Beacon Minerals has completed an 8-hole diamond drilling program at its Iguana deposit, revealing significant high-grade gold mineralisation and confirming geotechnical stability for pit designs. These findings set the stage for an updated resource model and future development plans.
- Eight diamond drill holes totaling 1,982 meters completed at Iguana deposit
- Two distinct in-situ gold mineralisation styles identified, sulphide-rich and quartz-fuchsite
- High-grade gold intercepts including 0.3m at 60 g/t and 4.2m at 15.45 g/t
- Geotechnical logging confirms current pit designs meet regulatory guidelines
- Resource model update underway incorporating new drilling data
Diamond Drilling Program Overview
Beacon Minerals Limited (ASX, BCN) has announced the results of its recent geotechnical diamond drilling program at the Iguana deposit, part of the Lady Ida Project in Western Australia. The program comprised eight drill holes totaling 1,982 meters, targeting critical pit wall positions to better understand both the geological and geotechnical characteristics of the deposit.
The drilling was conducted by Terra Drilling, with core analysis and logging performed by Neotech Geotechnical Engineering and structural geological review by Xirlatem Pty Ltd. This comprehensive approach has provided valuable insights into the deposit’s mineralisation styles and structural controls.
Distinct Mineralisation Styles and High-Grade Intercepts
The drilling revealed two major "in-situ" gold mineralisation styles. The dominant early-stage mineralisation is sulphide-rich and notably quartz-poor, associated with structural deformation events. A secondary, later-stage quartz-fuchsite style features coarse visible gold but represents a smaller portion of the overall mineralisation.
Significant high-grade intercepts were recorded, including a remarkable 0.3 meters grading 60 g/t gold and 4.2 meters at 15.45 g/t gold. Other notable intercepts include 10.6 meters at 4.14 g/t and 8.34 meters at 4.54 g/t, underscoring the deposit’s potential economic value.
Geotechnical Findings and Pit Design Implications
Geotechnical logging assessed rock quality, fracture frequency, and structural orientations, confirming that the current pit design complies with the Department of Mines, Industry Regulation and Safety (DMIRS) 1999 Open Pit Mine Design Guidelines. This validation is crucial for advancing mine planning and ensuring operational safety.
Beacon’s Executive Chairman and Managing Director, Graham McGarry, highlighted the importance of this program as the company’s first active exploration and definition project at Iguana, emphasizing its role in refining geological understanding and supporting resource updates.
Next Steps, Resource Model Update
Building on these findings, Beacon is progressing an updated Mineral Resource estimate for the Iguana deposit. This update will integrate the new diamond drilling data alongside an additional 28,000 meters of reverse circulation drilling completed since the last resource update. The company aims to better represent the complex mineralisation styles and structural controls in the new model, which will underpin future development decisions.
The Lady Ida Project’s geological setting within the Mount Ida Greenstone Belt and its structural complexity continue to offer promising exploration upside, with the Iguana deposit positioned on a key fault extension known to host gold mineralisation.
Bottom Line?
Beacon’s diamond drilling results at Iguana sharpen the geological picture and pave the way for a resource upgrade that could reshape project economics.
Questions in the middle?
- How will the updated Mineral Resource model quantify the contribution of the two mineralisation styles?
- What are the implications of the high-grade quartz-fuchsite zones for mining and processing?
- Could further drilling extend the known mineralisation at depth or along strike?