Beacon Minerals Announces 2024 Resource and Reserve Updates
BCN (BCN) Share Update November 2024 Wednesday 6th
Beacon Minerals Updates Resource and Reserve Estimates for 2024
Beacon Minerals Limited (ASX: BCN) has released its updated Mineral Resource and Ore Reserve estimates for 2024, reflecting new drilling data and project adjustments.
Instant Summary:
- Mineral Resource Estimate: 6,562 MT @ 1.4 g/t for 290,000 ounces.
- Total Reserves: 3.28 million tonnes at 1.3 g/t Au for 134,500 ounces.
- 52,000 ounces added to Resource from Mt Dimer Gold Project.
- Jaurdi Gold Project removed from estimates due to ceased operations.
Resource and Reserve Overview
Beacon Minerals Limited has announced its updated Mineral Resource and Ore Reserve estimates as of June 30, 2024. The Mineral Resource Estimate (MRE) stands at 6,562 million tonnes at a grade of 1.4 g/t, totaling 290,000 ounces of gold. The Ore Reserve (OR) is reported at 3.28 million tonnes at 1.3 g/t Au, equating to 134,500 ounces.
Key changes in the estimates include adjustments for mining depletion at the MacPhersons Project and Lost Dog, as well as the inclusion of new drilling results and model updates. The exploration results have notably added 52,000 ounces from the Mt Dimer Gold Project to the Resource base and 21,200 ounces to the Reserves.
Project-Specific Updates
The Jaurdi Gold Project has been removed from the Mineral Resource and Ore Reserve Estimate as mining operations have ceased. During FY25, the Jaurdi site will be repurposed for tailings storage and future rehabilitation.
In contrast, the Mt Dimer Gold Project, acquired in 2023, has contributed significantly to the updated estimates with a new resource definition drill program conducted in early 2024.
Detailed Project Data
The updated estimates incorporate data from several projects, including Jaurdi, Black Cat South, Mt Dimer, Geko, and MacPhersons, and adhere to the guidelines of the JORC Code 2012. All relevant drilling data has been previously released to the market, ensuring transparency and compliance.
The updated estimates reflect Beacon Minerals' ongoing efforts to optimize its resource base, with the inclusion of new drilling data and adjustments for mining depletion. The removal of the Jaurdi Gold Project from the estimates underscores the company's strategic shift in focus. These updates are likely to influence Beacon's stock performance, as investors assess the potential for future growth and project viability.
Investor Reaction:
Analysts have noted the positive impact of the new additions from the Mt Dimer Gold Project, which could bolster investor confidence. However, the removal of the Jaurdi Project may raise questions about future production capabilities.
Conclusion:
Investors should consider the implications of these updated estimates and monitor Beacon Minerals' strategic developments. The company's ability to leverage new resources and manage project transitions will be crucial for sustained growth.