Strategic Partnership Unlocks Gold Exploration Potential
Gold explorer Corazon Mining has cemented a significant strategic partnership with the Marputu Aboriginal Corporation, securing crucial access to its promising Two Pools gold project in Western Australia's mineral-rich Gascoyne region. The newly signed land access agreement represents a milestone achievement for both parties, creating what company officials describe as a win-win outcome that benefits traditional owners and mining interests alike.
Agreement Details and Shareholding Structure
The comprehensive agreement enables Corazon to accelerate heritage clearance processes, positioning the company to launch an ambitious diamond drilling program at the site early next year. In a groundbreaking arrangement, Marputu Aboriginal Corporation will acquire a nearly one percent stake in Corazon, with the gold explorer set to issue 500,000 shares to the native title group after January next year.
The share issuance will occur at a price equal to the 20-day volume-weighted-average-price on the date of issue, aligning Marputu's interests with other shareholders. Corazon maintains an exceptionally tight share register, with approximately 50 million shares on issue following a recent 50-to-1 share consolidation.
Expanded Exploration Territory and Geological Significance
This landmark agreement clears the path for Corazon to secure extended land tenure recently applied for by the company, enabling accelerated exploration across an expanded 342 square kilometres of ground. The territory consists of three contiguous exploration licence applications in the eastern Gascoyne region, covering about 50 square kilometres of mapped and outcropping greenstone.
The newly secured ground has been identified as an extension of the prolific Plutonic-Marymia greenstone belt, which has yielded an impressive six million plus ounces of gold from nearby Catalyst Metals' Plutonic and Trident operations since 1990. Corazon's prospective territory shares similar geology to the Trident operation, located approximately 40 kilometres south of Two Pools, which hosts a significant high-grade mineral resource of 5.1 million tonnes grading 5.2 grams per tonne gold for 811,000 ounces.
Geological consultants Terra Resources conducted detailed analysis that integrated regional geophysical and geological datasets, mapping subsurface geology beneath shallow surface cover. Their work revealed a potential northeasterly extension of the Two Pools greenstone sequence, characterized by folded and thrusted greenstone sequences intersected by north-northeast trending faults more extensive than previously recognized in the region.
Proven Track Record and Future Prospects
Previous exploration at Two Pools has already demonstrated significant potential, with reverse-circulation drilling returning several noteworthy gold intersections. These include 12 metres at 8.89 grams per tonne gold from 79 metres depth, including 3 metres at an impressive 34.25 grams per tonne. Another substantial intersection showed 18 metres at 3.89 grams per tonne from 83 metres, including 4 metres grading 15.96 grams per tonne.
The strategic location of Corazon's projects provides additional advantages, with Catalyst Metals' Plutonic mill situated within 60 kilometres of the Two Pools project. This infrastructure is considered under-utilized and potentially available for processing additional ore feed from Corazon's operations.
Beyond the Two Pools project, Corazon continues to expand its portfolio with the Feather Cap gold project, where it recently secured a 12-month option to acquire an 80 percent interest. The project covers 154 square kilometres across three contiguous exploration licences and significantly includes a Mining Lease. Historic drilling at the Durack East prospect within this territory has returned promising results, including 20 metres at 3.01 grams per tonne gold from 40 metres depth, with 4 metres at 10.7 grams per tonne.
With the land access agreement now finalized and exploration plans rapidly advancing, Corazon appears well-positioned to capitalize on the gold-rich potential of Western Australia's Gascoyne region, while establishing a constructive partnership model with traditional owners that could set new standards for resource development in Australia.
