Corazon Mining Reports Promising Gold Finds at Chalice Pit

Corazon Mining has recently achieved notable success in its exploration efforts at the Chalice gold mining site, with 23 out of 29 drilled holes revealing gold mineralization. This discovery comes from the first phase of their Reverse Circulation (RC) drilling program.

Successful Drilling Results

The RC drilling technique used by Corazon sends rock chips up the drill pipe for analysis, offering a quicker and more cost-effective alternative to traditional core drilling methods. Among the standout results, hole 26CRC006 recorded an impressive intercept of 8 meters at 3.15 grams per tonne (g/t) gold, including a superior section of 4 meters at 5.42 g/t gold.

Exploration Target Insights

The estimated exploration target for the Chalice area ranges from 9.7 to 12.3 million tonnes, with gold grades between 1.9 to 2.1 g/t, translating to approximately 600,000 to 830,000 ounces of contained gold. It is important to note that these figures are conceptual, pending further exploration to substantiate them.

Simon Coyle, Managing Director of Corazon Mining, stated, “We have intersected gold along the entire 450 meters that we have tested so far, affirming the geological model we have in place.”

Key Intercepts and Locations

The most significant gold finds were located at the southern margin of the old Chalice pit. All four holes drilled in this locality encountered gold, with 26CRC006 producing the strongest results. Additional noteworthy intersections include:

• Hole 26CRC005: 9 m at 1.88 g/t gold from a depth of 103 m, including 4 m at 3.50 g/t.
• Hole 26CRC004: 31 m at 0.79 g/t from 112 m, with a notable 3 m at 1.72 g/t from 140 m.

Exploration Beyond the Pit

Gold found near the surface is particularly appealing due to the lower costs associated with accessing shallow ores. Hole 26CRC013 showed 4 m at 1.80 g/t gold from just 20 m deep. Other step-out holes, located between 290 and 450 m south of the pit, also yielded promising results, including:

• Hole 26CRC023: 8 m at 1.09 g/t from 80 m, with 4 m at 1.54 g/t included.
• Hole 26CRC012: 2 m at 3.76 g/t from 54 m.

Understanding Exploration Targets and Future Plans

It’s essential to emphasize that an Exploration Target is not the same as a Mineral Resource. This is a conceptual estimate, and there needs to be additional exploration to quantify a Mineral Resource for the extra mineralization it encompasses. Currently, the JORC-compliant Mineral Resource Estimate stands at 2.18 million tonnes at 2.74 g/t for roughly 191,000 ounces of gold.

Corazon’s exploration target suggests a potential size greater than three times the current resource, highlighting significant growth potential in the project. The exploration site enjoys a valid Mining Lease and is close to established processing infrastructure, supported by a production history of 645,000 ounces.

Next Steps for Corazon Mining

Looking ahead, several key actions have been outlined:

1. Results for five additional holes (26CRC030 to 034) will be disclosed after assays are completed, potentially extending the strike tested to 800 m.
2. A drilling program consisting of 50 holes over 7,500 m is set to conclude by November 2026.
3. The Exploration Target will be further defined, and a Mineral Resource update will be evaluated based on the assay results.
4. Future drilling will aim for deeper mineralized areas and explore further across the Chalice Gold Project.

Simon Coyle has indicated that mineralization remains open to the south, affirming the view that there is still much work ahead to convert targets into resources. He emphasized that Chalice continues to provide compelling reasons for ongoing drilling efforts.