Beacon Minerals (ASX:BCN) could have its newly acquired Lady Ida Project brought into production by Q4 2023.
Beacon and its wholly owned subsidiary Beacon Mining recently executed a binding tenement sale agreement with Siberia Mining Corporation and Carnegie Gold, both of which are wholly owned subsidiaries of Ora Banda Mining (ASX:OBM) (“Ora Banda Mining”).
Under the agreement, Beacon Mining will acquire tenements E16/475, E16/483, E16/484 and E 16/486, which are 100% owned by Siberia and Carnegie.
The company has agreed to acquire M16/262, M16/263, M16/264, L15/224, L16/58, L16/62, L16/103, and applications L16/138 and L16/142 which together form the Lady Ida Project from Lamerton and Geoda. The acquisition of the Lady Ida Project and tenements is part of Beacon’s strategy of increasing the mine life at the Jaurdi Gold Project by acquiring projects proximal to existing assets that build mine reserves and compliment the current operations.
Lady Ida in particular, the company says, has significant strategic value to Beacon given it is situated on mining leases and the due diligence completed by the company has indicated it could be brought by the end of the year.
This follows the recent acquisitions of the Geko tenements located circa 15km from the Jaurdi Mill and the MacPhersons Reward Project located circa 45km from the Jaurdi Mill, which were both funded out of the company’s existing cash reserves.
The tenements are located 60km northwest of the township of Coolgardie in the Eastern Goldfields of Western Australia, with the Lady Ida Project located 29km northwest of Beacon’s Jaurdi Gold Processing Plant.
In December, Mining.com.au reported Beacon Minerals had executed a binding tenement sale agreement with privately held Geko Pit to acquire 2 mining leases in Western Australia.
The company at the time said it will acquire mining lease M15/621 and miscellaneous lease L15/355 from Geko.
Beacon states the acquisition of the tenements from Geko is part of its strategy of increasing the mine life at Jaurdi by acquiring projects that build mine reserves and complement current operations.
