Key Highlights

  • Corazon has identified Targets A, B and C near its Chalice gold mine using reprocessed geophysics.
  • The El Paso Trend, a parallel corridor about 7 kilometres long, is interpreted as a possible repeat of the Chalice structure.
  • The review covers more than 40 kilometres of strike after consolidating ground from Dynamic Metals.
  • Soil sampling is planned across the targets, followed by first-pass drilling in 2027.

Corazon Mining (ASX:CZN) has outlined a series of exploration targets that it believes could repeat the geological setting of its Chalice gold mine in Western Australia. The targets were announced on 12 November 2026 after a belt-scale review covering more than 40 kilometres of strike.

Chalice lies about 75 kilometres northwest of Norseman and 27 kilometres west of Higginsville in the Eastern Goldfields. The wider belt has been brought together through an agreement for Corazon to acquire tenure and gold rights from Dynamic Metals (ASX:DYM).

Using reprocessed geophysics and historical records, Corazon has defined three priority targets close to the mine, named Targets A, B and C. It has also highlighted a second, parallel corridor about 7 kilometres long, called the El Paso Trend, which it interprets as a possible repeat of the Chalice structure.

Why the company thinks the belt is underexplored

Managing Director Simon Coyle said Chalice had produced more than 645,000 ounces of gold, yet almost all meaningful drilling on the belt had taken place on the mining Lease itself.

The historical data supports that view. Corazon says 74% of the 5,202 historical holes on the project are rotary air blast or aircore holes with an average depth of 44 metres. Only 90 holes outside the Chalice mining lease extend beyond 100 metres.

Coyle said combining the Dynamic Metals ground with the existing project allowed the company to assess the whole 40-kilometre belt as a single system. He added that the reprocessed geophysics helped trace the Chalice host rocks under cover, including where a thin sheet of granite had concealed them from earlier explorers.

Historical hits within the new ground

Historical drilling within the tenure being acquired returned intercepts including 15 metres at 16.19 grams per tonne gold from surface, 2 metres at 41.31g/t from 134 metres and 4 metres at 9.5g/t from 52 metres. These are historical results, and their sampling and assay methods will need to be validated before they can be relied on for modern estimates.

At the mine itself, Chalice holds a mineral resource of 191,000 ounces at 2.74g/t gold. Corazon is also running a 7,500-metre reverse circulation programme south of the pit. On 5 November the company reported that drilling had extended mineralisation 450 metres in that area.

The importance of the transaction

The targets depend in part on ground Corazon does not yet fully control. The company and Dynamic Metals are finalising transaction documents, including the assignment of gold rights over two exploration licences, and Corazon expects completion within weeks. Until completion, there remains a risk that terms change or the deal is delayed.

Qualifications

The targets are interpretations based on geophysics and limited historical drilling. They have not yet been tested by modern drilling, and the presence of a similar geological setting does not mean a deposit of similar size or grade exists. Covered ground and the granite sheet mentioned by Corazon may also make targeting more difficult.

Corazon's approach mirrors a broader trend in the Eastern Goldfields, where companies with existing mines are revisiting surrounding ground using modern geophysics. Historical exploration often stopped at shallow depths or at the edge of a single lease, leaving deeper or covered extensions untested. Whether that same pattern applies at Chalice will only become clear once holes are drilled.

What comes next

Corazon plans soil sampling across the targets followed by first-pass drilling in 2027. Targets A, B and C are the first priorities because of their proximity to the mine, with the El Paso Trend to follow.

In the nearer term, the company's attention is split between completing the Dynamic Metals transaction and reporting results from the drilling south of the Chalice pit. Those two milestones will determine how quickly the broader belt programme can begin.