Corazon inks 80% option on high grade gold project in WA’s Gascoyne

Corazon Mining has inked a binding heads of agreement (HoA) with RBH Mining to secure a 12-month option for 80 per cent of the Feather Cap gold project in WA’s Gascoyne region which hosts high-grade hits up to 20m at 3.01g/t and sits near Westgold’s 2.9Mt Durack gold project.

Other historical hits including 7m at 6.21g/t gold highlight the potential across the 154 square kilometre project and with its Two Pools project about 100km to the northeast, Corazon’s regional footprint is growing.

The project area comprises four exploration licences and one mining lease located adjacent to Westgold’s 2.9Mt at 1.2g/t Durack gold deposit and less than 50km from Westgold’s Fortnum Mill, bolstering Corazon’s regional gold strategy alongside its nearby Two Pools Project.

Feather Cap’s prospectivity shines with historical drilling yielding high-grade intercepts, including 20m at 3.01g/t gold, including  4m at 10.7g/t gold at Durack East and 7m assaying 6.21g/t gold, including 2m at 18.33g/t gold at Wembley. 

Located in the Bryah-Padbury Basin, the project taps a proven mineral province that hosts Sandfire’s DeGrussa copper-gold mine and Westgold’s Fortnum operations. 

Recent high-grade success by Tambourah Metals – showcased by a 92.2g/t gold at Beatty Park South - in the same Narracoota Formation setting, adds sizzle to Feather Cap’s potential.

Corazon Mining  Ltd  Managing Director,  Simon  Coyle, commented:  “The grant of the Feather Cap Option is a key component of our strategy to build a significant presence in the Gascoyne region. With the Feather Cap Project located less than 100km from our Two Pools Gold Project, we will, subject to exercise of the Option, consolidate a significant, highly prospective land package in a proven mineral province.” 

The HoA grants Corazon exploration rights and the option to acquire 80 per cent of the project for a $50,000 cash payment and $50,000 in Corazon shares by 14 October 2025, based on a 20-day VWAP. As part of the deal, Corazon has also put pen to paper on a $250,000 in exploration spend within 12 months. 

If exercised, the deal includes a $600,000 upfront payment in cash or shares and a $1,000,000 deferred payment after four years. RBH retains iron ore and manganese rights and a 20 per cent interest, convertible to a 3.5 per cent net smelter royalty post-Final Investment Decision.

Corazon is diving into historical geochemistry and drilling data to refine targets, with Durack East’s 3km gold trend and Wembley as immediate priorities. The granted mining lease offers a potential fast-track to production, leveraging the region’s infrastructure.

In a recent site visit, Corazon staff spotted historic artisanal workings near Durack East, which could point to untapped shallow gold potential, adding a welcome spark to the promise underlying the deal.

Corazon is an Australian explorer focused on gold, copper and base metals in Western Australia and Canada. Its Gascoyne portfolio, now including Two Pools and Feather Cap, targets high-grade gold in a proven mineral province, complemented by its Lynn Lake nickel-copper project in Manitoba.

Corazon’s Feather Cap option deal further cements its Gascoyne gold ambitions and its high-grade hits and a mining lease signal a simplified pathway to early production. 

As data analysis sharpens drill targets, this strategic play could unlock serious value in a very active gold region. 

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