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Beacon Minerals (ASX:BCN) has opened Week 33 trading as much as +23% higher after the Western Australian smallcap miner this week uncovered “exceptionally high-grade intercepts” at its Iguana deposit at Lady Ida.
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The Oz explorer has been running “the largest RC drill program ever conducted” in its history in CY25 – and it looks to have paid off with this find.
“The exceptionally high-grade intercepts in the Northwest corridor are a potential gamechanger for Beacon Minerals,” the WA gold explorer’s chairman and managing director, Graham McGarry, declared.
The stage two grade control drill program was drilled to increase the geological confidence in the Iguana pit; Beacon ran 298-hole, 16,506-metre RC drilling across the site and eventually banked 2,970 assays.
Significant results from the returned data included five metres at 39.3 grams per tonne gold from 49 metres (including one metre at 179g/t gold from 49m).
Others ran up six metres at 46.8 grams per tonne gold from 32 metres (including 2m at 135.5 g/t gold from 32 metres) and two metres at 39.9 grams per tonne gold from 41 metres (including 1m at 75.9g/t gold from 41 metres).
Both early and late-stage mineralisation were recorded across the Iguana site.
Another 13,536 assay results are now expected to come in over the next eight weeks, too.
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“With [all this] in mind, we’ll quickly follow up with deeper RC and diamond programs,” Mr McGarry said on Monday, adding: “The high grades and strong continuity add to the de-risking process as we prepare for first production.”
BCN heads into Tuesday trade – which is looking quite flat – at $1.60 a share.
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