Key Highlights

• Corazon Mining (ASX:CZN) has intersected gold along approximately 450m of strike south of the historical Chalice open pit in the first drill test of the Chalice Exploration Target.

• Results include 8m at 3.15 g/t Au from 110m and 9m at 1.88 g/t Au from 103m at the southern pit margin.

• Gold was intersected in 23 of 29 holes reported, with mineralisation placing intercepts within the modelled Exploration Target wireframes on a granted Mining Lease.

• The Chalice Exploration Target stands at 9.7-12.3 Mt at 1.9-2.1 g/t Au for approximately 600,000-830,000 ounces of contained gold, inclusive of the current 191,000-ounce Mineral Resource.

Corazon Mining Limited (ASX:CZN) has released assay results from its maiden reverse circulation drill program at the Chalice Gold Project, marking the first systematic drill test of the Chalice Exploration Target. The results, announced on 5 November 2026, show gold mineralisation extending along approximately 450 metres of strike south of the historical open pit, with intercepts falling within the modelled target wireframes.

Drilling Intersects Gold at the Southern Pit Margin

The drill program targeted near-surface extensions immediately south of the current JORC (2012) Mineral Resource Estimate of 2.18 Mt at 2.74 g/t Au for 191,000 ounces. The four holes drilled at the southern pit Margin — 26CRC003 through 26CRC006 — all intersected gold mineralisation.

The best results came from hole 26CRC006, which returned 8m at 3.15 g/t Au from 110m, including 4m at 5.42 g/t Au from 110m, along with 10m at 1.00 g/t Au from 128m. Hole 26CRC005 delivered 9m at 1.88 g/t Au from 103m, including 4m at 3.50 g/t Au. Additionally, hole 26CRC004 returned a broader interval of 31m at 0.79 g/t Au from 112m.

Step-Out Drilling Extends Mineralisation Along Strike

Beyond the pit margin, step-out holes drilled progressively southward to test shallow extensions within the Exploration Target area also returned gold intercepts. Results included 2m at 3.76 g/t Au from 54m in 26CRC012, 4m at 1.80 g/t Au from just 20m depth in 26CRC013, and 8m at 1.09 g/t Au from 80m in 26CRC023.

Of the 29 holes reported, 23 returned intercepts above the 0.5 g/t Au reporting cut-off, and 12 returned intercepts of 5 Au gram-metres or more. Mineralisation has been intersected from as shallow as 20 metres downhole to more than 200 metres, consistent with the interpreted geometry of the mineralised corridor along the granite-amphibolite contact.

Exploration Target Context

The Chalice Exploration Target was defined in September 2026 from mineralisation wireframes modelled south of the historical open pit, where historical drill density was insufficient to support a Mineral Resource estimate. The target stands at 9.7-12.3 Mt at 1.9-2.1 g/t Au for approximately 600,000-830,000 ounces of contained gold, which is more than three times the current 191,000-ounce resource. The entire target sits on a granted Mining Lease close to established processing infrastructure.

The company has cautioned that the potential quantity and grade of the Exploration Target is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource for the additional mineralisation. It remains uncertain whether further exploration will result in the estimate of a Mineral Resource.

Managing Director Simon Coyle noted that gold has been intersected within the target wireframes along the full 450 metres tested, with the system remaining open to the south.

Looking Forward

Drilling continues at Chalice, with assays pending for five additional holes including step-outs approximately 800 metres south of the pit. The 7,500-metre program is scheduled for completion in November 2026. Pending results from the southern step-outs will determine whether the mineralised corridor extends well beyond the current 450-metre footprint. The down-dip extensions of the underground resource and the potential for parallel lodes also remain untested, providing additional avenues for further exploration.