Beacon Minerals (ASX:BCN) has reported first batch assay results from its FY2026 resource development drill program at the Iguana Deposit at the Lady Ida Project, 50km west of Kalgoorlie in Western Australia.
The company says that the 192 reverse circulation holes across 34,062m show ‘high-grade’ intersections.
Key results include 9m @ 25.94 grams per tonne gold from 132m, including 6m @ 38.63g/t gold from 132m, including 1m @ 69.7g/t gold from 134m, and including 1m @ 58.2g/t gold from 132m.
Additional holes resulted in 7m @ 23.74g/t gold from 81m, including 1m @ 163g/t gold from 81m, and 11m @ 13.46g/t gold from 152m, including 1m @ 80.5g/t gold from 157m, and including 1m @ 41.5g/t gold from 158m.
Executive Chairman and Managing Director Graham McGarry says that Iguana is demonstrating significant potential for the company.
“The deposit remains untested at depth and is still open along strike to the south and east, highlighting significant potential for further expansion,” McGarry says.
“Beacon Minerals remains committed to ongoing drilling at Iguana, with results to date continuing to reinforce the scale and quality of the deposit.”
The company also reports that gold production for the March 2026 quarter is expected to be below the previously issued guidance, in the range of 4,600 to 5,400 ounces.
The lower production is reflective of underperformance at the MacPhersons pit relative to expectations, a scheduled mill shutdown in February, and lower ore grades processed during the quarter.
With the lower production this quarter, Beacon continues to accumulate gold in its metal account with the Perth Mint, providing the company with ongoing exposure to the current gold price environment.
Beacon Minerals is an Australian gold producer based in the Eastern Goldfields of Western Australia.
Write to Amy Rotman at Mining.com.au
Images: Beacon Minerals
