Beacon Minerals Limited (ASX: BCN) (Beacon orthe Company) is pleased to present itsinitial mineral resource estimate and ore reserve for the Company's 100% owned MacPhersons Reward Gold Project (MacPhersons or MacPhersons Reward).
The MacPhersons Reward tenements are located 45km southeast of Beacon's Jaurdi Gold Project and 5km southeast of the Coolgardie township. The project acquisition represents an important strategic opportunity for Beacon to optimise the value of its existing infrastructure and capture significant operational synergies.
Managing Director/Chairman Graham McGarry comments on the maiden resource and reserve estimate: 'The acquisition ofthe MacPhersons Project has complimented our current operation being in close proximity to Beacon'sJaurdi Gold Project.
The identified ore bodies are all located within 45km ofthe Jaurdi Mill. Beacon is in a unique position to realize the economic benefits from this new acquisition. 'The Company is also excited with the exploration potential, with exploration targets being generated for both gold and nickel, we look forward to delving into the exploration side in the coming year.
'This was a pivotal transaction for Beacon that will increase the mine life at Jaurdi by 3 years based on Reserves, with the potential for further increases from the Resource Base. It's a very exciting time to be a Beacon shareholder.'
During the period between October 2018 and September 2020 Hanking Australia Investments Pty Ltd (Hanking) drilled 118 RC holes for 16,273 meters at various prospects at MacPhersons and estimation work by Cube Consulting Pty Ltd (Cube) was subsequently completed for Hanking in November 2020. Beacon acquired a 100% interest in MacPhersons in August 2021. Cube was engaged to update a Mineral Resource estimate (MRE) for MacPhersons following pit optimisation work carried out by Beacon in September 2021.
The updated MRE has been reported above optimised $2,850 pit shells using 0.5g/t lower cut off. Further assessment ofthe other exploration areas within the tenementsis ongoing and details will be released in due course.
PROJECT GEOLOGY
The MacPhersons tenements encompass the Hampton ultramafic sequence on the southern limb of the Tindal's anticline and is bound by the Lindsay's Basalt to the West and Gleeson's Basalt to the East. The Hampton Ultramafic sequence hosts several historic mines including Surprise, Barbara, Shirl, 28 Pit, Noble 5 (SBS Group - Northern Star). The main MacPhersons Reward and A Cap deposits are hosted within an intrusive Tonalite along the western Mafic Ultramafic contact. Gold mineralisation at the MacPhersons, A Cap and Tycho projects have been delineated by a significant amount of drilling, and to a lesser extent, Pumphreys, Queenslander, Bakers and Franks Find
MacPhersons Reward and A Cap Deposits
At MacPhersons (3 km east of the Burbank's Shear), the stratigraphy has been intruded by a felsic intrusive unit along the lowermost basalt komatiite contact. This intrusive commonly referred to as the MacPhersons Reward tonalite is host to gold mineralisation within the MacPhersons deposits area. The tonalite, a medium to coarse grained igneous rock is 100 m thick and within the immediate mine area extends for 800 m along strike in a NE SW direction, mapping and geological interpretations suggest the tonalite extends a further 1600 m SW to the Bakers Find prospect for an overall strike length of 2.4 km. Based on mapping in the MacPhersons open pits, the quartz veins have two main orientations, one set dips approximately 40-degree towards the NE, the other set approximately 40-degree towards the SW. Veins may thicken toward the contacts of the tonalite but generally terminate after intruding the ultramafic and basaltic rocks. Gold occurs within quartz veins and in association with pyrite and pyrrhotite. It also occurs in altered wall rocks and fractures where there are sulphide minerals (dominantly pyrrhotite and pyrite). Visible gold is closely associated with quartz veining
Tycho Deposit
At Tycho the gold mineralisation is associated with shallow dipping biotite + chlorite + talc shears within a NW - SE striking, shallow NE dipping, sequence of former high magnesium basalt and komatiite rocks (Hampton Formation), that have been metamorphosed to upper greenschist facies. This sequence strikes at 045 and has a near vertical dip. GSWA geological mapping has the Tycho deposit situated adjacent to a synclinal axis. The carbonate talc altered serpentinised komatiite unit seen at Tycho consists of a number ofthin flows. Relict spinifex and cumulate textures are common. Siderite occurs as randomly orientated networks of veins and veinlets. Disseminated carbonate is also commonly seen through this unit. Higher gold grades (>1.5 g/t) are associated with a weak foliation within the former komatiite. Gold mineralisation at Tycho is shear zone hosted, strikes 290 and dipping 20N, consisting of a series of stacked en echelon ore shoots. Higher gold grades appear to be associated with an NE striking near vertical structural or lithological control that is yet to be determined.
MACPHERSONS PROJECT MINERAL RESOURCE ESTIMATE
As the resources occur at or near surface, the models were constructed with a view towards selective open pit mining. The reporting lower cutoff grade of 0.5g/t wasselected by Cube following guidance from Beacon. Therefore, a 0.5 g/t Au lower cutoff was deemed appropriate.
Drilling and Sampling Methods
RC and diamond drilling (DD) since 1993 makes up approximately 80% of drill hole records used to inform blocks for the estimate. Open hole percussion holes (RAB) were excluded from the estimation. Most drilling completed is orientated normal to the dip of the mineralisation, providing a representative sample acrossthe mineralisation. Cube has conducted standard validation checks of the drilling data to be used for the 2021 MRE. The data validation checks were completed prior to exploratory data analysis for resource estimation. For DD core, half core sampling was mostly collected, with nominal sample lengths of 1 m and minimum sample length of 0.15 m. Most of the diamond holes at Tycho and MacPhersons was drilled producing HQ and PQ core. In all the deposit areas, the more recent RC drilling used downhole face hammer (post 1994). Limited information was recorded for RC holes drilled prior to 1994. For the RC drilling, 1 m samples were mostly collected for gold assay. In waste intervals, either 3 m or 4 m composite sampling was carried out initially, followed by 1 m interval sampling where anomalous gold was detected.
Assaying Methods
Assay laboratories in Kalgoorlie have mostly been used for gold analysis of samples from the MacPhersons deposits. Samplesfrom the 2019 2020 drilling programs conducted by Hanking were sent to Jining Testing & Inspection (in China) for gold assay by Fire Assay with 30 g or 50 g charge by AAS. Previous drilling gold analysis has mostly been by fire assay with an AAS finish (ALS, SGS Laboratory, KAL or Kalassay Laboratories). Other less common assaying methods prior to 1995 included gold assay by fire assay with ICP MS finish (Ultra Labs) and gold assay by 50 g Aqua Regia digestion (AAL, Amdel, Comlabs)
Contact:
Graham McGarry
Tel: 0459 240 379
JORC Compliance Statements
The information in this report referring to the Jaurdi Gold Project Mineral Resource Estimates and Ore Reserves (Black Cat, Lost Dog and Stockpiles) is extracted from the report entitled 'June 2021 Quarterly Activities Report' released on the 30th of July 2021 and is available to view on Beacon Minerals website at www.beaconminerals.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. All material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.
The information in this report that relates to exploration targets and exploration results has been compiled by Mr. Zane Padman B.Sc. MAusIMM. Mr. Padman has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Padman is a full time employee of Beacon Minerals and is eligible to and may participate in short term and long term incentive plans of the Company as disclosed in its annual reports and disclosure documents.
Mr. Padman consents to the inclusion in the report of the matters based on hisinformation in the form and context in which it appears. The information in this report that relates to estimation and reporting of MacPhersons Project Mineral Resources Is based on information compiled by Mr. Brian Fitzpatrick. Mr. Fitzpatrick is a member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (CP) as defined in the 2012 Edition of the 'Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (the JORC Code). Mr. Fitzpatrick is a full time employee of Cube Consulting Pty Ltd, which specialises in mineral resource estimation, evaluation and exploration.
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