Wedoany.com Report-Oct. 10, oCrazon Mining has signed a binding heads of agreement with RBH Mining, granting it a 12-month exclusive option to acquire an 80% interest in the Feather Cap gold project in Western Australia’s Gascoyne region. The project covers 154km² and includes four exploration licences and one mining lease.

Corazon plans to conduct a detailed analysis of historical exploration data to refine drill targets.

The Feather Cap project is located less than 50km from Westgold Resources’ Fortnum mill and adjoins the Durack deposit, which contains 2.9 million tonnes at 1.2 grams per tonne (g/t) of gold. Its strategic position within a proven mineral province enhances Corazon’s regional expansion plan.

Corazon managing director Simon Coyle said: “The grant of the Feather Cap Option is a key component of our strategy to build a significant presence in the Gascoyne region. With the Feather Cap Project located less than 100km from our Two Pools Gold Project, we will, subject to exercise of the option, consolidate a significant, highly prospective land package in a proven mineral province.”

Corazon plans to analyze historical exploration data to refine drill targets, focusing on the Durack East and Wembley prospects. Historical drilling at Feather Cap has returned several high-grade results, including 20m at 3.01g/t gold from 40m, with 4m at 10.7g/t, and 35m at 1.47g/t from 32m, including 5m at 5.13g/t, both from Durack East. At Wembley, shallow drilling reported 7m at 6.21g/t gold from 6m, including 2m at 18.33g/t.

Coyle noted that Wembley’s shallow mineralization and weathered zones present strong potential for early-stage development, offering the opportunity for near-surface mining and faster project advancement.

Under the option terms, Corazon will pay RBH Mining A$50,000 ($32,800) in cash and A$50,000 in shares, and commit at least A$250,000 toward exploration during the 12-month period. Should Corazon exercise the option, it will pay RBH A$600,000 upon completion and an additional A$1 million within four years.

RBH will retain the rights to iron ore and manganese resources within the project area and will be free-carried through to a final investment decision. Once a development decision is reached, RBH’s 20% interest will convert into a 3.5% net smelter return royalty.

Coyle described the agreement as “highly capital-efficient,” emphasizing that it enables Corazon to accelerate exploration activities while maintaining financial flexibility. The partnership with RBH strengthens Corazon’s regional footprint and supports its goal of consolidating high-potential gold assets in Western Australia.

With the Feather Cap option, Corazon Mining advances its strategy of developing a portfolio of gold projects across the Gascoyne region, leveraging both historic exploration results and modern geological analysis to identify targets capable of supporting future resource growth and production potential.