Corazon Mining (ASX:CZN) is planning to conduct soil sampling and first-pass drilling in 2027 across multiple targets interpreted as potential repeats of the Chalice gold setting.
The company completed a belt-scale review of the Chalice Gold Project, about 75km northwest of Norseman and 27km west of Higginsville in Western Australia.
The review spans more than 40km of strike, secured through an agreement to acquire tenure and gold rights from Dynamic Metals (ASX:DYM).
Reprocessed geophysical data and historical records outline about 3km of underdrilled strike near the mine.
From this information, Corazon has identified three priority targets — Target A, Target B, and Target C — interpreted as a potential repeat of the Chalice gold setting.
Concurrently, the company has also flagged a second 7km parallel corridor, known as the ‘El Paso Trend’, as a possible repeat of the Chalice structure. It notes the trend has only been tested by shallow historical drilling.
Managing Director Simon Coyle says the data shows a gap in exploration across the belt.
“Chalice has produced more than 645,000 ounces of gold, yet almost all of the meaningful drilling on this belt has happened on the mining lease,” Coyle says.
“Bringing the Dynamic Metals ground into the project lets us assess the whole 40km belt as one system, and the reprocessed geophysics allows us to follow the Chalice host rocks undercover, including where a thin sheet of granite has hidden them from earlier explorers.
“Targets A, B, and C sit close to the mine and are our first priorities, while the El Paso Trend adds a second parallel corridor that has only been tested by shallow drilling.”
Chalice hosts a mineral resource estimate of 191,000 ounces at 2.74 grams per tonne gold (Au), with a 7,500m reverse circulation drilling program underway south of the pit.
The company says Chalice gold extends several hundred metres below surface. However, 74% of the 5,202 historical holes are rotary air blast holes or aircore holes averaging 44m deep.
Additionally, only 90 holes outside the Chalice mining lease extend beyond 100m.
Historical drilling within the tenure being acquired returned intercepts including 15m @ 16.19g/t Au from surface, 2m @ 41.31g/t Au from 134m, and 4m @ 9.5g/t Au from 52m.
Corazon and Dynamic Metals are finalising transaction documents, including the assignment of gold rights over two exploration licences. Completion is expected within weeks.
Corazon Mining is a gold explorer and producer primarily focused on its Chalice Gold Project in WA’s Eastern Goldfields.
Write to Paula Fabe at Mining.com.au
Main image: Corazon Mining
