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Corazon Mining Secures Groundbreaking Deal For Feathr Cap Gold Project In Western Australia
Corazon Mining takes a major step towards gold rush in Western Australia’s Gascoyne region with exclusive option on Feather Cap Project.
In a significant development that promises to unlock the potential of one of Western Australia’s most promising gold projects, Corazon Mining has signed a binding heads of agreement with RBH Mining for an 80% interest in the highly regarded Feather Cap gold project. Located in the Gascoyne region, spanning 154 square kilometers, and consisting of four exploration licenses and one mining lease, this strategic acquisition marks a major milestone in Corazon’s quest to establish a significant presence in the region.
The Feather Cap project boasts an enviable location, situated less than 50 kilometers from Westgold Resources’ Fortnum mill, which is contiguous with its Durack deposit. The latter holds a staggering 2.9 million tonnes of gold at 1.2 grams per tonne (g/t), providing a substantial foundation for the project’s future success.
Corazon’s Managing Director Simon Coyle hailed the deal as “a key component” of the company’s strategy to build a significant presence in the Gascoyne region, where the Feather Cap Project is strategically situated. With the option to acquire 80% ownership, Corazon will have the opportunity to consolidate a substantial land package in a proven mineral province.
According to Coyle, the acquisition will enable Corazon to speed up exploration while preserving its balance sheet. The company plans to conduct detailed analysis of historical exploration data to refine drill targets, prioritizing the Durack East and Wembley areas. These regions have already shown promise through historical drilling, which has revealed high-grade intercepts such as 20 meters at 3.01 g/t gold from 40 meters, including 4 meters at 10.7g/t, and 35 meters at 1.47g/t from 32 meters, including 5 meters at 5.13g/t.
In the Wembley area, shallow drilling has returned impressive results, such as 7 meters at 6.21g/t gold from 6 meters, including 2 meters at 18.33g/t. These findings underscore the potential of early-stage project development in this region, where weathered zones and shallow mineralization present a promising opportunity.
The Wembley area presents an attractive prospect for Corazon to develop early-stage projects, while preserving its balance sheet. This strategic move aligns with the company’s vision to accelerate exploration while maintaining financial prudence.
Under the option terms, Corazon will pay RBH A$50,000 ($32,800) in cash and A$50,000 in shares, committing at least A$250,000 to exploration during the 12-month option period. If the option is exercised, Corazon will make a completion payment of A$600,000 and an additional A$1 million within four years.
RBH Mining retains rights to iron ore and manganese and will be free-carried until a final investment decision, at which point its 20% stake will convert into a 3.5% net smelter return royalty. This arrangement provides RBH with financial benefits while allowing Corazon to focus on the gold project’s development.
This high-profile acquisition marks a significant milestone in Corazon’s journey towards establishing itself as a major player in Western Australia’s gold rush. With its strategic location, impressive historical drilling results, and attractive deal terms, the Feather Cap project promises to deliver substantial returns for Corazon shareholders.
Corazon’s Managing Director Simon Coyle is confident that this deal positions his company for success in the Gascoyne region. With its focus on capital-efficient exploration and development, Corazon is well-positioned to capitalize on the growing demand for gold in Western Australia.
The acquisition also underscores the importance of strategic partnerships in the mining industry. By partnering with RBH Mining, Corazon gains access to a seasoned player with expertise in iron ore and manganese production. This collaboration enables Corazon to leverage RBH’s knowledge and resources while pursuing its gold project ambitions.
As the gold rush continues to unfold in Western Australia, Corazon Mining’s acquisition of the Feather Cap project represents an exciting opportunity for investors and industry stakeholders alike. With its strategic location, impressive historical drilling results, and attractive deal terms, this project promises to deliver substantial returns for Corazon shareholders and solidify the company’s position as a significant player in the region’s gold rush.