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Corazon Mining Limited (ASX:CZN)

ALERT: Price-sensitive ASX Announcement for CZN
Current share price for CZN : $0.095 -0.001 (-1.04%)+
Announcement
Release
9 Jul 2026 8:23AM
Price at Release
$0.096
Full Release
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Summary
Corazon Mining Limited has finalized the acquisition of the Chalice Gold Project from Westgold Resources Ltd, a strategic move valued at approximately A$25.7 million and comprising cash, shares, and milestone-based payments. This acquisition marks Corazon's third gold project acquisition within a year, transitioning it from an exploration company to an emerging gold developer with a focus on the Higginsville district in Western Australia. The Chalice Project, which has a JORC 2012 Mineral Resource of 191,000 ounces, is set for aggressive resource growth through a 10,000m drilling program. This move strengthens Corazon’s gold strategy, with Westgold now holding a 19.9% stake in the company. The proximity to several processing facilities provides flexibility for future ore processing.
Key Points
  • Corazon Mining Limited completed the acquisition of 100% of the Chalice Gold Project from Westgold Resources Ltd.
  • The acquisition is valued at approximately A$25.7 million, including upfront cash, equity shares, and deferred cash payments based on milestones.
  • Chalice hosts a JORC 2012 Mineral Resource of 191,000oz at 2.7 g/t Au, with potential for rapid resource growth.
  • The acquisition is part of Corazon's strategy to rapidly scale their gold asset base in Western Australia.
  • Corazon plans a 10,000m drilling program to expand the resource base of the Chalice Gold Project.
  • Westgold Resources now holds approximately 19.9% of Corazon's expanded capital.
  • Multiple processing facilities within 130km provide options for future ore processing.
  • Corazon aims to optimize resource estimates based on current gold prices and expand exploration activities.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.