Beacon Minerals Confirms Extensive High-Grade Gold at Iguana Deposit

High-Grade Gold Intercepts Highlight Iguana's Potential

Beacon Minerals Limited (ASX:BCN) has delivered a compelling set of assay results from its recently completed FY2026 Resource Definition Drilling program at the Iguana Deposit, part of the Lady Ida Project in Western Australia. Among 124 reverse circulation (RC) holes reported, standout intercepts include 19 meters grading 11.89 g/t gold from 111 meters, featuring a blistering 1 meter at 152 g/t gold. Other significant hits include 5 meters at 20.88 g/t and 7 meters at 13.86 g/t gold, underscoring the deposit’s high-grade nature.

These results build on previous drilling campaigns, reinforcing the view that Iguana is more extensive than earlier models suggested. The deposit remains open to the south, east, and at depth, with Beacon's Executive Chairman and Managing Director Graham McGarry noting the drilling has yet to define the mineralisation limits in those directions. This aligns with the company’s ongoing efforts to refine the resource, with updated Mineral Resource and Ore Reserve estimates being prepared by Entech Pty Ltd and MineComp Pty Ltd.

Structural Complexity and Mineralisation Style

The Iguana Deposit sits within the Mount Ida Greenstone Belt, characterised by structurally complex geology with metamorphosed mafic and ultramafic rocks. The gold mineralisation is sulphide-rich and notably quartz-poor, a departure from more typical quartz-vein hosted systems. Locally, a quartz-fuchsite style with coarse visible gold is observed but represents a small fraction of the overall mineralisation.

Drilling has revealed two distinct mineralisation styles, with supergene enrichment evident near surface, particularly in the Jamaican Rock pit area, where historical mining by Delta Gold extracted higher grades than previously modelled. The complex structural setting, including imbricate thrusts and fault splays, provides multiple traps for gold deposition, supporting the potential for further extensions.

Resource Upgrade Prospects and Ongoing Work

Beacon Minerals has completed the resource definition drilling phase and is now focusing on incorporating the new assay data into updated resource models. The company expects these results to underpin a material increase in the Mineral Resource Estimate. Assays remain outstanding for some holes, with further announcements anticipated once all data is received.

This drilling campaign follows a series of operational and strategic milestones for Beacon, including steady gold production at its Jaurdi operation and the recent sale of its MacPhersons Reward project, enabling a sharper focus on Lady Ida. The timing of this resource update dovetails with the company’s broader efforts to advance the Lady Ida project towards development, as highlighted in their recent 5,419 ounces produced in March report.

Beacon’s methodical approach to drilling and sampling, adhering to industry standards and rigorous QA/QC protocols, lends confidence to the assay results reported. The company’s Competent Person, Lachlan Kenna, confirms the data quality and suitability for resource estimation purposes.

What Comes Next for Beacon Minerals

With resource modelling underway, investors will be keen to see the scale of the resource upgrade and how it translates into mine planning and potential production profiles. The complex mineralisation style and structural setting may pose challenges but also offer opportunities for selective mining of high-grade zones. Further metallurgical testing and feasibility assessments will be critical to unlocking value.

Beacon’s progress at Iguana also complements its maiden drilling at the nearby Lizard Project, signalling a broader push to expand its footprint in the Mount Ida Greenstone Belt, as detailed in the company’s recent Maiden drilling at Lady Ida’s Lizard campaign.