Corazon Mining (ASX: CZN) has unveiled a maiden exploration target at the Two Pools gold project in Western Australia’s Gascoyne region. Corazon’s portfolio also includes the Lynn Lake nickel-cobalt project in Manitoba, Canada, and the new target marks the company’s first quantification of the Western Australian gold asset since acquisition.

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The company said the exploration target is estimated at 1.4 million tonnes (Mt) to 2.15 Mt grading 1.6 grams per tonne (g/t) to 1.9 g/t gold, representing about 72,000 ounces to 132,000 ounces of contained gold. Under the JORC Code that governs how ASX-listed explorers report to the market, an exploration target is a conceptual statement of potential size and grade, and there is no certainty that further exploration will convert it into a defined mineral resource.

Managing Director Simon Coyle said the maiden exploration target is a significant milestone for Corazon and the first quantification of the Two Pools gold system since acquisition.

“The range (up to 132,000 ounces of contained gold) is a conservative starting point rather than a ceiling and is underpinned by standout historical intercepts including 12m at 8.89 g/t gold and 18m at 3.89 g/t gold, with individual metres grading as high as 34.25 g/t gold,” Mr Coyle said.

“The Northern Target remains open along strike and at depth. Our Central and Southern Targets sit on drill spacing of up to 200 m, the widest across the exploration target, and simply tightening that spacing has the potential to 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.”

The exploration target has been defined across three target areas within the interpreted greenstone belt: Northern, Central and Southern. The three areas differ materially in drill coverage. Greenstone belts are the geological setting that hosts many of Western Australia’s major gold deposits, including Kalgoorlie’s Golden Mile, although the Gascoyne has historically seen significantly less exploration drilling than the state’s Eastern Goldfields.

The Northern target was developed from the existing drilling database, assay results, geological interpretation, detailed three-dimensional mineralised wireframes and a preliminary resource estimate.

The Northern target contains the project’s highest-grade historical intercepts, including 12m at 8.9 g/t from 79m and 18m at 3.9 g/t from 83m.

Notably, the Northern target does not include hole MRC691, which returned 5.0m at 3.6 g/t from 236m and is approximately 200m from the modelled Northern target, offering additional upside down dip from the current exploration target.

The Central and Southern targets comprise discrete mineralised occurrences identified by exploration drilling outside the Northern target. Seven principal three-dimensional mineralised domains have been interpreted from the available drilling within the two areas.

Shallow high-grade mineralisation on the south-eastern side of the drill area remains open in multiple directions.

Corazon is proposing about 5,000m of additional reverse circulation (RC) drilling across the Northern, Central and Southern 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, and assay results from the campaign will be the project’s next major checkpoint.

CZN was steady at 9.8 cents before the market opened.

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