- Maiden exploration target defined
- Shows potential to significantly increase the existing MRE
- Target inclusive of the existing 191,000oz mineral resource
- Underpinned by 370 historical drillholes plus extensive underground face and sludge sampling,
Corazon Mining (ASX: CZN) is accelerating drill planning after unveiling a maiden exploration target at its Chalice gold project near Higginsville, Western Australia.
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The exploration target of 9.7 to 12.3 million tonnes (Mt) at 1.9 to 2.1 grams per tonne (g/t) for approximately 600,000 to 830,000 ounces of contained gold,
MD, Simon Coyle, said the exploration target suggests that the mineralised system at Chalice extends materially beyond the existing 191,000 ounce JORC (2012) mineral resource estimate (MRE), providing a substantive platform to grow the resource base as Corazon advances Chalice towards development.
“This exploration target confirms what our technical team has suspected since we first reviewed the Chalice database — this is a considerably larger system than the resource we acquired,” Mr Coyle said.
“Decades of drilling and underground sampling point clearly to mineralisation extending well beyond the current Resource — both near- surface and at depth. There is real work still to do before any of that potential can be converted to a Mineral Resource, and we intend to get on with the drilling required to confirm it.
“There is genuine potential for a substantial high-grade open pit cutback at Chalice — an outcome that, if confirmed through further drilling, could underpin a low-cost mining operation and meaningful cashflow contribution as we work toward advancing Chalice into a development-ready open pit gold mine.”
Chalice is Corazon’s third Western Australian gold acquisition completed within the past 12 months, following Two Pools and Feather Cap.
The company will conduct a minimum 7,500m of additional RC drilling at Chalice over the next six months, subject to funding, access and regulatory approvals.
The program is intended to test the geological and grade continuity assumptions underpinning the exploration target and to provide information required to assess whether future mineral resource estimation may be appropriate in areas not presently classified as mineral resource.
The company is finalising the scope of the drilling program required to test the geological and grade continuity assumptions underpinning the Chalice exploration target, subject to funding and approvals.
It is also progressing the technical review of cut-off grades and geological interpretation referenced in this announcement.
CZN was up 4.17% to 12.5¢.
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