Corazon Mining Hits 4m at 9.93g/t Gold in First Chalice Drilling, More Results Due
Key Takeaways
- Hole 26CRC002 returned 4 m @ 9.93 g/t Au from 207 m, about four times the 2.74 g/t grade of the existing Chalice resource.
- Two holes 40 m apart delivered 27 m @ 1.26 g/t Au and 22 m @ 1.29 g/t Au, an early sign of continuity about 100 m below the historical pit.
- Only 25% of the 50-hole, 7,500 m program is complete, with assays from 10 more holes pending and a second RC rig arriving this week.
- The Exploration Target of 600k-830koz compares with the current 191,000 oz JORC resource, but it is conceptual and unconfirmed.
- Drilling is scheduled to finish in November 2026, with a potential Mineral Resource update to be assessed afterwards.
First assays deliver 4 m @ 9.93 g/t Au at Chalice
Corazon Mining (ASX:CZN) has received first assay results from its maiden Reverse Circulation (RC) drilling program at the 100%-owned Chalice Gold Project in the Higginsville district of Western Australia, returning broad gold zones and a high-grade interval. The standout is 4 m @ 9.93 g/t Au from 207 m in hole 26CRC002.
Both holes (26CRC001 and 26CRC002) are the most northerly in the 50-hole, 7,500 m Phase 1 program. They were drilled from the southern edge of the historical open pit.
For investors, these holes are the first test of resource growth just outside a known deposit. Early continuity matters because it shapes the case for everything drilled further south.
The standout intercepts (downhole widths):
- 4 m @ 9.93 g/t Au from 207 m (26CRC002)
- 27 m @ 1.26 g/t Au from 180 m (26CRC001), including 12 m @ 1.43 g/t Au and 7 m @ 1.42 g/t Au
- 22 m @ 1.29 g/t Au from 172 m (26CRC002), including 7 m @ 1.56 g/t Au and 5 m @ 2.08 g/t Au
Simon Coyle, Managing Director
“This is an encouraging start at Chalice…”
“…exactly the kind of result we want to see as we begin testing beyond the limits of the historical pit…”
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Breaking down the intercepts
Continuity between holes
Both holes hit mineralisation at comparable downhole depths: 180 m to 207 m in 26CRC001 and 161 m to 211 m in 26CRC002. The holes are approximately 40 m apart, which the company says is potentially demonstrating continuity of mineralisation between them.
The intercepts sit approximately 125-175 m below surface and approximately 100 m below the base of the historical open pit. Continuity between two holes is an early indication only, and more drilling is needed to test it.
Intercept table
| Hole ID | From (m) | Interval (m) | Au g/t | Au g/t x m |
|---|---|---|---|---|
| 26CRC001 | 180 | 27 | 1.26 | 34 |
| Including | 180 | 12 | 1.43 | 17 |
| and | 200 | 7 | 1.42 | 10 |
| 26CRC002 | 161 | 2 | 1.01 | 2 |
| 26CRC002 | 172 | 22 | 1.29 | 28 |
| Including | 173 | 7 | 1.56 | 11 |
| and | 182 | 5 | 2.08 | 10 |
| 26CRC002 | 207 | 4 | 9.93 | 40 |
Intercepts are downhole widths and true widths are not yet known, though the company notes true widths could be expected to be 60-70% of the downhole interval. They use a 0.5 g/t Au lower cut-off with a maximum of 2 m of internal dilution, and no top-cut was applied.
What is an exploration target, and why does it matter?
RC drilling fires a hammer-driven bit down a hole and blows rock chips back up to the surface, where they are sampled each metre and sent for assay. It is a faster, cheaper method than core drilling for testing a large area.
A JORC Mineral Resource is an estimate of mineralisation with reasonable prospects for eventual economic extraction. Chalice’s JORC 2012 estimate is 2.18 Mt @ 2.74 g/t Au for 191,000 oz.
An Exploration Target is different. Announced on 3 September 2026, Corazon’s Chalice target is 9.7-12.3 Mt @ 1.9-2.1 g/t Au (approx. 600k-830koz contained gold), inclusive of the Mineral Resource.
The company states the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource for the additional mineralisation, and it is uncertain if further exploration will result in one.
This program is the first test of that target. Positive results may support an evaluation of a potential southern extension to the existing open pit.
| Classification | Tonnes (kt) | Grade (g/t Au) | Contained (koz Au) |
|---|---|---|---|
| Measured | 406 | 3.19 | 42 |
| Indicated | 1,120 | 2.60 | 94 |
| Inferred | 655 | 2.64 | 55 |
| Total Resources | 2,181 | 2.74 | 191 |
Drilling steps south with a second rig on the way
Program design
The 50-hole, 7,500 m program is testing continuity up to 1,000 m south of the pit and to a vertical depth of approximately 200 m below surface. It prioritises the shallow system, which the company says offers the most capital-efficient pathway to test resource growth potential.
About 25% of the program is complete. A further 10 holes have been drilled with assays pending, to be reported when received and validated. A second RC rig is scheduled to arrive on site this week, with completion scheduled for November 2026.
Gold mineralisation is hosted in amphibolite adjacent to the contact with the Burra Monzogranite. It is concentrated within a ~50 m-wide, north-south trending corridor.
Next steps
The company outlined these next steps:
- Complete the 7,500 m RC drilling program in November 2026
- Receive assay results progressively through the program
- Assess a potential Mineral Resource update once results have been evaluated
- Phase 2 drilling to target deeper mineralised extensions, including the down-dip extension of the underground resource and the potential for parallel lodes
- Advance exploration targeting across the broader Chalice Gold Project
Any subsequent technical or economic studies remain dependent on the outcomes of this drilling program.
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Why Chalice matters to the Corazon investment case
Chalice is Corazon’s most advanced asset. Acquired in 2026, it hosts a JORC 2012 Mineral Resource on a granted Mining Lease, a 645,000 oz production history and proximity to established processing infrastructure.
As part of the acquisition, Westgold Resources Limited (ASX: WGX) now holds a 19.9% strategic interest in Corazon.
The near-term catalyst flow is assay reporting, with results to be reported progressively through to completion in November 2026. Elsewhere in the portfolio, Corazon returned high-grade results from maiden RC drilling at the Wembley prospect at Feather Cap and has exercised its option to move to 80% ownership of that project.
With approximately 25% of the program completed and assays from 10 further holes pending, the data flow from Chalice is only beginning.
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