en.Wedoany.com Reported - Corazon Mining has completed the acquisition of the Chalice Gold Project from Westgold Resources for a total consideration of A$25.7 million. The transaction grants Corazon 100% ownership of the project, including mining licenses, contracts, and technical data, marking the company's transition from early-stage exploration to development.

The consideration includes an initial cash payment of A$8 million, A$6.7 million in Corazon shares, and up to A$11 million in deferred cash payments tied to project milestones. Upon completion, Westgold became a 19.9% shareholder in Corazon, retaining exposure to the project's future success while divesting non-core assets.

The Chalice Gold Project, located in the Higginsville region of Western Australia, has JORC-compliant mineral resources of 191,000 ounces at a grade of 2.74 g/t gold, with historical production of approximately 645,000 ounces of gold. Corazon plans to accelerate drilling and technical studies to expand existing resources and advance development. The acquisition was supported by A$16.5 million in financing, which will fund the initial payment, accelerated drilling, and ongoing exploration of the company's broader Western Australian gold asset portfolio.

Corazon Mining Managing Director Simon Coyle stated that this is the company's third Western Australian gold acquisition in less than 12 months, consolidating its strategy to scale up in Australia's premier gold mining district. Chalice is a proven high-grade system with 191,000 ounces of resources and remains open for expansion in multiple directions. The company believes the best discoveries are still ahead and will immediately embark on an aggressive resource growth drilling program. Given that gold trading prices are significantly higher than the price assumptions underlying the current resource estimate, the company sees a clear opportunity to rapidly increase ounce counts.