Beacon Minerals Limited (ASX: BCN), a gold exploration company focused on developing the Lady Ida Gold Project, has announced significant findings from its recent air core drilling programs at the Iguana Gold Project. The results confirm the presence of extensive near-surface laterite hosted gold mineralisation, with grades that support the potential for a low-cost mining operation.
The company completed two air core drill programs, consisting of 232 holes for 2,343 metres, targeting an extensive mineralised zone east of the planned Iguana Pit. These programs have successfully identified significant ‘Laterite’ mineralisation. Key intercepts include 4 metres @ 4.13g/t gold from surface (IGLT_229), including 2 metres @ 7.65g/t from 2 metres, and 2 metres @ 6.06 g/t gold from surface (IGLT_190), demonstrating high-grade gold near the surface.
Beacon Minerals Executive Chairman and Managing Director Graham McGarry stated, “We are very pleased with the drill results from the Iguana Laterite drill programs. The mineralisation style and depths provide Beacon Minerals a great opportunity to begin gold production from the Iguana Project in a quick and cost-effective manner as we continue to develop this outstanding project.” McGarry further added that “The extent and grade of the laterites further indicate the economic potential present at Iguana.”
The company is currently undertaking resource modelling of this extensive zone with the assistance of consultants. The results of this modelling are expected to be released in the September quarter, providing further insights into the potential of the Iguana Gold Project.
