Corazon Mining (ASX:CZN) is expanding its landholding within the Plutonic Marymia Greenstone Belt in Western Australia to 537km2, securing the right to apply for exploration licences.
This expansion follows the execution of a withdrawal agreement with IGO (ASX:IGO), allowing Corazon to apply for exploration tenements under licence E52/4573.
The company will be required to pay $35,000 cash to IGO upon completion, along with a reimbursement of $5,984 for application fees.
IGO will grant Corazon a licence for all mining and technical information relating to the landholding, retaining a 1.5% net smelter return royalty for gold and minerals extracted and recovered from the asset.
The recipient will also pay $1 million cash to IGO after announcing a minimum resource estimate of 100,000 ounces of gold within the tenements.
Corazon Managing Director Simon Coyle says the addition of this ground and historical data to the company’s portfolio is a “fantastic outcome”.
“Accessing the De Beers dataset – which has remained outside the public domain – gives us a significant advantage as we move to apply modern exploration techniques to this underexplored 5km greenstone corridor,” Coyle says.
“We see clear structural parallels to the high-grade gold mineralisation at Plutonic and are eager to get on the ground to test these new targets.”
Exploration records from the De Beers prospect indicate that historical efforts were limited to wide-spaced surface sampling, with a 7km long by 700m wide corridor of outcropping greenstones having been undrilled to date.
Corazon, which has a market capitalisation of $12.13 million, will integrate this data into regional models to conduct close-spaced, fine-fraction soil sampling to refine geochemical targets and geophysical surveys to strengthen the definition of subsurface structural controls.
Located 45km east-northeast of the Plutonic Processing Facility and 200km north of Meekatharra in Western Australia, the tenement package is proximal to its existing Two Pools Project, sitting directly south.
The company says the tenement package offers a “compelling opportunity to unlock significant value” through the application of modern, systematic exploration.
Corazon’s primary exploration efforts are focused on its Western Australia-based assets – the Two Pools and Feather Cap projects.
Two Pools hosts a 4km strike of exposed, mineralised greenstone in the Gascoyne mining province.
Corazon Mining is a mineral explorer focused on unlocking Western Australia’s next major gold discovery.
Write to Maddison Elliott at Mining.com.au
Images: Corazon Mining
