Corazon Mining’s Chalice Gold Target Points to Up to 830,000oz Ahead of Drilling
Key Takeaways
- Corazon Mining has defined a maiden Exploration Target at Chalice of 9.7–12.3Mt at 1.9–2.1g/t Au, pointing to 600,000–830,000oz of contained gold — three to four times the existing 191,000oz JORC Mineral Resource.
- The Target is underpinned by approximately 370 historical drillholes and a 645,000oz production history at ~5.4g/t Au, giving it a factual foundation rather than pure geological inference.
- For the first time, near-surface mineralisation is captured within the Target, opening potential open pit development scenarios alongside the existing underground resource base.
- A 7,500m RC drill program is expected to commence in coming weeks, with four defined objectives including strike extensions, infill drilling, and assessment of Mineral Resource conversion potential.
- Westgold Resources holds a 19.9% strategic interest in Corazon and operates a CIL processing plant approximately 22km from Chalice — a combination that materially reduces development capital risk if the project advances.
Maiden Exploration Target points to up to 830,000oz at Chalice
Corazon Mining (ASX: CZN) has defined a maiden Exploration Target at its 100%-owned Chalice Gold Project near Higginsville, Western Australia, pointing to a mineralised system potentially three to four times larger than what is currently classified as a resource. The Target range of 9.7–12.3Mt at 1.9–2.1g/t Au represents approximately 600,000–830,000oz of contained gold, compared to the existing 191,000oz JORC (2012) Mineral Resource at 2.7g/t Au.
Critically, the Exploration Target is inclusive of that existing resource figure, not additional to it. The potential quantity and grade is conceptual in nature; there has been insufficient exploration to estimate a Mineral Resource for the additional mineralisation, and it is uncertain whether further drilling will result in a Mineral Resource. What the Target does confirm is the scale of the Chalice opportunity and the company’s stated transition from early-stage explorer to potential WA gold developer.
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What’s behind the numbers — scale of the Chalice system
A mineralised system built on decades of data
The Exploration Target rests on an extensive historical dataset, not speculation. It is underpinned by approximately 370 historical drillholes (216 diamond, 136 RC, 13 RAB, and 4 combined RC/diamond) plus extensive underground face and sludge sampling. The interpreted mineralised system extends 1.7km along strike and 700m vertically.
A key differentiator in this Target is that it captures near-surface mineralisation for the first time, extending beyond the underground-only basis of the existing Mineral Resource. This broadens the project’s development optionality considerably, introducing potential open pit scenarios alongside the known underground endowment.
The Exploration Target range breaks down as follows:
- Lower case: 9.7Mt at 1.9g/t Au = approximately 600,000oz
- Upper case: 12.3Mt at 2.1g/t Au = approximately 830,000oz
- Both figures are inclusive of the existing 191,000oz Mineral Resource Estimate
| Area | Tonnes Lower (Mt) | Tonnes Upper (Mt) | Grade Lower (g/t Au) | Grade Upper (g/t Au) | Contained Au Range (koz) |
|---|---|---|---|---|---|
| Chalice | 9.7 | 12.3 | 1.9 | 2.1 | 600–830 |
Figures are approximate and rounded to reflect the conceptual nature of the Exploration Target. The Target is inclusive of the existing Chalice Mineral Resource Estimate and is not additional to it.
What the existing resource tells us
The current Chalice Mineral Resource, estimated at a 1.3g/t Au cut-off, stands at 2,181kt at 2.74g/t Au for 191,000oz under the JORC (2012) Code. The classification breakdown is:
- Measured: 406kt at 3.19g/t Au = 42,000oz
- Indicated: 1,120kt at 2.6g/t Au = 94,000oz
- Inferred: 655kt at 2.64g/t Au = 55,000oz
That resource was estimated with an underground mining method in mind. The Exploration Target now introduces near-surface targets that were previously outside scope. Underpinning both is the project’s 645,000oz historical production history at approximately 5.4g/t Au — a strong validation of the system’s gold endowment over multiple decades of prior mining.
What is an Exploration Target and why does it matter?
Under the JORC Code (2012), an Exploration Target is a conceptual estimate of the amount of mineralisation that may exist within a defined area, based on geological data and interpretation. It is not a Mineral Resource. The distinction matters: a Mineral Resource requires sufficient drilling and geological confidence to support classification; an Exploration Target signals potential that still needs to be tested and confirmed through further work.
The potential quantity and grade of this Target is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource for the additional mineralisation. It is uncertain whether further exploration will result in the estimation of a Mineral Resource.
Why do investors pay attention? A credible Exploration Target backed by around 370 drillholes and a verified production history defines a concrete drilling pathway to resource growth. These targets are the precursors to resource upgrades, and the market watches them because they frame the size of the prize before drilling begins.
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Drilling imminent — and a growing WA gold portfolio behind it
The 7,500m RC program taking shape
Drill planning is underway at Chalice, with an initial 7,500m RC program expected to commence in the coming weeks, subject to funding, access, and regulatory approvals. The program has four defined objectives:
- Test strike and down-dip extensions incorporated within the upper Exploration Target range
- Infill areas of wider drill spacing and test continuity between interpreted domains
- Improve understanding of mineralised widths, structural controls, and grade continuity
- Assess whether Mineral Resource estimation may ultimately be appropriate in currently unclassified areas
The commercial ambition behind the program was framed clearly by Managing Director Simon Coyle.
Simon Coyle, Managing Director, Corazon Mining
“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… 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.”
Three projects, a portfolio with momentum
Chalice is Corazon’s third WA gold acquisition completed within the past 12 months, following Two Pools and Feather Cap. The Two Pools Exploration Target, defined on 25 August 2026, established a range of approximately 1.4–2.15Mt at 1.6–1.9g/t Au, representing approximately 72,000–132,000oz of contained gold across the Northern and Central/Southern target areas. That Target is also conceptual in nature, with the same JORC uncertainty qualifications applying. Together, the two Exploration Targets point to resource growth potential across multiple projects ahead of the drilling required to confirm each.
Corazon’s WA gold acquisitions over the past 12 months, including Two Pools and Feather Cap ahead of Chalice, reflect a deliberate strategy of assembling a multi-project portfolio in established Western Australian goldfields where infrastructure proximity reduces development capital requirements.
At Chalice specifically, the infrastructure position is a meaningful advantage. Seven operating processing facilities sit within 130km of the project, including Westgold Resources’ Higginsville CIL plant approximately 22km away. That proximity materially reduces development capital risk if the project advances. Westgold Resources (ASX: WGX) also holds a 19.9% strategic interest in Corazon, acquired as part of the Chalice transaction, which adds institutional credibility to the project’s development credentials.
The Chalice project carries a granted Mining Lease, a substantial production history, defined nearby processing options, and now a maiden Exploration Target outlining a potentially much larger mineralised system. The next catalyst investors will be watching is drill results from the upcoming RC program, which will test whether the Exploration Target can be converted into a growing Mineral Resource.
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