Beacon Minerals (ASX:BCN) has secured an exclusive option to acquire Exploration Licence 57/921 near Sandstone, Western Australia, which is highly prospective for gold, from Black Oak Minerals (ASX:BOK).
It has also reached an agreement with Black Oak to farm into three adjacent tenements.
High grade gold has been returned from two phases of rock chip and soil sampling completed at the main Golden Raven prospect in E57/921 on and near existing shallow low impact mine workings.
The company has started a shallow drilling program, using a blast-hole rig, at Golden Raven over and adjacent to the existing shallow prospecting excavation.
This will be extended both north and south of the shallow low impact mining activities to better define the extent of the identified zone.
Beacon also has the additional option to undertake a bulk sample program of up to 1,800 tonnes of ore, and retain any product derived therefrom, subject to Beacon exercising such option and making a cash payment to the vendor of $250,000.
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