- Beacon Minerals (BCN) doubles its mineral resource inventory following its $14 million acquisition of the MacPhersons Reward Gold Project
- The maiden resource and reserve estimates for the project are said to have significantly increased the company’s existing global resource inventory and more than doubled the company’s mineral resource estimate
- The MacPhersons ore reserves also extend the existing Jaurdi mine life to around six years, offering the potential for further increases through additional mineral resource to ore reserve conversion
- Beacon says there is significant exploration potential at MacPhersons to further grow the mineral resource
- Beacon Minerals is up 3.03 per cent, trading at 3.4 cents at 12:07 pm AEDT
Beacon Minerals (BCN) has doubled its mineral resource inventory through its acquisition of the MacPhersons Reward Gold Project.
Beacon Minerals entered a share sale agreement in August with Primary Gold to acquire the project for $14 million. 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.
The MacPhersons Reward tenements are located 45 kilometres from Beacon’s Jaurdi Gold Project. BCN said the tenements put the company a unique position to realise its economic benefits.
The maiden resource and reserve estimates for the project are said to have significantly increased Beacon’s existing global resource inventory.
“The acquisition of the MacPhersons Project has complemented our current operation being in close proximity to Beacon’s Jaurdi Gold Project,” Managing Director and Chairman Graham McGarry said.
“This was a pivotal transaction for Beacon that will increase the mine life at Jaurdi by three years based on reserves, with the potential for further increases from the resource base.”
The initial open pit mineral resource estimate (MRE) contains 4.8 million tonnes at 1.14 grams per tonne (g/t) gold for 176,000 ounces, more than doubling Beacon’s previous MRE of 3.7 million tonnes at 1.33g/t gold for 156,000 ounces.
Additionally, the MacPhersons ore reserves extend the existing Jaurdi mine life to around six years, offering the potential for further increases through additional mineral resource to ore reserve conversion.
Beacon also noted there was significant exploration potential at MacPhersons to further grow the mineral resource.
“The company is also excited with the exploration potential, with exploration targets being generated for both gold and nickel, we look forward to delving into the exploration side in the coming year,” Mr McGarry said.
Beacon Minerals was up 3.03 per cent, trading at 3.4 cents at 12:07 pm AEDT.