Corazon Mining Limited (ASX:CZN) has completed a belt-scale geological review of its Chalice Project, located approximately 75 km northwest of Norseman and 27 km west of Higginsville in Western Australia, identifying multiple Chalice-style gold targets across more than 40 km of prospective strike consolidated through its agreement with Dynamic Metals Limited (ASX:DYM).

Key Points

  • Three priority near-mine targets — A, B and C — defined along the Chalice Corridor, each interpreted as a potential repeat of the geological setting hosting the Chalice gold mine
  • Approximately 3 km of under-drilled near-mine strike mapped north and south of the Chalice mine
  • A second parallel corridor, the El Paso Trend, traced for at least 7 km and tested only by shallow historical drilling
  • 74% of the 5,202 historical holes are RAB or aircore averaging 44 m deep, with only 90 holes outside the Chalice mining lease extending beyond 100 m
  • Systematic soil sampling across target trends is planned ahead of first-pass drilling scheduled for CY2027, subject to approvals

Geological Review and Reprocessed Geophysics

The review, combining more than 5,200 historical drill holes, surface samples, mapping and mining records with reprocessed magnetic, gravity and radiometric data, was commissioned across the Chalice Belt. Corazon engaged Terra Resources to reprocess publicly available aeromagnetic, gravity and radiometric data. The ultramafic rocks flanking the Chalice host package appear clearly in reprocessed data as north-north-west trending marker units, enabling the Chalice Corridor — the folded amphibolite package hosting the Chalice orebodies — to be traced beneath cover and mapped north and south of the mine.

Details of Three Priority Near-Mine Targets

Target A, covering approximately 1,400 m by 300 m, sits approximately 500 m north of the Chalice underground Mineral Resource and is interpreted to be concealed beneath a thin overthrust sheet of granite. Historical RAB and aircore holes over Target A were all less than 50 m deep. Target B, covering approximately 800 m by 300 m, lies immediately south-east of Corazon's current drilling south of the pit. Target C sits approximately 4.5 km south of the Chalice mining lease, where historical drilling has returned gold anomalism over more than 1.2 km of strike. Previously reported historical intercepts within the tenure being acquired include 15 m at 16.19 g/t Au from surface, 2 m at 41.31 g/t Au from 134 m, and 4 m at 9.50 g/t Au from 52 m.

El Paso Trend and Planned Next Steps

Beyond the three near-mine targets, a second parallel corridor — the El Paso Trend — has been traced for at least 7 km and is interpreted as a possible repeat of the Chalice structure. It has been tested only by shallow historical drilling. According to the filing, Managing Director Simon Coyle stated the Dynamic Metals ground acquisition allows assessment of the full 40 km belt as one system. Systematic gold and multi-element soil sampling across the target trends will be used to rank priorities for first-pass drilling, which is planned for CY2027, subject to approvals. Formal assignment of gold rights over tenements E15/1705 and E15/1721 to Corazon is yet to be completed.