Corazon Mining (ASX:CZN) has outlined a maiden exploration target of 9.7–12.3 million tonnes (Mt) @ 1.9–2.1 grams per tonne gold (Au) at its wholly owned Chalice Gold Project in Western Australia.
The range represents approximately 600,000–830,000 ounces of contained gold and includes Chalice’s existing 191,000-ounce mineral resource estimate.
The potential quantity and grade of the exploration target are conceptual. There has been insufficient exploration to estimate a mineral resource for the additional mineralisation, and it remains uncertain whether further work will result in one.
The exploration target draws on about 370 historical drill holes, extensive underground face and sludge sampling, three-dimensional geological interpretation, and preliminary exploration modelling.
Corazon interprets the mineralised system to extend about 1.7km along strike and 700m vertically, covering near-surface mineralisation and targets at depth.
Managing Director Simon Coyle says the review indicates a larger system than represented by the existing resource.
“Decades of drilling and underground sampling point clearly to mineralisation extending well beyond the current resource — both near-surface and at depth,” Coyle says.
“There is real work still to do before any of that potential can be converted to a mineral resource, and we intend to get on with the drilling required to confirm it.”
The existing resource was estimated on an underground mining basis, while the exploration target also captures near-surface mineralisation that Corazon says could be assessed for open-pit development.
Corazon says it is planning at least 7,500m of reverse circulation drilling over the next six months, with work expected to begin in the coming weeks, subject to funding, access, and regulatory approvals.
The program will test strike and down-dip extensions, infill areas with wider drill spacing, and improve Corazon’s understanding of mineralised widths, structural controls, and grade continuity.
As previously reported by Mining.com.au, Corazon completed its acquisition of Chalice from Westgold Resources (ASX:WGX) in July 2026, with Westgold taking a 19.9% strategic interest in Corazon.
The project sits on a granted mining lease and has recorded historical production of about 645,000 ounces @ 5.4g/t Au. Corazon says seven operating processing facilities are located within 130km, including Westgold’s Higginsville carbon-in-leach plant about 22km away.
The Chalice estimate also follows a maiden exploration target of 1.4–2.15Mt @ 1.6–1.9g/t Au at Corazon’s Two Pools Gold Project, representing approximately 72,000–132,000 ounces of contained gold.
Corazon Mining is an Australian minerals exploration and development company advancing the Chalice, Two Pools, and Feather Cap projects in WA, as well as the Lynn Lake Nickel-Copper-Cobalt Sulphide Project in Manitoba, Canada.
Write to France Pinzon at Mining.com.au
Images: Corazon Mining
