Beacon Minerals Limited (ASX: BCN) has announced the commencement of its Stage 2 Grade Control drill program at the Lady Ida – Iguana Deposit. Beacon Minerals is a Western Australian gold producer with its flagship Jaurdi Gold Project. The company is focused on growing its resource base and increasing production.
The Stage 2 drill program is designed to increase the geological confidence in the Iguana Stage 1 Pit. This reverse circulation (RC) drill program comprises 334 holes, totaling 18,000 metres, making it the largest RC drill program ever commissioned by Beacon Minerals. The Iguana deposit is part of the Lady Ida Project, located on the inferred extension of the Ida Fault within the Mount Ida Greenstone Belt.
The company anticipates receiving the Stage 2 drill results in Q2 FY26. Following the drill results, an updated Iguana “In situ” Mineral Resource estimate is expected later in Q2 FY26. Additionally, modelling of the “Laterite” Mineral Resource is ongoing, with results expected in Q1 FY26.
Beacon Minerals Executive Chairman and Managing Director Graham McGarry stated that this program is the next step in updating the Mineral Resource at the Iguana Deposit. As of June 30, 2025, Beacon Minerals reported a cash balance of $14.38 million, along with holdings of 2,744 ounces of gold at the Perth Mint and 1,778 ounces of fine gold in transit.
