Corazon Mining has intersected gold across roughly 450 metres south of the historical Chalice pit, with mineralisation found in 23 of 29 RC holes reported. The results support the geological model behind a larger conceptual exploration target, while five holes testing up to 800 metres south remain pending.
- Gold intersected in 23 of 29 holes reported
- 8m at 3.15g/t gold, including 4m at 5.42g/t
- Mineralisation traced across approximately 450m south of the pit
- Exploration Target remains conceptual at 600,000-830,000oz
- Five step-out holes and the remainder of a 7,500m program remain pending
Gold corridor extends 450 metres south of Chalice pit
Corazon Mining Limited (ASX:CZN) has intersected gold along approximately 450 metres south of the historical Chalice open pit, giving its first systematic test of the southern exploration target a positive early result. Gold was returned from 23 of the 29 RC holes reported, including shallow mineralisation as far as about 450 metres from the pit.
The strongest results came close to the southern pit margin. Hole 26CRC006 returned 8 metres at 3.15 grams per tonne gold from 110 metres, including 4 metres at 5.42g/t, while 26CRC005 delivered 9 metres at 1.88g/t from 103 metres, including 4 metres at 3.50g/t. A broader result in 26CRC004 produced 31 metres at 0.79g/t from 112 metres.
The latest results build on Corazon’s first Chalice drilling results, which included 4 metres at 9.93g/t gold from 207 metres. The company says the new intersections sit within the modelled exploration-target wireframes, including areas outside the wireframes supporting the current resource.
Shallow intersections add scale to the target
Step-out holes farther south produced narrower but shallow results, including 2 metres at 3.76g/t from 54 metres in 26CRC012, 4 metres at 1.80g/t from just 20 metres in 26CRC013, and 8 metres at 1.09g/t from 80 metres in 26CRC023. Corazon said the mineralisation is consistent with an interpreted corridor along the granite-amphibolite contact, although the reported intervals are downhole widths and true widths have not yet been established.
The drilling is testing ground beyond Chalice’s current JORC 2012 Mineral Resource of 2.18 million tonnes at 2.74g/t gold for 191,000 ounces. Corazon’s exploration target, defined in September, covers 9.7 million to 12.3 million tonnes at 1.9g/t to 2.1g/t for an estimated 600,000 to 830,000 ounces of contained gold. That target includes the existing resource and remains conceptual: the company cautions that there has not yet been enough exploration to estimate a mineral resource for the additional material.
Five holes will test the corridor out to 800 metres
Assays are pending for five holes, including step-outs approximately 800 metres south of the pit. Drilling continues as part of a 7,500-metre, 50-hole program scheduled for completion in November, with the results due to feed into an updated geological model and a possible resource assessment.
Managing Director Simon Coyle said the company had intersected gold along the full 450 metres tested so far and that the results supported the model behind the exploration target. The next data will determine whether the corridor remains continuous beyond the current drilling, whether grades and widths hold together, and whether the target can begin the long transition from conceptual geology to a reportable resource.
Bottom Line?
The immediate catalyst is the pending 800-metre step-out assays, but a resource case will still depend on continuity, true widths, grade distribution and further technical work.
Questions in the middle?
- Do the five pending holes extend mineralisation continuously to approximately 800 metres south of the pit?
- How will downhole intersections translate into true widths and a revised geological model?
- Can follow-up drilling convert a meaningful portion of the conceptual exploration target into a JORC Mineral Resource?