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- Maiden exploration target defined across three target areas
- First quantification of the Two Pools gold system delivered
- Northern Target is most advanced of three areas
- Central and Southern target areas materially under-drilled
Corazon Mining (ASX: CZN) has unveiled a maiden exploration target at the Two Pools gold project, located in the Gascoyne region of WA.
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The exploration target is estimated at 1.4 million tonnes (Mt) to 2.15 Mt at 1.6 grams per tonne (g/t) to 1.9 g/t gold, for approximately 72,000 ounces to 132,000 ounces of contained gold.
MD, Simon Coyle, said the maiden exploration target is a significant milestone for Corazon and the first quantification of the Two Pools gold system since acquisition.
“The range (up to 132,000 ounces of contained gold) is a conservative starting point rather than a ceiling and is underpinned by standout historical intercepts including 12m at 8.89 g/t gold and 18m at 3.89 g/t gold, with individual metres grading as high as 34.25 g/t gold,” Mr Coyle said.
“The Northern Target remains open along strike and at depth. Our Central and Southern Targets sit on drill spacing of up to 200 m, the widest across the exploration target, and simply tightening that spacing has the potential to materially grow ounces beyond the upper end of today’s range.
“We see genuine scope for Two Pools to deliver a step-change in scale as future drilling closes those gaps.”
The exploration target has been defined across three target areas within the interpreted greenstone belt — Northern, Central and Southern. The three areas differ materially in drill coverage.
The Northern target has been developed from the existing drilling database, assay results, geological interpretation, detailed three-dimensional mineralised wireframes and preliminary resource estimate.
The Northern Target hosts the highest-grade historical intercepts on the project, including 12m at 8.9 g/t from 79 m and 18m at 3.9 g/t from 83m.
Notably, the Northern target does not include hold MRC691, which returned 5.0m @ 3.6 g/t from 236m and is approximately 200m from the modelled Northern Target offering additional upside, down dip from the current exploration target.
The Central and Southern targets comprise discrete mineralised occurrences identified by exploration drilling outside the Northern target. Seven principal three-dimensional mineralised domains have been interpreted from the available drilling within two areas.
Shallow high-grade mineralisation on the south-eastern side of the drill area remains open in multiple directions.
The company is proposing approximately 5,000m of additional reverse circulation (RC) drilling across the Northern, Central and Southern target areas over the next six months, subject to funding, access and regulatory approvals. The program is designed to test the validity of the exploration target.
CZN was steady at 9.8¢ prior to markets opening.
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