Corazon Mining (ASX:CZN) returns first Chalice gold assays
Corazon Mining has intersected broad zones of gold mineralisation in its maiden reverse circulationdrilling program at the 100% owned Chalice Gold Project, including 4 m at 9.93 g/t Au from 207 m downhole.
The initial results come from the southern edge of the historical open pit, as drilling tests near surface extensions immediately south of the current Mineral Resource.
Highlights
Hole 26CRC001 returned 27 m at 1.26 g/t Au from 180 m.
Hole 26CRC002 intersected 22 m at 1.29 g/t Au from 172 m, with a separate higher grade interval below.
The 50 hole, 7,500 m program targets up to 1,000 m of strike south of the historical pit.
Approximately 25% of the program is complete, with completion scheduled for November 2026.
Located in the Higginsville district of Western Australia’s Eastern Goldfields, Chalice is Corazon’s most advanced asset, hosting a JORC 2012 Mineral Resource of 2.18 Mt at 2.74 g/t Au for 191,000 oz Au.
The project was acquired in 2026 and sits on a granted Mining Lease, with an extensive historical drilling database and proximity to established processing infrastructure.
Chalice has a production history of 645,000 oz Au, comprising approximately 517,000 oz from open pit operations and 39,000 oz from underground operations between 1995 and 1999, followed by 89,000 oz from underground mining between 2011 and 2014.
Following the acquisition, Westgold Resources holds a 19.9% strategic interest in Corazon.
The initial drill holes are approximately 40 m apart and represent the most northerly positions in the current program.
Their mineralised intercepts sit approximately 125 to 175 m below surface and approximately 100 m below the base of the historical pit, with subsequent drilling progressing south and up plunge along the known mineralisation.
Within the broader intersection in 26CRC001, assays returned 12 m at 1.43 g/t Au from 180 m and 7 m at 1.42 g/t Au from 200 m.
The corresponding broad zone in 26CRC002 includes 7 m at 1.56 g/t Au from 173 m and 5 m at 2.08 g/t Au from 182 m.
All reported intercepts are downhole widths, and true widths are not yet known.
Gold mineralisation is hosted within an amphibolite unit of the greenstone sequence, immediately adjacent to the Burra Monzogranite contact.
It is concentrated within an approximately 50 m wide corridor trending north to south along that contact, with strong alteration and associated pyrite and pyrrhotite sulphides.
The drilling program tests continuity, geometry and extent within areas of limited historical drill density, reaching approximately 200 m vertical depth.
Positive results may support evaluation of a potential southern extension to the existing open pit, while deeper extensions of the underground resource and potential parallel lodes are identified for subsequent phases.
Corazon Managing Director Simon Coyle said,
“We look forward to keeping shareholders informed as assays are received through to the program’s completion in November.”
A further 10 holes have been drilled with assays pending, and a 2nd rig is scheduled to arrive this week.
Results will feed into updated geological modelling and inform assessment of a potential Mineral Resource update, while subsequent technical or economic studies remain dependent on drilling outcomes.
Corazon’s next steps also include deeper drilling and exploration targeting across the broader Chalice Gold Project.