Corazon Mining Secures Exclusive Option for Feather Cap Gold Project

Corazon Mining, an Australian Securities Exchange (ASX) listed company, has secured a binding heads of agreement with RBH Mining for an exclusive 12-month option to acquire an 80% interest in the Feather Cap gold project. This project is situated in the Gascoyne region of Western Australia, covering an area of 154 km² and includes four exploration licences and one mining lease.

The Feather Cap project is strategically located less than 50 km from Westgold Resources’ Fortnum Mill and adjacent to its Durack deposit, which contains approximately 2.9 million tonnes of ore at 1.2 g/t gold. This acquisition will expand Corazon’s footprint in what Managing Director Simon Coyle describes as “a highly prospective, proven mineral province.”

Strategic Importance and Exploration Plans

Coyle emphasized that acquiring the Feather Cap option is integral to Corazon’s strategy for establishing a substantial presence in the Gascoyne region. “With the Feather Cap project located less than 100 km from our Two Pools gold project, we will, subject to exercise of the option, consolidate a significant, highly prospective land package in a proven mineral province,” he stated.

Historical drilling results from Feather Cap have revealed several high-grade intercepts. Notable findings include 20 m at 3.01 g/t gold from 40 m (with a peak of 4 m at 10.7 g/t) and 35 m at 1.47 g/t from 32 m (containing 5 m at 5.13 g/t) at the Durack East prospect. Additionally, in the Wembley area, shallow drilling has reported 7 m at 6.21 g/t gold from 6 m, including 2 m at 18.33 g/t.

Corazon intends to conduct a thorough review of historical exploration data to refine its drilling targets, prioritizing the Durack East and Wembley prospects. Coyle noted that the near-surface mineralisation at Wembley could offer an “early-stage development opportunity.”

Financial Terms and Future Prospects

Under the agreement, Corazon will pay A$50,000 in cash and another A$50,000 in shares to RBH Mining. The company is also committed to spending at least A$250,000 on exploration during the 12-month option period. Should Corazon choose to exercise the option, it will pay A$600,000 upon completion and an additional A$1 million within four years. RBH Mining will retain rights to iron ore and manganese and will be free-carried until a final investment decision. At that point, its 20% interest will convert to a 3.5% net smelter return royalty.

Coyle described the transaction as “highly capital-efficient,” which enables Corazon to accelerate its exploration efforts while maintaining a healthy balance sheet. As the company moves forward, the Feather Cap project stands as a potential cornerstone for its growth in the competitive mining landscape of Western Australia.