Corazon Mining Limited (ASX: CZN) has confirmed the completion of its acquisition of the Chalice Gold Project in Western Australia’s Higginsville district. The company purchased 100% of the project from Westgold Resources, marking a significant step in its transition from an earlier-stage explorer to an emerging gold developer. The acquisition is part of a broader corporate strategy, representing Corazon's third gold project addition within the last twelve months, following earlier entries into the Two Pools and Feather Cap projects.

The project acquisition was settled for a total consideration of approximately A$25.7 million. This package includes A$8.0 million in upfront cash, a significant equity stake for Westgold—which now holds a 19.9% interest in Corazon—and up to A$11.0 million in deferred payments linked to future resource expansion milestones. To fund the upfront costs and kickstart site activities, the company successfully completed a A$16.5 million placement.

"Shareholders have given Corazon a clear and emphatic mandate to fast-track Chalice, and with completion now behind us we are more than ready to deliver on that. With gold trading well above the price assumptions underpinning our current resource estimate, there is a clear and immediate opportunity to grow ounces quickly."

— Simon Coyle, Managing Director

Chalice hosts a JORC-compliant resource of 191,000oz at 2.7g/t gold. With the acquisition finalized, the company is moving immediately to implement its operational plans. Management has scheduled an initial 10,000-meter drilling program for the third quarter of 2026, targeting rapid resource growth near the existing mineralized zones. Alongside the drill bit, the technical team will initiate studies to re-evaluate cut-off grade optimization and explore potential pit-shell expansions, leveraging current gold price environments to potentially enhance the project’s development profile.

Read the full announcement: Corazon Completes Chalice Gold Project Acquisition