Corazon Mining (ASX:CZN) has identified ‘high-grade’ gold intercepts outside its 191,000oz resource at the Chalice Gold Project, following a historical data review.
The review highlighted multiple mineralised zones excluded from the existing JORC 2012 mineral resource estimate, returning near-surface intercepts such as 4m @ 8.84 grams per tonne gold (Au) from 55m and 3m @ 7.38g/t Au from 28m.
Other key results include 3m @ 4.89g/t Au from 35m and 2m @ 4.39g/t Au from 24m.
Deeper intercepts supporting underground extensions include 5.1m @ 2.44g/t Au from 578.6m, 6.9m @ 2.36g/t Au from 581.9m, and 3.8m @ 4.03g/t Au from 514.3m.
Managing Director Simon Coyle describes the process behind the review:
“When we began our detailed review of Chalice’s historical drilling, we weren’t just chasing a few isolated high-grade hits.”
“We identified a coherent near-surface zone sitting hard up against the current pit design, as well as a second zone extending high-grade mineralisation well below the existing resource.
“Neither of these zones has previously been wireframed or brought into the mineral resource, and both represent exactly the kind of ounces we can pursue quickly and efficiently.”
Historical geological modeling utilised a conservative 0.80g/t Au cut-off grade, which is currently being recalibrated to current gold price and open pit economics.
Meanwhile, the existing resource was estimated using a US$1,700 ($2,435) per ounce gold price assumption, significantly below current spot prices.
“With gold now trading well above the price assumptions underpinning the original 191,000 oz at 2.7g/t Au JORC resource, these zones present a compelling opportunity to pursue potential growth in the Chalice ounce inventory through targeted drilling,” Coyle adds.
Corazon now intends to conduct a 10,000m phase one drilling campaign in Q3 2026, with final drill designs already well advanced and rig mobilisation in the works.
Acquired in May 2026, the Chalice Project marks Corazon’s third WA acquisition in less than 12 months, following the Two Pools and Feather Cap gold projects.
Chalice sits within 130km of seven operating processing facilities and features a historical production of 645,000oz gold.
Corazon Mining is a gold explorer and producer primarily focused on advancing its Chalice Gold Project in Western Australia’s Eastern Goldfields. Its portfolio also includes the Lynn Lake Nickel-Copper-Cobalt Sulphide Project in Manitoba, Canada.
Write to Paula Fabe at Mining.com.au
Images: Corazon Mining
