Corazon Mining Limited has defined a maiden Exploration Target of 9.7 million to 12.3 million tonnes at 1.9 g/t to 2.1 g/t gold at the Chalice Gold Project near Higginsville, Western Australia, representing approximately 600,000 to 830,000 ounces of contained gold.

The new conceptual target is inclusive of the project's existing 191,000-ounce Mineral Resource and indicates substantial mineralisation extending beyond current estimates. The assessment is underpinned by approximately 370 historical drillholes alongside extensive underground face and sludge sampling, defining a mineralised system that stretches 1.7 kilometres along strike and 700 metres vertically. Crucially, the target captures near-surface mineralisation for the first time, extending beyond the underground-only basis of the current resource.

“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.”

— Simon Coyle, Managing Director

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

Corazon acquired the Chalice project from Westgold Resources Ltd in July 2026 for approximately A$25.7 million, securing a granted Mining Lease and a historical production history of 645,000 ounces at approximately 5.4 g/t gold. The asset represents the company’s third Western Australian gold acquisition within a 12-month period, following earlier deals at Two Pools and Feather Cap.

“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.”

— Simon Coyle, Managing Director

Drill planning is currently underway, with Corazon expecting to commence an initial 7,500-metre reverse circulation drilling program at Chalice in the coming weeks to test geological and grade continuity assumptions.

Read the full announcement: Chalice Exploration Target shows Resource growth potential