Restated Assays Boost Iguana Deposit Grades, Raising Resource Update Stakes
Beacon Minerals has released the final batch of assay results from its extensive Stage 2 drill program at the Iguana Deposit, revealing multiple high-grade gold intersections and validating historical data. These findings set the stage for an updated Mineral Resource Estimate later this year.
- Final batch of 298-hole, 16,506m Stage 2 grade control drilling completed
- Multiple high-grade gold intersections confirmed, including up to 262 g/t Au
- Historical drill results restated after removal of 60 g/t top cut, increasing grades
- Strong continuity of mineralisation especially in Northwest Corridor
- Updated Mineral Resource Estimate expected in late October 2025
Comprehensive Drilling Program Completed
Beacon Minerals Limited (ASX – BCN) has announced the completion and final assay results of its Stage 2 Grade Control drill program at the Iguana Deposit, part of the Lady Ida Project in Western Australia. The program comprised 298 reverse circulation drill holes totalling 16,506 metres, designed to enhance geological confidence in the Iguana Stage 1 Pit.
The final assay batch confirmed multiple zones of significant gold mineralisation, with numerous high-grade intersections. Notably, some intercepts returned exceptional grades such as 1 metre at 61.1 grams per tonne (g/t) gold and a remarkable 0.3 metres at 262 g/t gold, underscoring the deposit's rich potential.
Validation and Restatement of Historical Data
In addition to new drilling, Beacon undertook an extensive review and validation of historical drilling and sampling data dating back to 1996. This review identified that some previously reported assay results had a 60 g/t top cut applied, which artificially capped reported grades. The removal of this top cut in key drill holes has significantly increased the reported grades, with some intervals now showing gold concentrations more than double earlier figures.
This restatement not only confirms the high-grade nature of the mineralisation but also reinforces the continuity and robustness of the Iguana deposit, particularly in the Northwest Corridor where some of the highest grades were recorded.
Geological Context and Mineralisation Styles
The Iguana Deposit is situated within the Mount Ida Greenstone Belt and is structurally complex, hosting gold mineralisation controlled by fault zones and hydrothermal alteration. Recent diamond drilling has identified two distinct mineralisation styles – an early-stage sulphide-rich gold mineralisation lacking quartz, and a later-stage quartz-fuchsite style that locally contains coarse visible gold. The majority of mineralisation is associated with the early-stage style.
Grade control drilling has also highlighted supergene gold enrichment near surface, particularly in the upper portions of the historic Jamaican Rock pit, where mining in the early 2000s extracted significantly higher grades than previously modelled.
Looking Ahead – Resource Update and Development Potential
Beacon’s Executive Chairman and Managing Director, Graham McGarry, expressed optimism about the results, emphasizing the strong continuity and exceptional grades confirmed by the drilling. The company is now focused on incorporating these new data into an updated Mineral Resource Estimate, anticipated for release in late October 2025.
This updated resource will be a critical milestone, potentially enhancing the project’s valuation and informing future development strategies. The comprehensive nature of the drilling and the rigorous validation of historical data provide a solid foundation for confident resource modelling.
Bottom Line?
With high-grade continuity confirmed and historical data restated, Beacon Minerals is poised for a pivotal resource update that could reshape the Iguana Deposit’s outlook.
Questions in the middle?
- How will the removal of the 60 g/t top cut affect the overall resource grade and tonnage in the upcoming estimate?
- What are the implications of the two distinct mineralisation styles for mining and processing strategies?
- Could further drilling extend the high-grade zones beyond the current Northwest Corridor focus?
