Corazon Mining (ASX:CZN) identifies additional gold mineralisation at Chalice
Corazon Mining has identified multiple historical gold intercepts outside the current JORC 2012 Mineral Resource at its Chalice Gold Project in Western Australia following a systematic review of the historical drilling database.
The review identified mineralisation adjacent to the current open pit and beneath the current underground resource limits, with the results to inform the design of the company's approximately 10,000 m Phase 1 drilling program targeted to commence in Q3 CY2026.
Highlights
Systematic review identified multiple historical gold intercepts outside the current JORC 2012 Mineral Resource of 2.181 Mt at 2.74 g/t Au for 191,000 oz.
Near surface intercepts include 4.0 m @ 8.84 g/t Au from 55.0 m, 3.0 m @ 7.38 g/t Au from 28.0 m and 3.0 m @ 4.89 g/t Au from 35.0 m.
Deeper intercepts include 5.1 m @ 2.44 g/t Au from 578.6 m, 6.9 m @ 2.36 g/t Au from 581.9 m and 3.8 m @ 4.03 g/t Au from 514.3 m.
Final planning is underway for an approximately 10,000 m Phase 1 drilling campaign targeted to commence in Q3 CY2026.
Corazon intends to progress cut off grade and pit shell re optimisation studies reflecting the current gold price environment.
Corazon's technical team reinterpreted the historical Chalice drilling database against the current Mineral Resource Estimate wireframes and identified 2 distinct mineralised zones that were drilled historically but were not incorporated into any reported Mineral Resource.
According to the company, these results indicate potential for future gold resource growth, subject to further drilling and technical evaluation.
The near surface intercepts occur immediately adjacent to and above the current open pit shell.
The announcement states this ground was excluded from historical wireframing through the application of a conservative 0.8 g/t Au cut off grade.
The open pit interpretation is being updated to incorporate these results and optimise drill targeting for near surface expansion and infill.
The review also identified historical intercepts beneath the current underground resource limits, including 5.0 m @ 2.45 g/t Au from 291.0 m, together with intercepts from depths greater than 500 m.
Corazon states these historical results are directly guiding the design of the Phase 1 drilling program, which will initially focus on the near surface zone up dip from the Kronos lode identified through the historical data review, with additional target areas to be progressively tested as planning advances.
Corazon Managing Director Simon Coyle 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.”
The current Mineral Resource was estimated using a US$1,700/oz gold price assumption, which underpins the 1.3 g/t Au cut off grade and the open pit optimisation shell used to define the resource boundaries.
Corazon intends to assess the impact of the current gold price environment on cut off grade optimisation and potential expansion of the pit shell.
The company states this work is preliminary, subject to further technical study, and should not be interpreted as a production target or an economic forecast.
Chalice hosts a JORC 2012 Mineral Resource of 2.181 Mt at 2.74 g/t Au for 191,000 oz on granted Mining Lease M15/786.
The resource comprises 406,000 t at 3.19 g/t Au for 42,000 oz Measured, 1.120 Mt at 2.6 g/t Au for 94,000 oz Indicated and 655,000 t at 2.64 g/t Au for 55,000 oz Inferred.
Corazon's stated work program includes finalising drill designs for the Phase 1 drilling campaign, progressing cut off grade and pit shell re optimisation studies, and continuing exploration and drilling campaigns at the Feather Cap and Two Pools gold projects.