Corazon Mining (ASX: CZN) unveiled a maiden gold target at Two Pools: 1.4-2.15Mt at 1.6-1.9 g/t, up to 132,000 ounces. Drilling planned next.
Corazon Mining (ASX: CZN) published its first exploration target for the Two Pools gold project in Western Australia's Gascoyne region. The target sits at 1.4 million tonnes to 2.15 million tonnes grading 1.6 grams per tonne to 1.9 g/t gold, representing roughly 72,000 ounces to 132,000 ounces of contained gold.
MD Simon Coyle called the target a significant milestone and the first quantification of the Two Pools gold system since Corazon acquired the project. The range is a conservative starting point, he said, not a ceiling. Historical intercepts underpin the estimate, including 12 metres at 8.89 g/t gold and 18 metres at 3.89 g/t gold, with individual metres grading as high as 34.25 g/t gold.
The Northern target remains open along strike and at depth, Coyle said. The Central and Southern targets sit on drill spacing of up to 200 metres, the widest across the exploration target, and tightening that spacing could materially grow ounces beyond the upper end of today's range. "We see genuine scope for Two Pools to deliver a step-change in scale as future drilling closes those gaps," he said.
The exploration target covers three areas within the interpreted greenstone belt. The Northern target, developed from existing drilling, assay results, geological interpretation, and three-dimensional mineralised wireframes, hosts the highest-grade historical intercepts. Corazon said the Northern target does not include the MRC691 hold, which returned 5.0 metres at 3.6 g/t gold from 236 metres, offering additional upside down dip from the current model.
The Central and Southern targets comprise discrete mineralised occurrences identified by exploration drilling outside the Northern area. Seven principal three-dimensional mineralised domains have been interpreted within those two zones. Shallow high-grade mineralisation on the south-eastern side of the drill area remains open in multiple directions, the company said.
Corazon is proposing roughly 5,000 metres of additional reverse circulation drilling across the three target areas over the next six months, subject to funding, access and regulatory approvals. The program is designed to test the validity of the exploration target.
CZN traded steady at 9.8 cents ahead of the market open.
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