Corazon Mining Limited (ASX: CZN) has uncovered high-grade gold mineralisation outside the existing resource at its Chalice project in Western Australia. Following a systematic review of the site’s historical drill database, the company identified mineralised zones that were excluded from previous resource models, likely due to conservative historical cut-off grades. These findings suggest the project's mineralisation remains open, offering potential for future growth of the current 191,000-ounce resource.

The newly identified mineralisation includes both near-surface and deep-seated intercepts. Notable near-surface results include 4.0 metres at 8.84 g/t gold from 55.0 metres, while deeper exploration drilling revealed intercepts such as 5.1 metres at 2.44 g/t gold from 578.6 metres. Management intends to integrate these results into an updated open-pit interpretation to refine future drilling targets and evaluate potential pit shell expansions.

"When we began our detailed review of Chalice's historical drilling, we weren't just chasing a few isolated high-grade hits; we identified a coherent near-surface zone sitting hard up against the current pit design, as well as a second zone extending high-grade mineralisation well below the existing resource. Neither of these zones has previously been wireframed or brought into the Mineral Resource, and both represent exactly the kind of ounces we can pursue quickly and efficiently. With gold now trading well above the price assumptions underpinning the original 191,000 oz @ 2.7 g/t Au JORC Resource, these zones present a compelling opportunity to pursue potential growth in the Chalice ounce inventory through targeted drilling. Our initial drill program at Chalice is being specifically designed around these targets, and I am confident that as drilling progresses through this year, further upside will be unlocked from this high-grade system."
— Simon Coyle, Managing Director

The Chalice project is the third gold asset acquired by Corazon in Western Australia over the past 12 months, joining the Two Pools and Feather Cap projects in the company's growing portfolio. This acquisition-led strategy aims to consolidate advanced-stage assets within productive gold districts.

To test these new targets, the company is finalising plans for a 10,000-metre Phase 1 drilling campaign, which is scheduled to commence in the third quarter of 2026. Simultaneously, Corazon is conducting technical studies to re-optimise pit shell designs and cut-off grades, reflecting current market conditions. These efforts are intended to better quantify the scale of the mineralisation identified during the recent database review and support potential increases to the project's total resource inventory as the drilling program proceeds.

Read the full announcement: Chalice Data Review Identifies further Gold Mineralisation