Corazon Defines Chalice Exploration Target’s Growth Potential

Corazon Mining (ASX: CZN)

Announced a maiden Exploration Target of 9.7 – 12.3Mt at 1.9 – 2.1 g/t Au (approximately 600,000 – 830,000oz contained gold) at its 100%-owned Chalice Gold Project near Higginsville, Western Australia.

 

 

 

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Corazon Mining ASX: CZN
Stage Exploration / Development
Metals Gold, battery metals
Market cap A$27 million @ A$0.11c
Location Western Australia
Website www.corazon.com.au

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Corazon Defines Chalice Exploration Target, Confirms Significant Resource Growth Potential

HIGHLIGHTS
  • Maiden Exploration Target defined at the Chalice Gold Project which shows the potential to significantly increase the existing Mineral Resource Estimate on completion of further drilling
  • Target is inclusive of the existing 191,000oz Mineral Resource, indicating substantial conceptual mineralisation beyond the current Mineral Resource Estimate.
  • Underpinned by ~370 historical drillholes plus extensive underground face and sludge sampling, defining a mineralised system extending 1.7km along strike and 700m vertically.
  • Target captures near-surface mineralisation for the first time, extending beyond the underground-only basis of the current Resource.
  • Drill planning is underway, with expectations of drilling to commence in the coming weeks, with an initial 7,500m RC program to test the geological and grade continuity assumptions.
  • The Exploration Target confirms the scale of the Chalice opportunity and supports the Company’s transition from early-stage explorer to potential WA gold developer.

Figure 1. Plan view mineralisation and the southern strike extension of the Exploration Target at Chalice Gold Project
Go to announcement

Corazon Mining Limited (ASX: CZN) (“Corazon” or the “Company”) is pleased to announce a maiden Exploration Target of 9.7 – 12.3Mt at 1.9 – 2.1 g/t Au (approximately 600,000 – 830,000oz contained gold) at its 100%-owned Chalice Gold Project near Higginsville, Western Australia.

The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource for the additional mineralisation included in the Exploration Target, and it is uncertain if further exploration will result in the estimate of a Mineral Resource.

Corazon Mining Ltd Managing Director, Simon Coyle, commented:

“This Exploration Target confirms what our technical team has suspected since we first reviewed the Chalice database — this is a considerably larger system than the resource we acquired.

 

“Decades of drilling and underground sampling point clearly to mineralisation extending well beyond the current Resource — both near-surface and at depth.

 

“There is real work still to do before any of that potential can be converted to a Mineral Resource, and we intend to get on with the drilling required to confirm it.

 

“There is genuine potential for a substantial high-grade open pit cutback at Chalice — an outcome that, if confirmed through further drilling, could underpin a low-cost mining operation and meaningful cashflow contribution as we work toward advancing Chalice into a development-ready open pit gold mine.”

 

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Disclosure

At the time of writing the author holds shares in Corazon Mining.

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