Depth Extensions at Iguana Raise Questions on Resource Upside and Development Risks
Beacon Minerals has reported robust assay results from its Stage 2 drilling at the Iguana Deposit, revealing multiple high-grade gold intersections and promising depth extensions in the Northwest Corridor.
- Third batch of 6,483 assay results received from Stage 2 drilling
- Multiple significant high-grade gold intersections including 73.8 g/t over 1m
- Depth extensions confirmed in the Northwest Corridor
- 298 reverse circulation holes completed totaling 16,506 metres
- Remaining assays expected within two weeks, with follow-up drilling planned
Beacon’s Stage 2 Grade Control Program Advances
Beacon Minerals Limited (ASX – BCN) has announced the receipt of the third batch of assay results from its extensive Stage 2 Grade Control drilling program at the Iguana Deposit, part of the Lady Ida Project in Western Australia. The program, comprising 298 reverse circulation drill holes totaling 16,506 metres, aims to enhance geological confidence in the Iguana Stage 1 Pit and refine the resource model.
The latest assays, covering 6,483 samples, have revealed multiple zones of significant mineralisation, including several high-grade gold intersections. Noteworthy results include a remarkable 3 metres at 25.6 grams per tonne (g/t) gold from surface, featuring a standout 1 metre at 73.8 g/t from just 2 metres depth. Other impressive intercepts include 8 metres at 11.6 g/t and 10 metres at 7.9 g/t gold, underscoring the deposit’s robust grade continuity.
Promising Depth Extensions in Northwest Corridor
Particularly encouraging are the depth extensions in the Northwest Corridor, where high-grade mineralisation persists at depth. Drillholes IGGC_220 and IGGC_233 returned 3 metres at 24.0 g/t and 10 metres at 13.1 g/t gold respectively, including exceptional 1 metre intervals grading 65.0 g/t and 69.9 g/t. These results suggest the mineralised system remains open at depth, prompting Beacon to plan follow-up deeper reverse circulation and diamond drilling programs to further delineate the resource.
Geological Context and Ongoing Work
The Iguana Deposit is situated within the Mount Ida Greenstone Belt and is structurally complex, with mineralisation controlled by faulting and hydrothermal alteration. The deposit features two distinct mineralisation styles, dominated by sulphide-rich gold mineralisation and a lesser quartz-fuchsite style with visible coarse gold. The recent drilling has confirmed strong grade continuity and supergene enrichment near surface, particularly in weathered shear zones.
Beacon is currently awaiting the remaining 3,759 assays from the program, expected within the next two weeks. The company is integrating the new data into an updated resource model, which will inform future development and exploration strategies. Executive Chairman and Managing Director Graham McGarry expressed optimism about the results, highlighting the potential for resource growth and the strategic importance of the Northwest Corridor extensions.
Implications for Investors and Next Steps
These assay results reinforce the potential of the Iguana Deposit as a significant gold resource within the Lady Ida Project. The high-grade intercepts and depth extensions could translate into an upgraded resource estimate, potentially enhancing the project’s valuation and attractiveness to investors. Beacon’s commitment to follow-up drilling and resource refinement signals a proactive approach to advancing the project towards development.
Bottom Line?
With high-grade gold zones extending deeper, Beacon Minerals is poised for a pivotal resource update that could reshape its growth trajectory.
Questions in the middle?
- How will the remaining assay results impact the overall resource estimate at Iguana?
- What are the timelines and targets for the planned deeper RC and diamond drilling programs?
- Could these high-grade intercepts lead to a reclassification of resource categories or an expansion of mineable reserves?
