Beacon Minerals (ASX:BCN) said results from the recent two air core drill programs, targeting an extensive mineralized zone to the east of the planned Iguana pit at the Lady Ida project in Western Australia, confirmed the presence of near-surface laterite-hosted gold, according to a Wednesday Australian bourse filing.
The programs included a total of 232 holes for 2,343 meters. The mineralization is at grades suitable for an initial low-cost mining operation, per the filing.
The drilling encountered intercepts of two meters at 8.1 grams-per-tonne grade of gold from two meters, as well as four meters at 4.13 g/t grade of gold from surface.
The firm is conducting resource modeling of the mineralized zone.
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