Corazon Mining acquires Chalice Gold Project from Westgold Resources

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.