Beacon Minerals reports strong assay results from its ongoing drill program at the Iguana Deposit, alongside securing vital land use and mining approvals, advancing the Lady Ida Project towards production.
- First 118 holes assay results confirm high-grade gold intersections
- Land Use Agreement executed with Marlinyu Ghoorlie Native Title Claimant Group
- Primary mining approvals received including Mining Proposal and Closure Plan
- Resource update and Ore Reserve planned for late January 2026
- Ground-disturbing activities commenced targeting early 2026 gold production
Strong Assay Results Bolster Iguana Deposit Prospects
Beacon Minerals Limited (ASX, BCN) has announced the first batch of assay results from its FY2026 Resource Development drill program at the Iguana Deposit, part of the Lady Ida Project in Western Australia. The initial 118 reverse circulation drill holes, covering 14,732 metres, have delivered significant high-grade gold intersections, including standout intervals such as 36 metres at 6.49 grams per tonne (g/t) gold and multiple one-metre hits exceeding 20 g/t. These results reinforce the deposit's reputation for strong continuity and promising grade profiles.
The drilling program forms the first phase of a broader campaign targeting 40,000 metres of reverse circulation and 10,000 metres of diamond drilling planned for the financial year. Beacon’s technical team is now integrating this new data to refine the geological model and resource estimates.
Advancing Approvals and Community Partnerships
In a significant development, Beacon has executed a Land Use Agreement with the Marlinyu Ghoorlie Native Title Claimant Group, covering all tenements within the claim area. This agreement marks a milestone in fostering collaborative relationships with traditional owners, underpinning the project's social license to operate.
On the regulatory front, Beacon has secured primary approvals for the Iguana Stage 1 project, including the Department of Mines, Industry Regulation and Safety (DMIRS) approval of the Mining Proposal and Mine Closure Plan, as well as the Native Vegetation Clearing Permit. These approvals have enabled the commencement of ground-disturbing activities, signaling tangible progress towards production.
Looking Ahead, Resource Update and Production Timeline
Beacon plans to release an updated Mineral Resource Estimate and Ore Reserve for the Iguana Deposit in late January 2026. The timeline has been extended due to the complexity of JORC reporting and the positive early results from resource definition drilling. This update will be critical in confirming the scale and quality of the deposit and informing mine planning.
Executive Chairman and Managing Director Graham McGarry expressed optimism about the project’s trajectory, highlighting the high grades and continuity demonstrated by the drilling, the importance of the Land Use Agreement, and the confidence gained from regulatory approvals. The company is targeting first gold production early next year, a key milestone for the Lady Ida Project.
Geological Context and Technical Details
The Iguana Deposit is situated along the inferred extension of the Ida Fault within the Mount Ida Greenstone Belt, characterized by complex structural geology that controls gold mineralization. The deposit features two distinct mineralization styles, an early-stage sulphide-rich gold mineralization and a later-stage quartz-fuchsite style with visible coarse gold. The drilling results confirm significant mineralized zones at various depths, with weathering profiles extending to 90 metres in shear zones.
Beacon’s drilling methods include reverse circulation and diamond drilling, with rigorous sampling and assay protocols conducted by accredited laboratories. The company has implemented comprehensive quality control measures to ensure data integrity, supporting the forthcoming resource update.
Bottom Line?
Beacon Minerals’ latest drilling and approvals set the stage for a pivotal resource update and imminent production at Iguana.
Questions in the middle?
- How will the updated Mineral Resource Estimate impact the project’s valuation and mine plan?
- What are the implications of the Land Use Agreement for long-term community engagement and project expansion?
- How will the company manage operational risks as it transitions from exploration to production?