Corazon Mining (ASX:CZN) has exercised its option to acquire an 80% interest in the Feather Cap Gold Project in Western Australia, following maiden reverse circulation (RC) drilling at the Wembley prospect.
Wholly owned subsidiary Fast Greens delivered its option exercise notice to RBH Mining on 6 October 2026. The decision follows a 20-hole, 1,936m program completed in August 2026.
Drilling confirmed shallow ‘high-grade’ gold along the historical Wembley Line and extended it along strike to the east.
Intercepts include 4m @ 10.6 grams per tonne gold (Au) from 66m in 26FRC010 and 4m @ 9.2g/t Au from 65m in 26FRC004, with the best intercept about 60m east of historical drilling.
Anomalous gold was also intersected along an interpreted ultramafic shear zone offset from the Wembley Line, providing a second target. All intervals are downhole widths, with true widths not known.
Managing Director Simon Coyle says the results showed the Wembley Line to be a “coherent, structurally controlled gold system that remains open at depth”.
“Intercepts of 4m at 10.6g/t and 4m at 9.2g/t gold from a first pass are exactly what we set out to find,” Coyle notes.
“Moving to 80% of Feather Cap gives Corazon control of a 154km2 land position, including a granted mining lease, in a proven district next to existing infrastructure.”
Under the joint venture terms, Corazon will pay $600,000 on commencement and $1 million deferred within four years, with RBH able to elect cash or shares.
Fast Greens will solely fund all activities and free-carry RBH until the final investment decision, when RBH’s 20% interest converts to a 3.5% net smelter royalty.
Feather Cap complements Corazon’s Chalice Gold Project, which hosts a mineral resource of 191,000 ounces at 2.74g/t Au on a granted mining lease.
Along with the Two Pools Project which covers 537km2 of the Plutonic-Marymia Greenstone Belt, the three assets give Corazon a presence across three established Western Australian gold provinces.
Follow-up drilling at Wembley will test strike and depth extensions, with the objective of supporting an initial exploration target and potential maiden mineral resource estimate.
Corazon Mining is an Australian explorer and developer advancing nickel, gold, copper, and cobalt projects across WA and Canada.
Write to JC Villarba at Mining.com.au
Images: Corazon Mining
