Corazon Mining consolidates tenure with completion set by October
- Corazon Mining confirmed that Mineral Resources did not exercise its right of first refusal regarding gold rights on tenements E15/1705 and E15/1721.
- The decision enables the transaction with Dynamic Metals to proceed towards final completion on or before Oct. 2.
- The agreement expands the company's land position across the Chalice district greenstone belt to support future exploration.
Corazon Mining (ASX:CZN) has received confirmation that Mineral Resources (ASX:MIN) chose not to exercise its right of first refusal for gold rights on key tenements, clearing the way to complete its acquisition agreement with Dynamic Metals (ASX:DYM) on or before Oct. 2.
The decision follows an initial transaction announced on Aug. 3, which expands the company's exploration footprint beyond the existing Chalice mining lease and mineral resource.
Historic drilling across the acquired ground returned several notable intercepts, including 15m at 16.1 grammes per tonne gold from the surface and 2m at 41.31 grammes per tonne gold from 134m depth.
The newly consolidated ground defines multiple high-priority target zones across a 40-kilometre greenstone belt, which will be incorporated alongside Phase 1 resource growth drilling at Chalice set to commence in the coming weeks.
Corazon stated that the expanded tenure positions the business to maximise growth within the Chalice mining region and potentially add more ounces to its resource profile.
Following the announcement, the Corazon Mining share price was unchanged at $0.13.
The company recently outlined a maiden exploration target at Two Pools on Aug. 24 to further expand its regional portfolio footprint.
In addition, Corazon reported an initial exploration target for the Chalice project on Sept. 2, underlining its focus on growing resources across Western Australia.
