Corazon Mining (ASX:CZN) has entered a binding agreement with Dynamic Metals (ASX:DYM) to secure tenure and gold rights surrounding its Chalice Gold Project in Western Australia.
The company will acquire 100% ownership of tenement E15/1802, as well as gold rights for adjoining tenements E15/1705 and E15/1721, securing a total area of 170km2 immediately north and south of Chalice.
The consideration comprises $500,000 in cash and $1 million in shares, along with a further $2 million in key milestones and a 1.5% net smelter return royalty for Dynamic.
Under the agreement, Corazon has expanded its land position to secure the priority southern corridor, as well as the northern extension of the greenstone belt.
Corazon describes the northern extension as ‘underexplored’, totalling 40km of prospective strike.
The Chalice extensions host several undrilled structural and geochemical targets within the same mineralised sequence as the Chalice deposit.
This agreement builds on the acquisition of the Chalice Project, which is Corazon’s third Western Australian gold project acquisition in the last 12 months. Prior acquisitions include the Two Pools and Feather Cap projects.
Managing Director Simon Coyle says the acquisition consolidates Corazon’s position across “one of the most compelling gold camps in Western Australia”.
“We’ve picked up direct along-strike extensions to a high-grade system that has already produced more than 640,000 ounces of gold, consolidating ground we believe holds real potential before we’ve turned a drill bit ourselves,” Coyle says.
“Structuring the deal with deferred, milestone-linked payments means we only pay as we grow the resource, keeping our balance sheet disciplined while we pursue district-scale upside alongside our phase one drilling at Chalice.”
Dynamic Managing Director Karen Wellman says the transaction allows Dynamic “immediate value through cash and equity consideration, while preserving substantial exposure to future exploration success through two deferred milestone payments and a gold royalty”.
“Corazon will bring a dedicated focus to advancing the gold potential of these tenements, while Dynamic retains exposure to the value that may be generated as exploration progresses,” Wellman says.
“Importantly, the transaction does not affect the existing lithium rights and arrangements with Mineral Resources [ASX:MIN] over E15/1705 and E15/1721.”
In May 2026, Corazon entered into a binding agreement with Westgold Resources’ (ASX:WGX) wholly owned subsidiary, involving a $250,000 cash deposit, $8 million cash, and the issuance of 47.6 million shares.
The acquisition was finalised last month, as reported by Mining.com.au.
Corazon Mining is a Western Australian gold explorer and developer. The company’s broader portfolio includes the Lynn Lake Nickel-Copper-Cobalt Sulphide Project in Manitoba, Canada.
Write to Maddison Elliott at Mining.com.au
Images: Corazon Mining
