Highlights

  • Corazon completed its Acquisition of the Chalice Gold Project on 9 July 2026.
  • Chalice has a reported Mineral Resource of 191,000 ounces of gold.
  • Initial reverse-circulation drilling returned mineralised intervals south of the historical open pit.
  • The company reported exploration activity at Feather Cap and planned drilling at Two Pools.
  • Cash at 30 September 2026 was approximately AUD 7.29 million, with deferred Chalice payments outstanding.

Corazon Mining Limited is an Australian mineral exploration company focused on gold projects in Western Australia, including the Chalice Gold Project. During 2026, Corazon Mining Limited (ASX:CZN) completed a major project acquisition, began drilling at Chalice and advanced work across other exploration areas. Its October 2026 Quarterly Report details the expanded portfolio and funding commitments.

Chalice Acquisition Establishes a New Project Base

Corazon Mining Limited (ASX:CZN) completed the purchase of Chalice from Westgold Resources on 9 July 2026. The company reported total consideration of approximately AUD 25.7 million, comprising AUD 8.0 million upfront cash, 47.6 million Corazon shares and up to AUD 11.0 million in deferred cash. The shares represented about 19.9% of enlarged Issued Capital at completion. A Placement of approximately 117.9 million shares at AUD 0.14 each raised AUD 16.5 million before costs to support the transaction.

Resource Estimate and First Drilling Results

Chalice has a JORC 2012 Mineral Resource of 2.181 million tonnes grading 2.74 grams per tonne gold, equivalent to 191,000 ounces. The estimate comprises 42,000 Measured ounces, 94,000 Indicated ounces and 55,000 Inferred ounces. Corazon Mining Limited (ASX:CZN) also published a conceptual Exploration Target in September 2026 of approximately 600,000–830,000 ounces, including the existing resource. The target is not an additional Mineral Resource, and further exploration may not convert it into one.

A first-phase reverse-circulation programme of approximately 7,500 metres across 50 holes commenced on 17 September 2026, targeting ground south of the former open pit. Early results included 27 metres at 1.26 grams per tonne gold from 180 metres in hole 26CRC001. Hole 26CRC002 returned 22 metres at 1.29 grams per tonne from 172 metres and 4 metres at 9.93 grams per tonne from 207 metres. These are downhole intersections; true widths had not been established. Completion of the programme was scheduled for November 2026.

Additional Gold Rights and Regional Exploration

At Two Pools in the Gascoyne region, Corazon reported a conceptual Exploration Target of 72,000–132,000 ounces of gold. No drilling was reported there during the September quarter, although approximately 5,000 metres of reverse-circulation drilling was planned over the following six months. At Feather Cap, where the company exercised an option to earn an 80% interest, drilling returned 4 metres at 10.60 grams per tonne gold from 66 metres and 4 metres at 9.20 grams per tonne from 65 metres. Both intervals are downhole measurements and require further investigation.

Funding Position and Planned Work

Corazon Mining Limited (ASX:CZN) ended September 2026 with approximately AUD 7.29 million in cash, after quarterly exploration expenditure of around AUD 1.21 million. The deferred Chalice consideration creates a further funding obligation, while additional drilling and resource assessment will require continued expenditure. Cash availability and the timing of future milestones therefore remain relevant to the company’s exploration programme.

Key Insights

Corazon Mining Limited (ASX:CZN) used 2026 to expand its Western Australian gold portfolio and commence testing prospective ground at Chalice. The reported resource provides an established geological starting point, while early drilling and regional targets require further work before their scale can be assessed. Upcoming assays, resource evaluation and the management of deferred acquisition commitments will shape the next stages of exploration.