Corazon Mining (ASX:CZN) has signed a binding heads of agreement (HoA) to acquire tenure and gold rights immediately along strike from its recently acquired Chalice gold project in Western Australia.

The agreement with Dynamic Metals grants Corazon 100% ownership of tenement E15/1802, along with gold rights over two adjoining tenements, E15/1705 and E15/1721.

Managing Director Simon Coyle said the acquisition materially expands Corazon's strategic land position across one of Western Australia's most productive gold belts, extending the company's footprint well beyond the boundaries of the existing Chalice Mining lease and mineral resource.

"This acquisition secures a highly prospective corridor either side of Chalice, consolidating our position across one of the most compelling gold camps in Western Australia," Mr Coyle said.

"We've picked up direct along-strike extensions to a high grade system that has already produced more than 640,000 ounces of gold, consolidating ground we believe holds real potential before we've turned a drill bit ourselves."

Mr Coyle emphasized the financial structure of the transaction, noting that milestone-linked deferred payments are designed to preserve capital discipline.

"Structuring the deal with deferred, milestone-linked payments means we only pay as we grow the resource, keeping our balance sheet disciplined while we pursue district-scale upside alongside our Phase 1 drilling at Chalice," he said.

Milestone-linked deal structures have become increasingly common among junior explorers in Western Australia's gold sector, allowing companies with limited balance sheets to secure prospective ground while deferring cash outflows until exploration success can support the payments.

Validation of historic data is ongoing, with results expected to inform the company's planned follow-up exploration program.

Chalice marks Corazon's third Western Australian gold project acquisition in under 12 months, following the additions of Two Pools and Feather Cap. The latest bolt-on acquisition builds on that established strategy by consolidating control over one of the most prospective areas of the Higginsville greenstone belt, part of the broader Norseman–Kalgoorlie gold province within the Yilgarn Craton, which has produced tens of millions of ounces of gold and remains one of Australia's most active exploration and development jurisdictions.

Phase one resource growth drilling at Chalice remains targeted to commence in Q3 CY2026. The newly consolidated tenure will be assessed as part of the company's broader exploration planning.

Shares in CZN closed up 2.53% at 8.1 cents, giving the company a market capitalisation of $19.12 million.