Beacon Minerals has reported robust assay results from 104 reverse circulation drill holes at its Iguana Deposit, confirming strong high-grade gold mineralisation at depth and reinforcing confidence in its geological model.
- 104 RC drill holes totaling 14,787 metres completed
- Multiple high-grade gold intersections exceeding 10 g/t
- Super high-grade zones with intervals over 90 g/t gold
- Mineralisation remains open at depth with strong continuity
- Resource and reserves update planned for financial year-end
Strong Assay Results Reinforce Iguana’s Potential
Beacon Minerals Limited (ASX – BCN) has announced a significant milestone in its exploration efforts at the Iguana Deposit, part of the Lady Ida Project in Western Australia. The company received assay results from 104 reverse circulation (RC) drill holes, covering nearly 15,000 metres, which demonstrate continued high-grade gold mineralisation at depth. These results not only confirm the presence of multiple super high-grade zones but also validate the geological model underpinning the deposit.
Highlights of the Drilling Campaign
The drilling campaign revealed several impressive gold intercepts, including intervals such as 11 metres at 16.25 grams per tonne (g/t) gold starting from 73 metres depth, with individual one-metre samples reaching up to 91 g/t. Other notable intersections include 7 metres at 16.28 g/t from 148 metres and 8 metres at 13.28 g/t from 112 metres. These findings underscore the continuity and robustness of mineralisation zones, with multiple separate zones exceeding 90 g/t gold over one-metre intervals.
Geological Context and Exploration Techniques
The Iguana Deposit is situated along the inferred extension of the Ida Fault within the Mount Ida Greenstone Belt, a region known for its complex structural geology and rich mineralisation potential. The deposit features two distinct mineralisation styles – an early-stage sulphide-rich gold mineralisation and a later-stage quartz-fuchsite style that occasionally includes visible coarse gold. Beacon’s drilling program employed industry-standard reverse circulation and diamond drilling techniques, with rigorous quality assurance and control protocols to ensure data integrity.
Implications for Resource Development
Beacon Minerals’ Executive Chairman and Managing Director, Graham McGarry, emphasised the significance of these results, noting that the strong grade continuity and exceptional gold grades at depth provide a solid foundation for the upcoming resource and reserves update scheduled for the end of the financial year. The deposit remains open at depth, suggesting further potential for resource growth as exploration continues.
Looking Ahead
With these encouraging assay results, Beacon Minerals is well-positioned to advance the Lady Ida Project towards development. The company’s methodical approach to drilling and resource definition, combined with the geological complexity and high-grade nature of the deposit, could translate into substantial value creation for investors. The forthcoming resource update will be a key event to watch, potentially reshaping market perceptions of the project’s scale and economic viability.
Bottom Line?
Beacon Minerals’ latest drilling results at Iguana set the stage for a pivotal resource update, with high-grade gold continuity hinting at deeper opportunities.
Questions in the middle?
- How will the upcoming resource and reserves update quantify the new drilling results?
- What are the potential challenges in mining the deeper, structurally complex zones of Iguana?
- Could further drilling extend the high-grade mineralisation beyond current limits?