Corazon Mining (ASX:CZN) has received confirmation that Mineral Resources (ASX:MIN) will not exercise its rights of first refusal over gold rights on tenements E15/1705 and E15/1721. The tenements form part of Corazon’s recently announced transaction with Dynamic Metals (ASX:DYM).
The confirmation clears the path to complete the acquisition, which is moving into final documentation with completion scheduled for on or before 2 October.
The acquisition expands Corazon’s land position across Western Australia’s Higginsville greenstone belt, extending its footprint beyond the existing Chalice mining lease and mineral resource.
Managing Director Simon Coyle says the acquisition provides ‘significant’ upside for Corazon.
“The gold rights across E15/1705 and E15/1721 [add] real potential to grow our ounces,” Coyle says.
“Parts of this package have been drilled historically but have seen minimal follow-up in recent years, and we’re excited about what that represents — historical work here focused on nickel and lithium, so the gold opportunity is largely untested.
“Coming so soon after we defined our maiden exploration target at Chalice … this acquisition reinforces the broader growth story we’re building across our Western Australian gold portfolio.”
Southern Corridor prioritised
A detailed review of historical drilling across the Dynamic Metals tenure defined gold target zones across a 40km greenstone belt north and south of the Chalice deposit, hosted within the prospective mafic-ultramafic greenstone sequence.
Corazon says the Southern Corridor is its immediate priority.
Historical drilling across the acquired ground returned ‘high-grade’ intercepts, including 15m @ 16.19 grams per tonne gold (Au) from surface within a north-northwest trending mineralised system that remains open along strike and at depth.
Other key results include 2m @ 41.31g/t Au from 134m and 4m @ 9.50g/t Au from 52m.
A review of the historical dataset also shows the Southern Corridor hosts multiple sub-parallel structures.
Corazon notes the greenstone belt north of the Chalice gold mine offers further upside, with host lithologies and interpreted mineralising structures continuing through the corridor.
Proven ‘high-grade’ system
The Chalice gold mine historically produced more than 645,000 ounces of gold from open pit and underground operations at average mined grades of approximately 5.4–5.5g/t Au between 1995 and 2014. Securing tenure directly along strike consolidates control of the belt segment.
Corazon recently defined an exploration target at the Chalice Gold Project of 9.7–12.3 million tonnes (Mt) @ 1.9–2.1g/t Au, representing 600,000–830,000 ounces of contained gold.
The consolidated tenure gives Corazon more than 40km of strike, an existing 191,000-ounce JORC resource on a granted mining lease, and toll-treatment optionality across seven regional processing facilities.
The company is currently finalising documentation to complete the acquisition and aims to commence phase one resource growth drilling at Chalice in the coming weeks, progressing a staged exploration program across the tenure.
Corazon Mining is a gold explorer and producer primarily focused on its Chalice Gold Project in Western Australia’s Eastern Goldfields.
Write to Paula Fabe at Mining.com.au
Images: Corazon Mining
