Beacon Minerals Announces 17 Million Tonne Mineral Resource Estimate at Iguana Deposit
BEACON MINERALS LIMITED (BCN) Share Update November 2024 Sunday 17th
Beacon Minerals Announces 17 Million Tonne Mineral Resource Estimate at Iguana Deposit
Beacon Minerals Limited (ASX: BCN) has announced a substantial mineral resource estimate for the Iguana Deposit, marking a significant milestone for the Lady Ida Project.
Instant Summary:
- 17 million tonnes @ 1.11 g/t Au for 609,000 ounces of gold.
- Resource breakdown: 3% Measured, 23% Indicated, 74% Inferred.
- 4.4 million tonnes at 1.22 g/t Au in Measured and Indicated categories.
- Ore reserve estimate expected later this quarter.
- Resource definition drilling to begin in 2025.
Mineral Resource Estimate Details
Beacon Minerals Limited has announced a JORC Mineral Resource Estimate for the Iguana Deposit at Lady Ida, comprising 17 million tonnes at a grade of 1.11 grams per tonne (g/t) gold, equating to 609,000 ounces of gold within an optimized A$4,000 pit shell. This estimate represents a significant advancement in the company's strategy to build resource confidence and expand its gold inventory.
The resource estimate is categorized into 3% Measured, 23% Indicated, and 74% Inferred, with a total of 4.4 million tonnes at a grade of 1.22 g/t gold in the Measured and Indicated categories, amounting to 173,000 ounces. The mineralization remains open at depth, with no known geological features that could terminate the ore body, offering potential for further resource expansion.
Project and Future Plans
The Iguana Deposit is situated 33 kilometers northwest of the Jaurdi Processing Plant on the Lady Ida Project tenure. Beacon Minerals is currently working on an ore reserve estimate for the Iguana Deposit, expected to be released later this quarter, with a pre-feasibility study to follow soon after. The company plans to commence resource definition drilling in 2025 to further delineate the deposit and enhance its understanding of the geological structure.
Strategic Importance
The Iguana Deposit is part of Beacon's strategic initiative to increase resource confidence and grow its gold production potential. Managing Director Graham McGarry highlighted the importance of this milestone, noting that the company's total mineral resource inventory is nearing the one million ounce mark, a significant achievement in its growth strategy.
The announcement of a substantial mineral resource estimate at the Iguana Deposit is likely to positively impact Beacon Minerals' stock, as it demonstrates the company's potential for increased gold production. The upcoming ore reserve estimate and pre-feasibility study could further boost investor confidence and attract interest from potential partners or investors looking to capitalize on the growing resource base.
Investor Reaction:
Analysts are likely to view the announcement positively, as it aligns with Beacon's strategic goals of resource expansion and increased production potential. The market may respond favorably to the news, with investors keen to see the forthcoming ore reserve estimate and pre-feasibility study results.
Conclusion:
Investors should keep an eye on Beacon Minerals' upcoming announcements regarding the ore reserve estimate and pre-feasibility study. These developments will be crucial in assessing the company's future growth potential and strategic direction. The Iguana Deposit's resource estimate marks a significant step forward for Beacon Minerals, reinforcing its position in the gold mining sector.