comprises 50 reverse-circulation holes for about 7,500 metres. The campaign is testing near-surface extensions of the existing resource along up to 1,000 metres of strike south of the historical pit and to a vertical depth of about 200 metres.

The reported intervals sit approximately 125 to 175 metres below surface and about 100 metres below the base of the historical open pit. Corazon is prioritising this shallower system as what it describes as the most capital-efficient path to test resource growth, while deeper down-dip extensions and possible parallel lodes have been reserved for later drilling phases.

Early Results Test a Conceptual Gold Target

Chalice currently carries a JORC 2012 Mineral Resource of 2.18 million tonnes at 2.74 g/t gold for 191,000 ounces. The drilling is also the first test of Corazon’s broader Exploration Target of 9.7 million to 12.3 million tonnes at 1.9 to 2.1 g/t gold, equivalent to approximately 600,000 to 830,000 ounces of contained gold.

That larger estimate remains conceptual rather than a Mineral Resource, and the latest assays do not change that status. The reported grades are downhole widths calculated using a 0.5 g/t gold lower cut-off, with up to two metres of internal dilution; true widths are still unknown. Any resource update or subsequent technical and economic work depends on the remaining drilling and geological interpretation.

Second Rig Adds Pace to Assay Pipeline

About 25% of the Phase 1 program has been completed, with a second RC rig scheduled to arrive this week. Corazon expects the campaign to finish in November 2026 and plans to release assays progressively, including from the remaining holes already drilled.

The next results will matter more than the first headline interval. They will show whether the broad mineralised zones continue south and up-plunge, and how the 9.93 g/t gold section relates to the wider Chalice system. Until then, the evidence is promising but limited to two holes.