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- Historical review highlights multiple high-grade gold intercepts
- Results indicate potential for future gold resource growth
- Review supports view Chalice gold MRE remains open both laterally and at depth
- Unmodelled intercepts at depth confirm underground extensions beneath and beyond existing workings
Corazon Mining (ASX:CZN) has identified significant high-grade gold results at Chalice with a review of the Western Australia project’s extensive historical drill database.
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A number of new targets have been uncovered outside the current resource of 191,000 ounces at 2.7 grams per tonne (g/t) gold at the recently acquired asset.
Results generated from a systematic review of historical drilling, have also confirmed that the resource remains open in multiple directions and will directly inform the design of Corazon’s upcoming phase one drilling campaign.
MD, Simon Coyle, told shareholders with the gold price now well above the assumption underpinning the current JORC resource, these findings strengthen the technical case for potential resource growth at Chalice, which will be evaluated through the planned phase one drilling program and subsequent studies.
“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,” he said.
“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.
“These zones present a compelling opportunity to pursue potential growth in the Chalice ounce inventory through targeted drilling.
“Our initial drill program at Chalice is being specifically designed around these targets, and I am confident that as drilling progresses through this year, further upside will be unlocked from this high- grade system.”
Chalice is Corazon’s third WA gold project acquisition in less than 12 months, following Two Pools and Feather Cap, and Mr Coyle said it anchors the company’s advanced-stage WA gold strategy with an existing resource on a granted Mining Lease in one of the WA’s most productive gold regions, Higginsville.
Corazon is well advanced in planning its phase one drilling campaign, targeted to commence Q3 CY2026, aimed at unlocking the significant upside potential of this proven high-grade gold system.
Corazon’s technical team has reinterpreted the historical Chalice drilling database against the current MRE mineralisation wireframes, identifying two distinct high-grade mineralised zones that were drilled historically but never incorporated into any reported resource.
The near-surface intercepts occur immediately adjacent to and above the current open pit shell, in ground excluded from historical wireframing due to the application of a conservative 0.8 grams per tonne gold cut-off grade in the historical wireframing. Because this mineralisation sits directly against the existing pit design, it is considered a near-term priority target for low-cost open pit expansion.
CZN was steady at 8.8¢ with a Mkt cap of $6.436M prior to markets opening.
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