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- Beacon Minerals (BCN) successfully acquires two new tenements from Geko Pit, as part of a plan to increase the life of the Juardi gold mine in Western Australia
- Beacon now holds a 100 per cent interest in the mining lease M15/621 and miscellaneous licence L15/355
- Both tenements are in close proximity to the Juardi gold processing plant, which Beacon plans to leverage to “maximise the potential” of the tenements
- Beacon announced on December 2 its intentions to purchase the tenements for roughly $7.8 million in cash plus $3 million in royalties based on production
- A compliant Mineral Resource estimate is expected in Q1, 2023
- BCN shares are up 4 per cent on the market to trade at 2.6 cents at 11:51 am AEDT
Beacon Minerals (BCN) has successfully acquired two new tenements from Geko Pit, as part of a plan to increase the life of the Juardi gold mine in Western Australia.
Beacon now holds a 100 per cent interest in the mining lease M15/621 and miscellaneous licence L15/355.
Both tenements sit around 15 kilometres south-southwest of Beacon’s Juardi gold processing plant, which the company plans to leverage, along with mining infrastructure and its operational team to “maximise the potential” of the tenements.
Beacon announced on December 2 its intentions to purchase the tenements for roughly $7.8 million in cash plus $3 million in royalties based on production.
The company said it has now completed internal reviews of mineralisation at the tenements, and will rebuild the resource model.
This will be done through a compliant mineral resource estimate, anticipated in Q1, 2023.
“We are pleased to have finalised the acquisition of the tenements from Geko, which will provide more ounces to our portfolio,” Beacon Managing Director Graham McGarry said.
“With the mineral resource estimate expected to be issued in Q1 2023 we are already working diligently on the tenements to realise the full potential of the acquisition.”
BCN shares were up 4 per cent on the market to trade at 2.6 cents at 11:51 am AEDT.
