What are the details of the agreement between Corazon Mining (ASX:CZN) and Westgold Resources (ASX:WGX)?

Corazon Mining has signed a binding agreement to acquire 100% of the Chalice Gold Project from Westgold Resources. The project is located in Western Australia’s Higginsville district and sits on a single, granted mining lease (ML 15/786).

What mineral resources does Corazon Mining (ASX:CZN) acquire through this deal?

Corazon Mining acquires an existing JORC 2012 mineral resource estimate of 191,000 ounces of gold at a grade of 2.7 g/t. The asset also features historical production history, having produced 517,000 ounces at 5.6 g/t from open pits and 36,000 ounces at 5.5 g/t from underground operations between 1995 and 1999.

Why does the Chalice Gold Project acquisition change the investment thesis for Corazon Mining (ASX:CZN)?

This transaction pivots Corazon Mining's strategic narrative, establishing the company as an emerging gold developer rather than just an early-stage explorer. By anchoring its portfolio with an established, high-grade resource on a granted mining lease, Corazon gains a clearer, potentially faster path toward commercial production and near-term growth.

How does the current gold price environment impact the valuation of the Chalice Gold Project?

The project was last mined in September 2014 when the prevailing gold price was A$1,370 per ounce. The current 191,000-ounce resource estimate is calculated using a conservative US$1,700 per ounce baseline. Because market gold prices are now significantly elevated, the economics of the existing asset have improved, creating potential for rapid resource expansion.

What are the key bull points for Corazon Mining (ASX:CZN) following this announcement?

The main bull points include acquiring a high-grade resource on a granted mining lease, which reduces regulatory hurdles, and securing a 19.9% strategic backing from an established producer, Westgold Resources.

What are the key bear points and risks for Corazon Mining (ASX:CZN) shareholders?

The primary bear point is execution risk, as historical success does not guarantee future production profitability. While Corazon has raised capital, mining development is highly capital-intensive, meaning existing shareholders face the risk of future equity dilution if the 15,000-metre drilling campaign demands more cash than expected before reaching commercial production.

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Corazon Mining acquires Chalice Gold Project from Westgold Resources

Written by Jon CuthbertPublished May. 19 2026Last Updated May. 19 2026

Corazon Mining (ASX:CZN) has entered into a binding agreement to acquire 100% of the Chalice Gold Project from Westgold Resources (ASX:WGX).

Located in Western Australia’s premier Higginsville district, the project is hosted on a single, granted mining lease (ML 15/786).

The acquisition establishes Corazon as an emerging gold developer, anchoring its portfolio with an existing JORC 2012 mineral resource estimation of 191,000 ounces of gold at a grade of 2.7 g/t.

As a strong endorsement of the project’s long-term operational value, Westgold will emerge as a major 19.9% strategic shareholder in Corazon upon the completion of the acquisition and its associated placement.

The Chalice Gold Project possesses a rich production history, having previously yielded 517,000 ounces at 5.6 g/t from open-pit operations and 36,000 ounces at 5.5 g/t from underground mining between 1995 and 1999.

Mining last occurred in September 2014, back when the prevailing gold price was just $1,370 per ounce.

Given today's elevated gold price environment—with the current mineral resource safely calculated at US$1,700 per ounce—the asset demonstrates potential for rapid resource growth.

Historical drilling intercepts further confirm substantial unmined, high-grade mineralisation that remains entirely open and untested by modern exploration.

Downhole intercepts include 35m at 2.5 g/t gold from 149m (including 15m at 4.1 g/t gold) at the Kronos Lode, alongside a high-grade hit of 8m at 8.0 g/t gold from 189m.

Corazon will immediately launch a15,000-metre drilling campaign focused on testing new targets and expanding known zones.

Backed by a newly strengthened balance sheet following a $16.5 million capital raise, Corazon is well-positioned to fund its immediate exploration pipelines.

At the time of reporting, the share prices of Corazon Mining and Westgold Resources were $0.16 and $5.18, respectively.