Join our daily newsletter At The Bell to receive exclusive market insights
- Beacon Minerals (BCN) has secured an option agreement to acquire two mining licences that make up the Min Min Light Project in WA
- Beacon will pay the vendors up to $50,000 to conduct exploration for up to 12 months
- After the year is up, the company may buy the tenements for $400,000 and will also be required to pay a 2 per cent net smelter royalty for any minerals mined
- Historical records show one of the tenements returned bonanza grades of up to 424g/t gold
- Beacon plans to conduct a small reverse circulation drilling program to target the area below the project’s historical workings
- Beacon is trading flat at 4.2 cents
Beacon Minerals (BCN) has secured an option agreement to acquire two mining licences that make up the Min Min Light Project in WA.
The project which is located in the Dunnsville mining centre and just 13.5 kilometres from Beacon’s Lost Dog gold mine in Western Australia.
Under the option agreement, Beacon will pay $10,000 for a six-month option to conduct exploration. If it chooses to extend this for another six months, it will pay a further $40,000.
After 12 months, the company may purchase the tenements for a total of $400,000 and will also be required to pay a 2 per cent net smelter royalty for any minerals mined.
One of the Min Min Light tenements contains historic underground workings through which historical records have shown 38 tonnes at 424g/t gold for 524,000 ounces of gold with another 647 ounces of gold from ore between 1937 and 1939.
Despite these bonanza grades, there aren’t any signs of the Min Min Light workings being drill tested.
Instead, Beacon plans to conduct a small reverse circulation drilling program to target the area below the historical workings.
Beacon is trading flat at 4.2 cents at 12:09 pm AEDT.
