Gold-focused explorer Corazon Mining has locked-in a strategic partnership with the local Marputu Aboriginal Corporation to secure access to its promising Two Pools gold project in the Gascoyne region of WA.
A newly-signed land access agreement delivers a win-win outcome for both outfits, with Corazon now moving to fast-track the heritage clearance required to launch into a diamond drilling program at the site early next year.
Meanwhile, Marputu will pick up a near-one per cent stake in Corazon, with the aspiring goldie to issue Marputu with 500,000 shares after January next year, at a price equal to the 20-day volume-weighted-average-price on the date of issue.
Corazon runs an enviably tight share register, with about 50 million shares on issue after a recent 50-to-1 share consolidation.
Marputu holds the native title rights and interests in trust for the Gingirana Native Title holders, the traditional owners of the land, as a registered Native Title Body Corporate.
The nailing down of the agreement also paves the path forward for Corazon to secure the granting of extended land tenure recently applied for by the company.
It can now steam ahead with its exploration plans across an expanded 342 square kilometres of ground, consisting of three contiguous exploration licence (EL) applications in the eastern Gascoyne region.
The expanded ground covers about 50 sq km of mapped and outcropping greenstone, lies immediately to the northeast and has been identified as an extension of the Plutonic-Marymia greenstone belt that has seen an impressive six-million plus ounces of gold mined at the nearby $1.7 billion ASX-listed Catalyst Metals’ Plutonic and Trident gold operations since 1990.
The company says its prospective ground shares similar geology to the Trident operation, located about 40km south of Two Pools. Trident has a significant high-grade mineral resource of 5.1 million tonnes grading 5.2 grams per tonne (g/t) gold for 811,000 ounces.
Corazon says the new ground was identified following a detailed geological and structural review by geological consultants to the company, Terra Resources. Terra’s analysis integrated regional geophysical and geological datasets to map the geology beneath shallow surface cover, resulting in the identification of a potential northeasterly extension of the Two Pools greenstone sequence.
The integrated analysis outlines a folded and thrusted greenstone sequence intersected by later north-northeast trending faults, which are more extensive than previously recognised in the Plutonic-Marymia region.
A suite of anomalous gold results from soil and rock chip sampling along strike, including from within the new area, adds additional weight to the site’s prospectivity.
Corazon Mining managing director Simon Coyle said: “We are extremely pleased to have reached this agreement with the Marputu Aboriginal Corporation. From the outset, our engagement has been constructive and positive, allowing us to reach a commercial agreement in a short period of time.”
Coyle said welcoming Marputu as a shareholder aligns their interests with those of other shareholders and sets a solid foundation for their relationship.
Previous reverse-circulation drilling at Two Pools kicked-up several noteworthy gold intersections like 12m at 8.89g/t from 79m including 3m going at 34.25g/t, along with a thicker 18m stretch running at 3.89g/t from 83m. It included a solid hit of 4m grading 15.96g/t.
Notably, Catalyst Metals’ Plutonic mill sits within 60km of the Two Pools project and is considered under-utilised and hungry for additional feed.
Corazon also has the Feather Cap gold project in its growing portfolio, which has unearthed high-grade gold that remains open in all directions within the nearby Bryah-Padbury Basin.
It recently secured a 12-month option to acquire an 80 per cent interest in the project, covering 154 sq km across three contiguous EL’s and significantly, a Mining Lease. The project ground also sits contiguous to mid-cap gold producer Westgold Resources’ Durack deposit, containing 112,000 ounces of gold at 1.2g/t.
Historic drilling hit the sweet spot too, with notable old gold intervals at Corazon’s Durack East prospect of 20m going at 3.01g/t from 40m, including 4m at 10.7g/t. A shallower hit stretching 35m returned 1.47g/t from 32m, with a 5m slice grading 5.13g/t within the longer intersection.
At the Wembley prospect, a solid 7m hit at 6.21g/t gold from 6m depth included a 2m run at 18.33g/t gold.
With its new land agreement now locked-in and the company itching to test its recently expanded ground with the drill-bit, Corazon now looks like it has a solid plan mapped out in the gold-rich Gascoyne region of WA.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Craig Nolan
