Corazon Mining (ASX:CZN) has completed the acquisition of the Chalice Gold Project in Western Australia from Westgold Resources (ASX:WGX).
In May 2026, Corazon entered into a binding agreement with Westgold’s wholly owned subsidiary, involving a $250,000 cash deposit, $8 million cash, and the issuance of 47.6 million shares.
Additional deferred cash milestone payments totalling $11 million comprise $4 million payable 12 months from the completion of the acquisition; $3.5 million upon the announcement of an inferred resource of at least 300,000 ounces of gold (Au) at a grade of at least 0.5 grams per tonne; and a further $3.5 million upon reaching an inferred resource of at least 500,000 ounces of Au at a grade of at least 0.5g/t Au.
Managing Director Simon Coyle says this is the third Western Australian gold acquisition undertaken by the company in under 12 months.
“It cements a deliberate strategy to build scale in the best gold addresses in the country,” Coyle says.
“Chalice is a proven, high-grade system with a 191,000 ounce resource that remains open in multiple directions, and we believe the best discovery work is still ahead of us and we will waste no time moving straight into an aggressive resource growth drilling program.
“With gold trading well above the price assumptions underpinning our current resource estimate, there is a clear and immediate opportunity to grow ounces quickly.”
Following completion, the company will finalise planning for an initial 10,000m drilling campaign at the project, which is targeted to begin this quarter. The program will focus on the priority near-surface target area up dip from the Kronos zone.
Chalice’s production history includes 645,000 ounces of Au produced at around 5.4g/t Au, which Corazon highlights is well above the 2.74g/t Au current resource grade.
The project’s resource totals 2.181 million tonnes @ 2.74g/t Au for 191,000 ounces of contained Au.
Corazon Mining is a Western Australian gold explorer and developer. The company’s broader portfolio includes the Two Pools and Feather Cap gold projects, as well as the Lynn Lake Nickel-Copper-Cobalt Sulphide Project in Manitoba, Canada.
Write to Aaliyah Rogan at Mining.com.au
Images: Corazon Mining
