- Beacon Minerals (BCN) enters a share sale agreement with Primary Gold to acquire the Macphersons Reward Project in Western Australia
- The project is 45 kilometres southeast of Beacon’s Jaurdi Gold Project and will add value to the company’s existing portfolio
- Beacon is paying $14 million in cash for the project which has been funded from existing cash reserves
- Beacon Minerals will review exploration data, generate new targets and complete resource estimates, an ore reserve and feasibility studies
- Company shares are up 2.94 per cent to trade at 3.5 cents at 11:08 am AEST
Beacon Minerals (BCN) has entered a share sale agreement with Primary Gold to acquire the Macphersons Reward Project in Western Australia.
The project is 45 kilometres southeast of Beacon’s Jaurdi Gold Project and will add value to the company’s existing portfolio.
The Macphersons Reward Project covers 21 square kilometres which includes six granted mining leases, two pending mining leases, nine prospecting licences and three miscellaneous licences.
Beacon will purchase the project for $14 million in cash which has been funded from existing cash reserves.
Company Managing Director and Chairman Graham McGarry described the acquisition as a “pivotal transaction”.
“The assets are in close proximity to Beacon’s Jaurdi Gold Project with all the key mining operations and identified ore bodies located within 45 kilometres of the Jaurdi Mill,” Mr McGarry said.
“This is a pivotal transaction that will significantly increase the mine life at the Jaurdi Gold Project.”
Looking ahead, Beacon Minerals will review data from previous exploration, generate exploration and resource definition targets, complete mineral resource estimates and complete an ore reserve and feasibility studies.
Company shares were up 2.94 per cent to trade at 3.5 cents at 11:08 am AEST.