# CZN: Feather Cap option exercised Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/czn-feather-cap-option-exercised--8c975e30-7e4f-460c-b0c3-094e5eeed22c Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03149205 Publisher: asx Original announcement: 2026-10-06T21:16:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-06T22:25:09.382Z Atlas analysis updated: 2026-10-06T22:25:09.382Z - Company: Corazon Mining Limited - Ticker: CZN - Exchange: ASX - Region: Western Australia - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Agreement transaction, Drill results, Resource update - Extracted: 2026-10-06 22:25:10 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Corazon Mining has exercised its option to acquire an 80% interest in the Feather Cap Gold Project in Western Australia, following successful maiden RC drilling at the Wembley prospect. The drilling confirmed and extended shallow, high-grade gold mineralization, with intercepts including 4 m @ 10.60 g/t Au and 4 m @ 9.20 g/t Au. The acquisition includes upfront and deferred consideration, with the remaining 20% interest converting to a 3.5% net smelter royalty at FID, positioning Feather Cap as a key asset alongside the company's Chalice and Two Pools projects. Reasoning: Corazon has successfully exercised its option to acquire a controlling interest in the Feather Cap Gold Project, driven by highly positive maiden drill results that confirm and extend shallow, high-grade gold mineralization. This strategic acquisition, coupled with a clear path to full ownership and existing resource-stage assets, significantly enhances the company's gold portfolio in Western Australia, despite the current lack of true width information for the new intercepts. - Positive factor: Corazon has exercised its option to acquire an 80% interest in the Feather Cap Gold Project, securing a controlling, long-term interest. - Positive factor: Maiden RC drilling at Wembley confirmed and extended shallow, high-grade gold mineralization, with standout intercepts including 4 m @ 10.60 g/t Au and 4 m @ 9.20 g/t Au. - Positive factor: The best new intercept extends mineralization 60m east of historic drilling and remains open at depth, indicating potential for scale beyond the historic footprint. - Positive factor: The agreement includes a clear pathway to 100% ownership with deferred consideration and a 3.5% net smelter royalty for the counterparty. - Positive factor: The Feather Cap project complements Corazon's existing resource-stage Chalice Gold Project \(191,000oz JORC MRE\) and the Two Pools discovery opportunity, providing multiple value pathways. - Negative factor: True widths for the drill intercepts are not yet known, which may overstate the actual thickness of mineralization. Facts used in scoring: 14 ## Classification and evidence **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The intercept of 4 m @ 10.60 g/t Au from 66 m exceeds the exceptional threshold of 5 g/t Au for an open-pit inferred mining method. Evidence · text > 4 m @ 10.60 g/t Au from 66 m \(26FRC010\) **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The intercept of 4 m @ 9.20 g/t Au from 65 m exceeds the exceptional threshold of 5 g/t Au for an open-pit inferred mining method. Evidence · text > 4 m @ 9.20 g/t Au from 65 m \(26FRC004\) **Bonanza Intercept** Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: The intercept of 2 m @ 5.70 g/t Au from 64 m exceeds the exceptional threshold of 5 g/t Au for an open-pit inferred mining method. Evidence · text > 2 m @ 5.70 g/t Au from 64 m \(26FRC003\) **Step-Out Extension** Polarity: positive Definition: Mineralization extended beyond the previously known limit. Why it applies: The best intercept \(26FRC010\) sits approximately 60m east of historic drilling, extending the known mineralization. Evidence · text > The best intercept \(26FRC010\) sits approximately 60m east of historic drilling, and the mineralised structure remains open at depth, pointing to scale beyond the historic footprint. **Apparent Width Only** Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The document explicitly states that 'All intervals are downhole widths; true widths are not known yet.' Evidence · text > All intervals are downhole widths; true widths are not known yet. **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The Competent Persons Statement confirms that Mr William Stewart, a Member of the AusIMM, has compiled and reviewed the exploration results in accordance with JORC Code 2012. Evidence · text > The information in this announcement that relates to Historic and Corazon’s Exploration Results, are based on, and fairly reflects, information compiled and reviewed by Mr William Stewart, full-time employee and shareholder of Corazon Mining Limited. Mr Stewart is a Member of the Australasian Institute of Mining and Metallurgy \(AusIMM Member No. 224335\) and has sufficient experience relevant to the style of mineralisation, type of deposit under consideration, and the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(JORC Code\). **Royalty Agreement** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The agreement specifies that RBH will receive a 3.5% net smelter return royalty on all minerals other than iron ore and manganese. Evidence · text > RBH receives a 3.5% net smelter return royalty on all minerals other than iron ore and manganese. **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The Chalice Gold Project includes a 'Measured' category resource of 406 kt at 3.19 g/t Au for 42 koz Au. Evidence · table > Measured Context: 406 **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The Chalice Gold Project includes an 'Indicated' category resource of 1120 kt at 2.6 g/t Au for 94 koz Au. Evidence · table > Indicated Context: 1120 **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Chalice Gold Project includes an 'Inferred' category resource of 655 kt at 2.64 g/t Au for 55 koz Au. Evidence · table > Inferred Context: 655 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resources are classified and reported in accordance with the 2012 JORC Code. Evidence · text > Mineral Resources are classified and reported in accordance with the 2012 JORC Code as at 11 April 2026 **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Mr William Stewart, a Member of the AusIMM, qualifies as a Competent Person as defined in the 2012 Edition of the JORC Code and is responsible for the exploration results and resource estimate. Evidence · text > Mr Stewart is a Member of the Australasian Institute of Mining and Metallurgy \(AusIMM Member No. 224335\) and has sufficient experience relevant to the style of mineralisation, type of deposit under consideration, and the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(JORC Code\). **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The resource estimate for the Chalice Gold Project is reported at a 1.3 g/t Au cut-off. Evidence · text > 1.3 g/t Au cut-off ## Extracted facts Stored fact records: 10. Some facts used in scoring do not have a stored record. ## Drill Results (7) ### 26FRC010 [Link to this fact](https://atlas-staging.minestarters.com/news/czn-feather-cap-option-exercised--8c975e30-7e4f-460c-b0c3-094e5eeed22c#fact-drill-facts-4) Feather Cap · gold #### Identity - Hole ID: 26FRC010 - Project: Feather Cap - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: CZN #### Geometry - Grade: 10.6 - Grade Unit: g/t - Intercept: 4 m - From: 66 m - To: 70 m - Intercept Depth: 66 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 26FRC010:66-70 - Mining Method: open\_pit #### Location - Location: Wembley - Loc. Source: document #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: This intercept shows exceptional high-grade gold at shallow depth, extending the known mineralization and indicating strong exploration potential, though true width is not yet confirmed. - Positive factor: Exceptional gold grade \(10.60 g/t Au\) for an open-pit inferred mining method. - Positive factor: Shallow intercept \(from 66 m\) is favorable for potential open-pit mining. - Positive factor: Represents a step-out extension 60m east of historic drilling, indicating potential for growth. - Negative factor: True width is not yet known, which may overstate the actual thickness. Evidence · text > 4 m @ 10.60 g/t Au from 66 m \(26FRC010\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### 26FRC004 [Link to this fact](https://atlas-staging.minestarters.com/news/czn-feather-cap-option-exercised--8c975e30-7e4f-460c-b0c3-094e5eeed22c#fact-drill-facts-5) Feather Cap · gold #### Identity - Hole ID: 26FRC004 - Project: Feather Cap - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: CZN #### Geometry - Grade: 9.2 - Grade Unit: g/t - Intercept: 4 m - From: 65 m - To: 69 m - Intercept Depth: 65 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 26FRC004:65-69 - Mining Method: open\_pit #### Location - Location: Wembley - Loc. Source: document #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: This intercept demonstrates exceptional high-grade gold at shallow depth, confirming the continuity of mineralization, though true width is not yet confirmed. - Positive factor: Exceptional gold grade \(9.20 g/t Au\) for an open-pit inferred mining method. - Positive factor: Shallow intercept \(from 65 m\) is favorable for potential open-pit mining. - Negative factor: True width is not yet known, which may overstate the actual thickness. Evidence · text > 4 m @ 9.20 g/t Au from 65 m \(26FRC004\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### 26FRC003 [Link to this fact](https://atlas-staging.minestarters.com/news/czn-feather-cap-option-exercised--8c975e30-7e4f-460c-b0c3-094e5eeed22c#fact-drill-facts-6) Feather Cap · gold #### Identity - Hole ID: 26FRC003 - Project: Feather Cap - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: CZN #### Geometry - Grade: 5.7 - Grade Unit: g/t - Intercept: 2 m - From: 64 m - To: 66 m - Intercept Depth: 64 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 26FRC003:64-66 - Mining Method: open\_pit #### Location - Location: Wembley - Loc. Source: document #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: This intercept shows exceptional high-grade gold at shallow depth, contributing to the overall positive drill results, though true width is not yet confirmed. - Positive factor: Exceptional gold grade \(5.70 g/t Au\) for an open-pit inferred mining method. - Positive factor: Shallow intercept \(from 64 m\) is favorable for potential open-pit mining. - Negative factor: True width is not yet known, which may overstate the actual thickness. Evidence · text > 2 m @ 5.70 g/t Au from 64 m \(26FRC003\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### 26FRC003 [Link to this fact](https://atlas-staging.minestarters.com/news/czn-feather-cap-option-exercised--8c975e30-7e4f-460c-b0c3-094e5eeed22c#fact-drill-facts-7) Feather Cap · gold #### Identity - Hole ID: 26FRC003 - Project: Feather Cap - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: CZN #### Geometry - Grade: 1.46 - Grade Unit: g/t - Intercept: 2 m - From: 79 m - To: 81 m - Intercept Depth: 64 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 26FRC003:79-81 - Mining Method: open\_pit #### Location - Location: Wembley - Loc. Source: document #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: This intercept shows a moderate gold grade, contributing to the overall mineralization profile of the hole, though true width is not yet confirmed. - Positive factor: Moderate gold grade \(1.46 g/t Au\) for an open-pit inferred mining method. - Negative factor: True width is not yet known, which may overstate the actual thickness. Evidence · text > 2 m @ 1.46 g/t Au from 79 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### 26FRC002 [Link to this fact](https://atlas-staging.minestarters.com/news/czn-feather-cap-option-exercised--8c975e30-7e4f-460c-b0c3-094e5eeed22c#fact-drill-facts-8) Feather Cap · gold #### Identity - Hole ID: 26FRC002 - Project: Feather Cap - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: CZN #### Geometry - Grade: 2.84 - Grade Unit: g/t - Intercept: 4 m - From: 68 m - To: 72 m - Intercept Depth: 68 m #### Classification - Program: exploration - Sample Type: drill - Group ID: 26FRC002:68-72 - Mining Method: open\_pit #### Location - Location: Wembley - Loc. Source: document #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: This intercept shows a strong gold grade at shallow depth, adding to the positive drill results from the program, though true width is not yet confirmed. - Positive factor: Strong gold grade \(2.84 g/t Au\) for an open-pit inferred mining method. - Positive factor: Shallow intercept \(from 68 m\) is favorable for potential open-pit mining. - Negative factor: True width is not yet known, which may overstate the actual thickness. Evidence · text > 4 m @ 2.84 g/t Au from 68 m \(26FRC002\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### WLRD10 [Link to this fact](https://atlas-staging.minestarters.com/news/czn-feather-cap-option-exercised--8c975e30-7e4f-460c-b0c3-094e5eeed22c#fact-drill-facts-9) Feather Cap · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: WLRD10 - Project: Feather Cap - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: CZN #### Geometry - Grade: 6.21 - Grade Unit: g/t - Intercept: 7 m - From: 6 m - To: 13 m - Intercept Depth: 6 m #### Classification - Sample Type: drill - Group ID: WLRD10:6-13 #### Location - Location: Wembley - Loc. Source: document #### QA/QC - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: This historical intercept indicates high-grade gold mineralization at shallow depth, providing context for the current drilling program, but is not new information. - Positive factor: High historical gold grade \(6.21 g/t Au\) at very shallow depth \(from 6m\). - Negative factor: This is historical data, not new information from the current drilling program. Evidence · text > 7m @ 6.21 g/t Au from 6m \(WLRD10\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### JR60 [Link to this fact](https://atlas-staging.minestarters.com/news/czn-feather-cap-option-exercised--8c975e30-7e4f-460c-b0c3-094e5eeed22c#fact-drill-facts-10) Feather Cap · gold Historical result Needs review: historical\_restatement #### Identity - Hole ID: JR60 - Project: Feather Cap - Commodity: gold - Region: australia\_wa - Reported Region: australia\_wa - Ticker: CZN #### Geometry - Grade: 3.01 - Grade Unit: g/t - Intercept: 20 m - From: 40 m - To: 60 m - Intercept Depth: 40 m #### Classification - Sample Type: drill - Group ID: JR60:40-60 #### Location - Location: Jigsaw/Durack East - Loc. Source: document #### QA/QC - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: This historical intercept shows strong gold mineralization over a good width, providing context for the project's potential, but is not new information. - Positive factor: Strong historical gold grade \(3.01 g/t Au\) over a significant width \(20m\). - Negative factor: This is historical data, not new information from the current drilling program. Evidence · text > 20m @ 3.01 g/t Au from 40m \(JR60\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ## Resource Estimates (3) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/czn-feather-cap-option-exercised--8c975e30-7e4f-460c-b0c3-094e5eeed22c#fact-resource-facts-11) Chalice Gold Project · gold #### Identity - Project: Chalice Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: CZN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr William Stewart - Resource group id: resource:3cf9ec90bc69266f9613 #### Resource Data - Category: measured - Tonnes: 406000 - Grade: 3.19 - Grade Unit: g/t - Contained Metal: 42 - Contained Unit: koz au - Cutoff Grade: 1.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-04-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: The Chalice Gold Project includes a Measured Resource component, indicating high confidence in this portion of the estimate, though it is not new information. - Positive factor: Highest confidence category \(Measured\) for a portion of the resource. - Positive factor: Good grade \(3.19 g/t Au\) for a gold resource. - Negative factor: This is a previously reported resource estimate, not new information. Evidence · table > 406 Context: 3.19 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/czn-feather-cap-option-exercised--8c975e30-7e4f-460c-b0c3-094e5eeed22c#fact-resource-facts-12) Chalice Gold Project · gold #### Identity - Project: Chalice Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: CZN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr William Stewart - Resource group id: resource:7cd904c56c27c738ddb0 #### Resource Data - Category: indicated - Tonnes: 1120000 - Grade: 2.6 - Grade Unit: g/t - Contained Metal: 94 - Contained Unit: koz au - Cutoff Grade: 1.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-04-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: The Chalice Gold Project includes a substantial Indicated Resource, providing good confidence for future studies, though it is not new information. - Positive factor: Indicated category provides reasonable geological confidence for a significant portion of the resource. - Positive factor: Good grade \(2.6 g/t Au\) for a gold resource. - Negative factor: This is a previously reported resource estimate, not new information. Evidence · table > 1120 Context: 2.6 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/czn-feather-cap-option-exercised--8c975e30-7e4f-460c-b0c3-094e5eeed22c#fact-resource-facts-13) Chalice Gold Project · gold #### Identity - Project: Chalice Gold Project - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: CZN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr William Stewart - Resource group id: resource:918712e0c0dbc5274a09 #### Resource Data - Category: inferred - Tonnes: 655000 - Grade: 2.64 - Grade Unit: g/t - Contained Metal: 55 - Contained Unit: koz au - Cutoff Grade: 1.3 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-04-11 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-06T00:00:00.000Z Reasoning: The Chalice Gold Project includes an Inferred Resource, which contributes to the overall resource base but has lower confidence and is not new information. - Positive factor: Inferred category adds to the overall resource base, indicating further exploration potential. - Positive factor: Good grade \(2.64 g/t Au\) for a gold resource. - Negative factor: This is a previously reported resource estimate, not new information. - Negative factor: Inferred resources have lower geological confidence and cannot support economic studies alone. Evidence · table > 655 Context: 2.64 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.