Beacon Minerals Confirms High-Grade Gold Continuity at Iguana Deposit

Final Drilling Results Highlight Robust Gold Grades

Beacon Minerals (ASX:BCN) has wrapped up its FY2026 Resource Definition Drill program at the Iguana deposit within the Lady Ida Project, releasing assay results from the final 195 reverse circulation (RC) holes. This extensive 133,000-metre campaign, the largest in the company's history, delivered several standout intercepts, including 24 metres at 8.76 grams per tonne (g/t) gold from 91 metres, which features exceptional high-grade zones such as 1 metre at 81.20 g/t and 1 metre at 61.00 g/t gold.

Other significant intercepts include 20 metres at 9.90 g/t gold from 23 metres and 15 metres at 12.06 g/t gold from 34 metres, both containing metre-scale intervals exceeding 60 g/t. These results reinforce the high-grade nature of the Iguana deposit and its potential to underpin ongoing mining operations.

Resource Definition Program Supports Indicated Classification

The drilling program was designed to provide an indicated resource estimate down to the 360m Reduced Level (RL) of the Iguana orebody. Entech Pty Ltd is currently finalising the resource update, which Beacon expects to release in the first quarter of FY2027. The company emphasises that despite the scale of drilling, the deposit remains open both at depth and to the south, suggesting further potential to expand this key asset.

Beacon's Executive Chairman and Managing Director Graham McGarry highlighted the program's success, stating it laid a strong foundation for the company's mining and milling operations. The continued openness of the deposit at depth and along strike offers avenues for future growth beyond the current resource boundaries.

Geological Insights and Mineralisation Style

The Iguana deposit lies within the Lady Ida Project, situated along the inferred extension of the Ida Fault in the Mount Ida Greenstone Belt. The deposit's geology is complex, dominated by metamorphosed mafic and ultramafic rocks with structural controls on mineralisation. Notably, the mineralisation is sulphide-rich gold with minimal quartz presence, and locally includes coarse visible gold within a quartz-fuchsite assemblage.

Diamond drilling has identified two distinct mineralisation styles within Iguana, reflecting early and later stage processes. Weathering depth varies significantly within shear zones, with supergene gold enrichment evident in the upper portions, as previously mined at the Jamaican Rock pit.

Comprehensive JORC-Compliant Data Supports Findings

Beacon has provided extensive JORC-compliant sampling, assay, and geological data underpinning the resource definition. The company confirms no material changes to previously released data and maintains confidence in the integrity of the assay results. Sampling techniques included 1-metre RC samples analysed by fire assay with rigorous quality control measures, while drilling orientations and data spacing were designed to capture the deposit's complex geometry.

The Lady Ida Project tenure and agreements remain secure, with the Iguana deposit located on tenement M16/262. The project benefits from a history of exploration and mining, including previous operations by Delta Gold.