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- Multiple targets identified where geology hosting the Chalice gold mine is interpreted to repeat
- Approximately three km of under-drilled strike mapped along corridor
- Three priority near-mine targets defined, each interpreted as a potential repeat of the Chalice setting
- Second, parallel corridor, the El Paso Trend, also traced for at least seven km
Corazon Mining (ASX: CZN) has identified numerous follow-up targets in a completed a belt-scale geological review of its Chalice project in Western Australia.
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The review covers more than 40 km of prospective strike consolidated through the company’s agreement to acquire tenure and gold rights from Dynamic Metals (ASX: DYM) and has identified multiple targets where the geological setting that hosts Chalice is interpreted to repeat.
The review combined historical exploration data, including more than 5,200 drill holes, surface samples, mapping and mining records, with reprocessed magnetic, gravity and radiometric data. It demonstrates that the Chalice greenstone belt remains highly under-explored outside the immediate mine area and establishes a district-scale target pipeline where the geological setting that hosts Chalice is interpreted to repeat.
“Chalice has produced more than 645,000 ounces of gold, yet almost all of the meaningful drilling on this belt has happened on the mining lease,” MD, Simon Coyle, said.
“Outside it, only 90 holes went deeper than 100 m, which is a remarkable gap for a belt that hosts a deposit like Chalice. Bringing the Dynamic Metals ground into the project lets us assess the whole 40 km belt as one system, and the reprocessed geophysics allows us to follow the Chalice host rocks undercover, including where a thin sheet of granite has hidden them from earlier explorers.
“Targets A, B and C sit close to the mine and are our first priorities, while the El Paso Trend adds a second, parallel corridor that has only been tested by shallow drilling. Our drilling south of the Chalice pit continues to build the near-mine story and soil sampling will now rank these targets ahead of drilling. This marks the start of a district-scale exploration effort at Chalice.”
Target A, a northern extension of the Chalice Corridor, is located approximately 500m north of the edge of the Chalice underground mineral resource. It covers an area of approximately 1,400m by 300m.
Target B is a southern extension of the Chalice Corridor. It is located immediately south-east of the area being tested by Corazon’s current drilling south of the pit/
Target C is a potential Chalice analogue to the south. It lies about 4.5 km south of the Chalice mining lease, where historical drilling returned gold anomalism over more than 1,200 m of strike, along the interpreted equivalent of the Chalice footwall ultramafic.
CZN was up 2.56% to 8.0¢. Mkt cap $18.60M.
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