en.Wedoany.com Reported - Corazon Mining (ASX:CZN), following a review of historical data at the Chalice Gold Project in Western Australia, has identified high-grade gold intercepts beyond the existing resource of 191,000 ounces at 2.7 g/t gold (JORC 2012), which were previously excluded from resource estimates.
The review highlights multiple mineralized zones, including near-surface intercepts such as 4 meters at 8.84 g/t gold from 55 meters, and 3 meters at 7.38 g/t gold from 28 meters. Other key results include 3 meters at 4.89 g/t gold from 35 meters, and 2 meters at 4.39 g/t gold from 24 meters.
Deeper intercepts supporting underground extensions include 5.1 meters at 2.44 g/t gold from 578.6 meters, 6.9 meters at 2.36 g/t gold from 581.9 meters, and 3.8 meters at 4.03 g/t gold from 514.3 meters.
Managing Director Simon Coyle stated that the detailed review of historical drilling data not only identified several isolated high-grade intersections but also revealed a coherent near-surface zone closely aligned with the current open-pit design, and another zone extending high-grade mineralization to depth below the existing resource. Both zones were previously not included in wireframes or incorporated into mineral resources.
The historical geological modeling employed a conservative cut-off grade of 0.80 g/t gold, which is currently being recalibrated based on current gold prices and open-pit economics. The existing resource was estimated based on a gold price assumption of $1,700 per ounce (A$2,435), well below current spot prices.
Coyle added that, given gold prices are significantly higher than the price assumptions underpinning the original JORC resource estimate, these mineralized zones present an opportunity for potential growth in gold reserves at the Chalice project through targeted drilling.
Corazon plans to conduct a 10,000-meter Phase 1 drilling campaign in the third quarter of 2026, with final drill designs largely completed and drill rig mobilization underway.
The Chalice project, acquired in May 2026, is Corazon's third acquisition in Western Australia in less than 12 months, following the Two Pools and Feather Cap gold projects. The project is located within 130 kilometers of seven operating processing plants and has a historical production of 645,000 ounces of gold.
Corazon Mining is a gold exploration and production company primarily focused on the Chalice Gold Project in the Eastern Goldfields of Western Australia, while also holding the Lynn Lake nickel-copper-cobalt sulfide project in Manitoba, Canada.
