Corazon Mining has gone all in on its new Chalice gold project near Norseman in WA after massively expanding its land tenure to the north and south of the project with big runs of prospective greenstones in the prolific Higginsville belt. Corazon has struck a deal to pick up 170 square kms of ground from Dynamic Metals' who will keep its hand in the till via a million dollars worth of Corazon scrip and a royalty, in addition to immediate and ongoing cash payments.
The transaction with Dynamic will extend Corazon's footprint across a 40-kilometre linear stretch of the same prospective mafic-ultramafic greenstone sequence that hosts the Chalice deposit. It transforms an already compelling gold project into an emerging district-scale exploration play with multiple potential shots at goal.
The enlarged tenure includes multiple undrilled structural and geochemical targets immediately north and south of Chalice, with the southern portion in particular showing large contiguous runs of greenstone in a region that is prone to giving up major mineral discoveries.
Under the agreement, Corazon will acquire 100 per cent ownership of one exploration licence and exclusive gold rights over two adjoining tenements, together with associated mining information and relevant third-party agreements. Dynamic will retain the existing lithium rights over the joint venture tenure, while Corazon assumes responsibility for advancing its gold potential.
Corazon will pay A$500,000 in cash and A$1 million in shares up front, with a further A$2 million becoming payable only if exploration defines new JORC-compliant gold resources on the acquired tenure of at least 150,000 ounces and then 300,000 ounces grading a minimum 0.5 grams per tonne (g/t) gold.
The total consideration is worth up to A$3.5 million, with Dynamic also retaining a 1.5 per cent net smelter return royalty over any future gold production.
Corazon Mining managing director Simon Coyle said: “This acquisition secures a highly prospective corridor either side of Chalice, consolidating ground we believe holds real potential before we’ve turned a drill bit ourselves."
Dynamic Metals managing director Karen Wellman said: “This transaction provides Dynamic with immediate value through cash and equity consideration, while preserving substantial exposure to future exploration success through two deferred milestone payments and a gold royalty.”
For Dynamic, the transaction also reflects its strategy of recycling capital from selected non-core gold tenure while retaining its broader Widgiemooltha Project portfolio and exposure to future upside from the divested ground.
If the transaction completes as planned, Corazon intends to hit the ground running by prioritising the southern corridor with geological mapping, geochemical sampling and geophysical surveys ahead of targeted drilling.
That work will feed directly into Phase 1 resource growth drilling at Chalice, which is on track to begin in the third quarter of 2026.
The underexplored northern extension, where favourable host rocks and interpreted mineralising structures continue despite limited modern gold exploration, will also undergo systematic assessment as part of the company's broader exploration strategy.
The acquisition continues Corazon's rapid transformation into a Western Australian focused gold company. In less than 12 months it has assembled a portfolio centred on the advanced Chalice gold project, with the earlier-stage Two Pools and Feather Cap projects providing additional exploration upside across highly prospective Western Australian gold districts.
Backed by a recent A$16.5 million capital raise to fund drilling and technical studies, Corazon appears well placed to execute that strategy. Notably, gold major Westgold Resources appears to be lurking purposefully on Corazon’s share register with a solid 19.9 per cent shareholding after originally selling Chalice to the company.
Chalice is no grassroots punt either. The granted mining lease already hosts a JORC-compliant mineral resource of 191,000 ounces grading 2.74g/t gold and has historically produced about 645,000 ounces at average grades of 5.4g/t to 5.5g/t gold.
Just 50 kilometres northwest of Norseman, the project sits in one of Western Australia's best-serviced gold districts, only 22km by road from Westgold's Higginsville processing plant and within 130km of another six operating mills.
With a proven high-grade resource, fresh funding and control of an increasingly prospective 40-kilometre corridor, Corazon has given itself every chance to build a district-scale gold camp around Chalice.
Dynamic may have stepped back from the day-to-day exploration, but remains joined at the hip through Corazon shares, milestone payments and a royalty on any future gold production. Every new ounce Corazon discovers now has the potential to reward both companies.
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By Penny Taylor
