Key Highlights

  • Corazon Mining (ASX:CZN) reported on 8 October 2026 first assays from its maiden RC drilling at the 100%-owned Chalice Gold Project, including 4m at 9.93g/t gold from 207m in 26CRC002.
  • Hole 26CRC001 returned 27m at 1.26g/t gold from 180m, and the intercepts sit about 125-175 metres below surface and about 100 metres below the historical open pit.
  • The 50-hole, 7,500-metre Phase 1 program is scheduled for completion in November 2026, with a second RC rig due on site.

Corazon Mining Limited (ASX:CZN) announced on 8 October 2026 the first assay results from its maiden reverse circulation (RC) drilling program at the Chalice Gold Project in the Higginsville district of Western Australia's Eastern Goldfields. The first two holes both intersected gold mineralisation.

This article describes the company, the sector context, the results and the factors that may influence the project.

About Corazon Mining

Corazon Mining Limited is an ASX-listed exploration company with an office in West Perth. It owns 100% of the Chalice Gold Project, which has a JORC (2012) Mineral Resource Estimate of 2.18 million tonnes at 2.74g/t gold for 191,000 ounces and a historical open pit. On 3 September 2026 the company defined a Chalice Exploration Target of 9.7 to 12.3 million tonnes at 1.9 to 2.1g/t gold, about 600,000 to 830,000 ounces, which includes the resource.

The Exploration Target is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource for the additional mineralisation. Corazon does not report production revenue.

Sector backdrop

The Higginsville district in the Eastern Goldfields has a history of open pit and underground gold mining. Explorers near historical pits commonly drill extensions along strike, down plunge and down dip to test whether mineralisation continues beyond the mined area.

RC drilling is a standard method for testing extensions, with results reported progressively as assays arrive. A second rig can speed up a program, and results from early holes may differ from later holes.

An Exploration Target is a range of tonnage and grade that does not constitute a Mineral Resource, and its purpose is to guide exploration.

First assay results announced on 8 October 2026

Results

26CRC001 intersected 27 metres at 1.26g/t gold from 180 metres, including 12 metres at 1.43g/t from 180 metres and 7 metres at 1.42g/t from 200 metres. 26CRC002 intersected several zones over a 50-metre downhole window between 161 and 211 metres, including 2 metres at 1.01g/t from 161 metres, 22 metres at 1.29g/t from 172 metres (including 7 metres at 1.56g/t from 173 metres and 5 metres at 2.08g/t from 182 metres) and 4 metres at 9.93g/t from 207 metres. The company states grades are consistent across the full interval in 26CRC001.

These are the most northerly holes in the program, collared at the southern edge of the open pit, and the company says drilling will now step out progressively south and up-plunge of known mineralisation.

Program

The 50-hole, 7,500-metre Phase 1 program is testing continuity of mineralisation up to 1,000 metres south of the open pit and to 200 metres vertical depth, with holes targeting near-surface extensions immediately south of the current resource. Positive results may support an evaluation of a southern extension to the existing open pit. A second RC rig is scheduled to arrive on site this week, with results reported progressively and completion scheduled for November 2026. Deeper targets, including the down-dip extension of the underground resource and potential parallel lodes, are planned for future phases.

The Chalice Gold Project lies in the Higginsville district, and the announcement says the program is the first test of the Exploration Target. The existing Mineral Resource Estimate is 2.18 million tonnes at 2.74g/t gold for 191,000 ounces. The company notes that deeper targets, including the down-dip extension of the underground resource and potential parallel lodes, are lined up for future phases, and that the holes drilled to date are the most northerly in the program, collared at the southern edge of the pit.

Core growth drivers and material operating risks

Core growth drivers

The items identified are the remaining assays from the Phase 1 program, the step-out drilling to the south and up-plunge, evaluation of a southern extension to the pit and possible later phases at depth.

Material operating risks

Only two holes have been reported and most assays are pending. Intercepts are downhole lengths, and the high-grade interval is 4 metres wide. The Exploration Target is conceptual and is not a Mineral Resource. Drilling depends on rig availability, and the company will need funding for later phases.