BCN 2.70% 3.6¢ beacon minerals limited

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    THE single-project focus of WA gold explorer Beacon Minerals is paying off with the company today announcing a maiden resource at its Barlee Gold Project, north of Southern Cross.
    Its Halleys East and Phil deposits have a JORC inferred resource of 384,000 tonnes at 6gpt for 74,000 ounces of gold.


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    Beacon managing director Darryl Harris said this resource calculation did not include the mineralised zone encountered at its recent exploration program at Halleys West. Assays at Halleys West included 14m at 45.32gpt, 6m at 6.16gpt and 2m at 5.39gpt from the initial five RC holes of a 23-hole program.

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    ``The initial resource estimate provides a strong base on which the company can continue to build a substantial resource,'' Mr Harris said.

    ``Previous RC drilling has only targeted less than 10sq.km of the 300sq.km tenement area focusing mainly on Halleys East and Phil.

    ``Numerous priority targets remain untested and will be followed up in the proposed drilling programs next year.''

    Mr Harris said that the mineralised zones to date have been relatively shallow - less than 100m below surface - and deeper drilling for primary mineralisation had yet to be carried out.

    ``Following the successful closing of the rights issue, Beacon has sufficient funding to carry out exploration proposed in the upcoming year without raising additional funds,'' he said.

    ``The company is confident that these further drilling programs will achieve the minimum exploration target of up to 500,000 ounces gold.

    ``Once this exploration target is reached, based on preliminary scoping studied, an economically-viable operation is anticipated because of the shallow, high-grade feed material and subsequent low-cash operating costs.''

    Further drilling is underway at Halleys West to clarify the zone and its relationship with the main Halleys East trend.

    Drilling has also been completed at Phil South, Phil North and Crabman South targeting extensions to the mineralisation.

    Mr Harris said that should drilling show encouraging results, further drilling with the aim of increasing the resource base at Barlee will be a priority for the company.
 
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