Corazon Mining (ASX:CZN) defines 4km gold anomaly at Two Pools and moves toward maiden drill execution with shallow high grade support

Simon Coyle, Managing Director of Corazon Mining, joins MarketOpen today to discuss the company’s technical review that has defined a continuous 4km gold anomaly at the Two Pools Gold Project in Western Australia, highlighted by multiple shallow high grade historical intercepts and a clear pathway toward a maiden drill program in Q1 CY2026.

This Investor Q&A focuses on scale, data quality, drill readiness, target prioritisation and how sequencing is being used to reduce early stage exploration risk.

What is the core technical outcome of this review and why does it change how investors should view Two Pools today?

The review integrated historical drilling, soil sampling and rock chip data and defined a continuous gold anomaly extending for approximately 4km in strike, which gives us a coherent mineralised footprint rather than isolated results.

Across this trend we see multiple shallow intercepts with elevated grades and consistent soil anomalies that extend beyond the areas previously drilled.

Much of the historical drilling stopped at depths of 75m or less, so coverage is shallow relative to the scale now mapped.

The key point for investors is that we are now working from a project wide mineralised trend with demonstrated shallow grade rather than a series of disconnected prospects, and this allows us to plan drilling across priority areas with better spatial context and clearer target ranking.

How should investors interpret the historical high grade intercepts highlighted in the announcement?

The historical results include multiple high grade and shallow intercepts such as 14m at 2.64g/t Au from 14m and 13m at 2.71g/t Au from 13m, along with additional standout intervals reported from Target Area 1 and nearby zones.

These results were sourced from open file historical programs and confirmed through our technical review process, demonstrating that gold mineralisation is present across multiple parts of the trend rather than being confined to a single drill fence.

Operationally, these intercepts translate into immediate priority drill targets instead of conceptual targets, which allows our first phase drill design to focus on areas where mineralisation is already observed while still testing extensions and undrilled zones.

Target Area 1 is emphasised in the release. What differentiates it from the other priority areas?

Target Area 1 sits to the north and northeast of previous drilling and is supported by recent soil results that define a surface anomaly measuring about 1.8km by 1.2km, yet it remains under tested by modern exploration despite strong historical drill intercepts and dense anomalous soil values.

The combination of scale, geochemical support and known intercepts makes it a logical entry point for the maiden campaign, as we are starting where data density, anomaly size and prior drill success overlap, which improves the probability of informative early drilling results, while the other three priority areas along the 4km trend remain in the broader pipeline for staged follow up programs.

What concrete steps indicate that the company is moving from interpretation to execution?

Drill planning is underway and the company is in active discussions with drilling contractors to secure a rig, with a maiden campaign scheduled for Q1 CY2026 focused on Target Area 1, while four priority target areas have been delineated from geological and structural interpretation of the compiled datasets.

The appointment of Sammy Bakie as Exploration Manager adds regional gold exploration experience to lead the technical programs, and from an execution standpoint the project has progressed from data consolidation into funded planning, contractor engagement and team build out, with sequencing designed to align targets, people and rigs before capital is deployed in the field.

How does the shallow depth of most historical drilling influence your forward program design?

Most historical drilling along the 4km trend reached depths of no more than 75m, meaning a large portion of the system has not been tested at depth or along strike using modern approaches, which gives us scope to design holes that both validate shallow mineralisation and test below and beyond previous intercepts rather than relying on deep historical coverage.

The practical implication is that upcoming drilling will focus on both confirmation and extension instead of repeating already deep tested ground, supporting a program structure where early holes can answer multiple questions about continuity and vertical extent within the same campaign.

Execution focus shifts project from data recovery to drill testing

In practical terms, the strategy being implemented by Simon Coyle, Managing Director of Corazon Mining, converts a fragmented historical dataset into a ranked, drill ready pipeline built around a 4km anomaly, four priority zones and a first pass campaign at Target Area 1, with contractor engagement and technical leadership already in place.

This approach centres on sequencing, target confidence and staged testing so that each drill phase adds decision quality rather than simply adding metres.

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