Corazon Mining Locks in 40km Gold Strike Next to Proven Chalice Mine

MRL waiver clears the path: Corazon locks in district-scale Chalice land position

Corazon Mining has confirmed that Mineral Resources Ltd (MRL) will not exercise its right of first refusal over the gold rights on tenements E15/1705 and E15/1721, removing the final hurdle to completing the Dynamic Metals transaction first announced on 3 August 2026. With formal documentation now underway, completion is due on or before 2 October 2026.

The confirmation is significant. It locks in Corazon’s control over more than 40 km of continuous greenstone strike sitting directly along strike from the Chalice Gold Mine, a position the company is now building into a district-scale exploration and development strategy.

What the Dynamic Metals tenure adds to the Chalice district

40 km of continuous greenstone belt — in a proven gold camp

The acquisition brings three tenements (E15/1705, E15/1721, and E15/1802) into Corazon’s portfolio, consolidating an unbroken greenstone corridor immediately adjacent to the Chalice Gold Mine. Each tenement sits within the same north-northwest trending mafic-ultramafic greenstone sequence that hosts Chalice itself, meaning the geological read-across to known mineralisation is direct.

The Chalice Gold Mine is a proven, high-grade system. It historically produced more than 645,000 oz at average mined grades of approximately 5.4–5.5 g/t Au between 1995 and 2014, and hosts an existing JORC Mineral Resource Estimate (MRE) of 191,000 oz at 2.74 g/t Au. Prior operators of the surrounding tenements focused predominantly on nickel and lithium, meaning the gold opportunity across this ground is largely untested.

Exploration target of 600,000–830,000 oz adds context

In a separate announcement dated 3 September 2026, Corazon defined an Exploration Target at the Chalice Gold Project of approximately 9.7 Mt to 12.3 Mt at approximately 1.9–2.1 g/t Au, representing approximately 600,000–830,000 oz of contained gold.

Investors should note the mandatory qualification: the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource for the additional mineralisation identified, and it is uncertain whether further exploration will result in the estimation of additional Mineral Resources. What this context does provide is a sense of the scale of the growth opportunity — Corazon now has multiple avenues to potentially add ounces both within and adjacent to its existing resource.

High-grade intercepts define the opportunity across the belt

A review of historical drilling across the Dynamic Metals tenure has identified multiple gold target zones both north and south of the Chalice deposit. The dataset spans 1,521 holes for approximately 75,956 m drilled between 1989 and 2017, predominantly using rotary air blast (RAB) and aircore reconnaissance methods, with limited follow-up RC and diamond work. Critically, most of this historical activity targeted nickel and lithium — the gold opportunity has seen minimal systematic follow-up.

The table below presents the top historic intercept highlights from Table 1 of the announcement:

Southern Corridor — the immediate priority

The Southern Corridor is Corazon’s top-priority target zone within the acquired tenure. The standout result from the historical dataset is WMR643: 15 m @ 16.19 g/t Au from 0 m, equivalent to 243 gram-metres. Critically, this intercept remains open along strike and at depth.

A first-pass review of the historical dataset shows the Southern Corridor hosts multiple sub-parallel structures, all under-drilled and each considered capable of hosting Chalice-style high-grade shoots. Corazon intends to progress a staged exploration programme — geological interpretation, surface geochemistry, targeted geophysics, and drill testing — to systematically convert these targets into drill-ready prospects and, ultimately, Mineral Resource additions.

Northern extension — largely untested upside

North of the Chalice Gold Mine, the same greenstone belt continues with favourable host lithologies and interpreted mineralising structures. The northern extension has seen only limited modern gold exploration. Regional geochemistry, detailed geological mapping, and targeted geophysical surveys are planned to rapidly test the broader mineral endowment of this corridor and generate the next round of drill targets.

What is a greenstone belt — and why does 40 km of strike matter to investors?

An Archaean greenstone belt is an ancient sequence of volcanic and sedimentary rocks formed billions of years ago. These sequences are among the world’s most prolific gold-hosting geological settings, particularly across the Eastern Goldfields of Western Australia.

“Strike length” refers to the horizontal distance along which a mineralised geological sequence continues at surface. More strike means more potential target area to test. When that strike runs through a proven gold camp, every additional kilometre of consolidated ground carries real exploration significance.

For Corazon, controlling more than 40 km of contiguous, unbroken strike alongside the Chalice system removes the risk of competing interests over ground directly adjacent to a proved high-grade mine. It also enables a coordinated, belt-scale exploration strategy rather than isolated tenement-by-tenement work.

Proximity to processing infrastructure matters too. Seven regional processing facilities sit within range of the project, including Westgold’s 1.6 Mtpa Higginsville CIL plant within 130 km. That toll-treatment optionality means any future production would not necessarily require Corazon to build its own processing infrastructure.

Managing Director Simon Coyle on the acquisition

Simon Coyle, Managing Director, Corazon Mining Limited

“This acquisition provides significant upside for Corazon, with the gold rights across E15/1705 and E15/1721 adding real potential to grow our ounces. Parts of this package have been drilled historically but has seen minimal follow-up in recent years, and we’re excited about what that represents — historical work here focused on nickel and lithium, so the gold opportunity is largely untested. Coming so soon after we defined our maiden Exploration Target at Chalice of 600-830koz, this acquisition reinforces the broader growth story we’re building across our WA gold portfolio. Together, these two opportunities give Corazon multiple, near-term avenues to add ounces and continue our transition from early-stage explorer to WA gold developer.”

What comes next — near-term catalysts for shareholders

Corazon has outlined three immediate priorities following the MRL waiver confirmation:

1. Finalise all required long-form transaction documentation to complete the Dynamic Metals acquisition on or before 2 October 2026.
2. Commence Phase 1 resource growth drilling at Chalice in the coming weeks, with focus on southern zones of mineralisation.
3. Progress staged exploration across the consolidated tenure — geological mapping, geochemical sampling, and geophysical surveys — prioritising Southern Corridor targets.

Phase 1 drilling is fully funded, and the project sits on a granted Mining Lease. For shareholders, the picture is a district-scale WA gold opportunity with multiple near-term drilling catalysts, a 191,000 oz JORC resource already in hand, and a strategic cornerstone investor in Westgold Resources (approximately 19.9% interest) aligned with the long-term success of the project.

Don’t Miss the Next ASX Gold Discovery

Big News Blast delivers FREE breaking ASX gold news directly to your inbox within minutes of release, complete with in-depth analysis already done. Join 30,000+ subscribers who stay ahead of the market the moment announcements hit. Click the “Free Alerts” button to start receiving real-time alerts on ASX gold and mining stocks today.