Beacon Minerals (ASX:BCN) has exercised an existing option the company retains in respect to the acquisition of tenements at the historical Wealth of Nations Mine in Western Australia.
Under the terms of the agreement, expected to be settled on 28 August, Beacon will pay $1.4 million for the tenements and reimbursements of mining expenses incurred on the tenements by privately held Corinthian Mining.
Once completed, the company will enter into a royalty agreement with Corinthian, which will hold a 4% net smelter return royalty on and from the data Beacon has produced 7,000 ounces of gold from the mine.
Managing Director Graham McGarry says Wealth of Nations has historical production and is on approved mining leases.
“During the due diligence process Beacon conducted a drill program to verify historical drill results,” McGarry says.
“This drilling confirmed these historical results. Beacon plans to execute additional reverse circulation drill programs and deliver a maiden JORC-compliant resource estimate in Q3 FY2026.”
Beacon Minerals is a gold explorer focused on discoveries in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Beacon Minerals
