Beacon Minerals Ltd (ASX:BCN) has confirmed high-grade gold mineralisation at the Iguana deposit within its Lady Ida Project in Western Australia, with diamond drilling delivering multiple significant intersections that will feed into an updated Mineral Resource Estimate planned for Q1 FY2026/27.
The diamond program formed the final stage of Beacon’s FY2026 resource development drilling at Iguana and was designed to complement an extensive reverse circulation (RC) campaign by providing continuous core for geological, structural and geotechnical interpretation.
Among the standout results from hole 26IGDD0010 were 5 metres at 8.78 g/t gold from 32 metres and 11.45 metres at 6.64 g/t from 93 metres.
Hole 26IGDD0014 returned 1 metre at 9.25 g/t gold from 47 metres, while 26IGDD0016 intersected 2 metres at 11.48 g/t from 120 metres, along with 7 metres at 1.65 g/t from 152 metres and 5.2 metres at 2.06 g/t from 195.5 metres.
The drilling also provided Beacon with a better understanding of the mineralisation controls at Iguana, identifying two distinct in-situ mineralisation styles.
The dominant early-stage mineralisation is sulphide-rich and notably lacks quartz, while a later-stage quartz-fuchsite style locally contains coarse visible gold but accounts for a smaller proportion of the deposit.
Beacon executive chairman and managing director Graham McGarry said the program had “significantly enhanced” the company’s understanding of the Iguana gold system, providing detailed geological, structural and geotechnical information to refine its geological model.
Iguana drilling feeds into Lady Ida development
Iguana forms part of the broader Lady Ida Project and sits on the inferred extension of the Ida Fault within the north-south striking Mount Ida Greenstone Belt.
Mineralisation occurs within predominantly metamorphosed mafic and ultramafic rocks and is interpreted to be controlled by structural features and hydrothermal alteration.
With the FY2026 drilling now completed, Beacon will incorporate the diamond results into an updated geological model and Mineral Resource Estimate, which will support ongoing mine planning and future development studies for Lady Ida.
The Lady Ida tenure includes the M16/262 mining lease hosting Iguana, together with several surrounding licences subject to an earn-in, joint venture and tenement transfer agreement involving Beacon, Lamerton Pty Ltd and Geoda Pty Ltd.
About Beacon Minerals
Beacon Minerals is progressing resource development and mine planning activities at the Lady Ida Project, including the Iguana deposit.
Its latest diamond campaign follows extensive RC resource definition work and is aimed at increasing confidence in the geological model ahead of the next Mineral Resource update and potential future development of Lady Ida.