BREAKING: Corazon Mining has just finalized a major deal, securing a 12-month option for 80% of the Feather Cap gold project located in Western Australia’s Gascoyne region. This high-grade project boasts remarkable historical drilling results, including 20 meters at 3.01 grams per tonne (g/t) and significant hits of 7 meters at 6.21 g/t.
This urgent development positions Corazon strategically near Westgold’s 2.9 million tonne (Mt) Durack gold project, enhancing its regional footprint in a highly sought-after mineral area. The Feather Cap project spans 154 square kilometers and includes four exploration licenses along with a mining lease, which could potentially fast-track production.
The terms of the binding heads of agreement (HoA) involve a $50,000 cash payment and an equivalent amount in shares, due by October 14, 2025, based on a 20-day volume weighted average price (VWAP). Moreover, Corazon commits to spending $250,000 on exploration within the next year, underscoring its commitment to advancing the project.
Should Corazon proceed with the option, it will be required to make an upfront payment of $600,000 in cash or shares and a deferred payment of $1,000,000 after four years. RBH Mining will retain rights to iron ore and manganese, along with a 20% interest that is convertible to a 3.5% net smelter royalty post-final investment decision.
Corazon is currently diving into historical geochemistry and drilling data to refine exploration targets, with a focus on the 3-kilometer 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 boost the project’s value.
This opportunity comes as the gold market remains robust, with high-grade success stories in the region, including Tambourah Metals reporting an astonishing 92.2 g/t gold at Beatty Park South. Corazon’s Feather Cap option deal not only reinforces its gold ambitions in Gascoyne but also positions the company as a key player in a vibrant mineral province, already recognized for its proven gold resources.
The Feather Cap project, along with Corazon’s nearby Two Pools project, is set to unlock significant potential in a busy gold exploration landscape. As data analysis intensifies, the company is on the brink of refining drill targets that could lead to groundbreaking discoveries.
As Corazon Mining forges ahead with its exploration plans, investors and stakeholders will be watching closely to see how this strategic move plays out in the coming months. The growing investment and interest in the Gascoyne region exemplify the ongoing potential for high-grade gold discoveries that could redefine the market landscape.
Stay tuned for more updates as Corazon continues to navigate this promising opportunity in the heart of Western Australia’s mining sector.
