Corazon completes WA gold project purchase and $2m placement

Corazon Mining is off and running in a new direction after successfully navigating a transformative acquisition, picking up the Two Pools gold project in Western Australia's Gascoyne region alongside a $2 million charge-up from sophisticated investors and a 1-for-50 consolidation of its issued capital. 

Effective from trading on October 17, 2025, the consolidation streamlines the company's structure, reducing Corazon’s holding of ordinary shares to just 50.2 million bits of paper while maintaining a clean balance sheet for aggressive exploration.

The strategic renewal pivots Corazon squarely towards its high-grade gold assets in WA’s Gascoyne region, a proven gold province that has played host to more than 12 million ounces across multiple discoveries and still sustains operations such as Catalyst Metals' Plutonic Mine and Westgold's Peak Hill. 

Corazon’s portfolio now totals 446 square kilometres of prime tenure, blending underexplored greenstone belts with validated mineralisation.

It’s flagship Two Pools project spans 292 square kilometres along the more than 12M ounce Plutonic greenstone belt, about 60 kilometres from Catalyst’s operating Plutonic gold mine.

Acquired via a binding agreement announced in August 2025 and approved by shareholders on October 6, the Two Pools ground encompasses about 4km of outcropping greenstones previously mapped as granite which were largely overlooked for that reason in the past. 

Corazon Mining managing director Simon Coyle said: “Completion of these corporate milestones marks an important achievement for Corazon. It streamlines our capital structure and equips us to aggressively pursue our new WA gold strategy. Our exploration position in the region is growing, and the potential we see at Two Pools and Feather Cap projects is extremely exciting.”

Historical drilling by Great Central Mines in the 1990s and AIC Resources in 2018 changed the picture in the region dramatically when their work revealed widespread gold in quartz-veined amphibolites.

Standout results included three drill holes which delivered 12m at 8.89g/t gold from 79m, including 3m at 34.25g/t gold; 18m at 3.89g/t gold from 83, including 4m at 15.96g/t gold; and 8m at 7.83g/t gold from 66m, including 1m at 52.24g/t gold.

In mid-September, Corazon further consolidated its grip in the region, with the acquisition of its 154 square kilometre Feather Cap gold project, about 150km southwest of the Two Pools project and about 90 kilometres north of Meekatharra, in the Plutonic-Marymia belt which has yielded 6Moz since 1990. 

Feather Cap sits in the Bryah-Padbury Basin, adjoins Westgold's 481,000 ounce Peak Hill operation and lies west along strike from Westgold’s 2.4Mt, 1.2g/t gold Durack deposit. 

Recent nearby hits at Tambourah Metals' Beatty Park South with grades up to 92.2g/t gold underscore the district's potential. 

Additionally, at Durack East, a 3 kilometre-long shear-hosted gold trend southwest of the main Durak deposit was highlighted by two shallow RAB drill holes which intersected 20m at 3.01g/t gold from 40m, including 4m at 10.7g/t gold; and 35m at 1.47g/t gold from 32m, including 5m at 5.13g/t gold.

Other shallow intercepts, such as 7m at 6.21g/t gold including 2m at 18.33g/t gold, point to possible open-cut opportunities.

The new project comes with relatively new management in Simon Coyle who will have his hands full just trying to work out which of the historic results to follow up first.

Next steps will include compilation of historical geochemical databases to tease out likely drill targets, field mapping and surface geochemical sampling to verify anomalies. 

Coyle is looking towards first drilling of priority prospects in the final quarter of the year, subject to tenement grants.

With only 50m shares on issue, cash in the bank and a portfolio of ground that clearly has plenty of gold on it, Corazon looks like it might be dangerous now after a few years slumbering.

With first drilling looming near the end of the year, this one is likely going to get interesting….and fast.

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au