This article is a sponsored feature from Mining.com.au partner Corazon Mining. It is not financial advice. Talk to a registered financial expert before making investment decisions.
Corazon Mining (ASX:CZN) is executing a strategic reset, with a new corporate strategy and structure, recent financings and acquisitions, and the finalisation of native title and other agreements in place.
The shift places ‘high-grade’ Western Australian gold assets at the centre of its focus, marking a definitive pivot away from its previous focus on nickel and critical minerals.
Simon Coyle joined the team as Managing Director in August 2025 to lead this pivot, arriving as the company initiated its acquisition of the Two Pools Project.
Coyle has managed a significant amount of work in the six months since joining the company and notes that moving forward as well, they’re going to be “fairly aggressive” in the company’s approach to its projects.
“My background is very much in operations,” Coyle says.
“I don’t like sitting around and waiting for things to happen. We’re going to work as fast as we can, and this is why we’re different from other juniors.
“We’re not going to sit around waiting, we’re going to make things happen quickly.”
Corazon completed its acquisition of the Two Pools Gold Project in October 2025 alongside a one for 50 consolidation of issued capital.
The consolidation of issued capital completed on the basis of one for every 50 securities held had a significant impact on the company, taking them from having about 1.1 billion shares on issue to about 50 million shares on issue.
Coyle notes that this consolidation also brought in an entirely new level of investors into the company as well.
“We’ve been able to turn the company around from almost dwindling into nothingness into now a shining light in the micro cap ASX sector,” Coyle says.
Two Pools was fully acquired in October 2025, while Corazon is currently on a 12-month option to acquire 80% of the Feather Cap Gold Project.
Two Pools: Unlocking a 4km gold trend
Speaking on the acquisition of Two Pools, Coyle says that whilst the project has limited drilling up to now, the historical drill intercepts that were there provided Corazon with enough data to back the acquisition.
Located in the Plutonic Marymia Greenstone Belt, Two Pools is part of a large contiguous tenement package wholly owned by Corazon.
On 18 March the company reported that it secured the right to apply for exploration licences, expanding its landholding from 350km2 to 537km2.
Corazon has integrated historical drilling with surface geochemistry work to define a continuous 4km gold trend at Two Pools.
Key historical intercepts include 14m @ 2.64 grams per tonne gold from 14m, including 6m @ 5.52g/t gold from 16m; 13m @ 2.71g/t gold from 13m, including 2m @ 4.43g/t gold from 14m; and 25m @ 1.29g/t gold from 8m, including 9m @ 2.04g/t gold from 20m.
Corazon started a heritage survey in February, with results expected any day now. The survey is being done in collaboration with the Marputu Aboriginal Corporation (RNTBC), the native title holders for the area.
Coyle notes that when initially working on the heritage agreement, Corazon and the Marputu established a direct equity partnership, issuing them a number of shares to establish a productive and well-aligned partnership as the company prepares to drill.
“I think this is a fantastic way to form a relationship from the get-go,” Coyle says.
“The Marputu are now commercially incentivised as well for us to do well.”
Coyle notes that the company has finalised plans for a diamond drilling programme to get deeper into the structural complexity of the project.
“A lot of the historical drilling was done in all different directions, without any consistency,” Coyle says.
“We can see that the mineralisation is plunging to the northwest at about 30° dipping to the east. We’re now chasing the down plunge extension, down about 230m.”
Drilling is set to commence, with the first couple of holes going right through the core of the mineralisation to provide the company with more information about the overall structure.
Other holes will focus on the southeast and on the northwest, giving Corazon a better sense of the extension in both directions.
“We’re pretty confident that it’s going to come up with some really good results,” Coyle says.
“It’s still quite exploratory and confirmatory at this stage. There’s been drilling there in the past, but due to the inconsistent nature, we just need to get our heads around it and make sure that we’re planning for success moving forward.”
Feature Cap: New acquisition with surface potential
Coyle notes that the Feather Cap Gold Project was a “fortuitous acquisition”, having sat idle with a private vendor who wanted to partner with someone who was keen to get on the land and get the project moving.
Feather Cap comprises 154km2 across three contiguous exploration licenses and one mining lease.
Historical drilling has confirmed ‘significant’ gold mineralisation, with most of it at surface.
“We can see a lot of good intercepts, some at surface, some at depth, with a small mining lease in the centre, which gives us a quick start up if we want to start digging quickly,” Coyle says.
Three high-priority target areas have been identified, with Jigsaw/Durack East located directly along strike from Westgold Resource’s (ASX:WGX) 112,000 ounce @ 1.2g/t gold resource.
“We can see that a lot of that mineralisation runs into the Feather Cap tenements, down strike and along strike.”
Coyle sees serious potential for Feather Cap to grow and notes that the Company is eager to get a drill rig on the ground, though the priority at the moment remains on Two Pools.
“Feather Cap is an 80% option, so we have 12 months to spend some money and time on the ground there and then decide if we want to take out that option after 12 months.”
More drilling and acquisitions ahead
Corazon has a lot of plans to get these two projects moving in the coming months, with the immediate next being diamond drilling at Two Pools.
Once the results are back from that, then Corazon will look at commencing a 3,000m reverse circulation (RC) program at the end of April as follow up work, which will then determine the next stops for the project.
“I have no doubt that we’ll be doing RC drilling at Two Pools for the remainder of this year, then working toward a maiden resource estimate at some point ideally at the end of 2026 or early 2027,” Coyle says.
Coyle also notes that the corporate evolution is not yet over.
“We want to see how we can advance ourselves as a company, so we’re always on the lookout for new assets and acquisition potential in the region as well.”
So really, Corazon is working a two-pronged approach, continuing to drill at Two Pools and eventually Feather Cap to grow those resources, but also to keep doing what they’ve been doing with regards to new acquisitions.
“We’re not going to sit around waiting.”
Coyle notes that he believes Corazon is very undervalued in the current market.
“We’re about to drill into a well-known mineralised system at Two Pools which will provide extremely good results, so our market cap isn’t going to stay at these low levels for very long,” Coyle says.
“We’re a company that’s willing to take risks and make things happen rather than wait for things to come to us.
“Where Corazon is today is not where you’re going to see it in three months, six months, or 12 months. It’s continual upside from here.”
Write to Amy Rotman at Mining.com.au
Images: Mining.com.au and Corazon Mining
