URGENT UPDATE: Corazon Mining has just announced a significant move in the gold sector, securing an 80% option on the high-grade Feather Cap gold project in Western Australia’s Gascoyne region. This critical deal comes via a binding heads of agreement (HoA) with RBH Mining, granting Corazon a 12-month option to explore and acquire a substantial stake in a promising location known for high-grade gold hits.
The Feather Cap project boasts impressive historical drilling results, including a remarkable 20 meters at 3.01g/t gold and additional hits of 7 meters at 6.21g/t. Situated near Westgold’s 2.9 million tonne Durack gold project, this area is rapidly gaining attention as a potential gold hotspot, further enhanced by Corazon’s nearby Two Pools project located approximately 100 km to the northeast.
The newly acquired project spans 154 square kilometers and includes four exploration licenses and one mining lease, strategically positioned adjacent to Westgold’s operations. This enhances Corazon’s regional gold strategy, especially as they aim for a swift exploration ramp-up. The deal allows Corazon to secure exploration rights for a cash payment of $50,000 and an equivalent in shares, all due by 14 October 2025.
As part of the agreement, Corazon has committed to a $250,000 exploration spend within the next year. If the option is exercised, Corazon faces an upfront payment of $600,000 either in cash or shares, with an additional $1,000,000 deferred payment after four years. RBH Mining retains rights to iron ore and manganese, as well as a 20% interest that can convert into a 3.5% net smelter royalty post-Final Investment Decision.
Corazon is actively diving into historical geochemistry and drilling data, focusing on immediate priorities like the 3 km gold trend at Durack East and the Wembley area. Recent site visits revealed historic artisanal workings near Durack East, hinting at untapped shallow gold potential that could significantly enhance the project’s value.
Corazon Mining, an Australian explorer focusing on gold, copper, and base metals, continues to expand its Gascoyne portfolio. The Feather Cap deal solidifies its ambitions in a region known for high-grade gold, complemented by its nickel-copper project in Manitoba. As data analysis sharpens drill targets, Corazon’s strategic play in Feather Cap could unlock substantial value in this dynamic gold mining region.
With the gold market buzzing, this latest development is set to capture the attention of investors and mining enthusiasts alike. Stay tuned for more news as Corazon moves forward with its exploration plans that promise to redefine its presence in Western Australia’s lucrative gold landscape.
