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Beacon Minerals shares rise on potential gold project acquisition

Beacon Minerals (ASX:BCN) has executed an exclusive option to purchase the Jaurdi Gold Project, 35 kilometres northwest of Coolgardie in Western Australia, from a private company.

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Beacon’s shares were last trading up 33.33% intraday.

Beacon’s shares were last trading at $0.004, up 33.33% intraday.

The Jaurdi Gold Project is close to infrastructure, including public and private road access to Coolgardie and Kalgoorlie.

Under the option agreement, Beacon will have 110 days to undertake due diligence on the project, which will include the following:

- A detailed survey of all previous work, including 114 drill holes by the current and former tenement holders; and
- Design and implement a drill program to drill-check holes against existing holes, delineate the extent of the gold mineralised system and compile a resource inventory.

Beacon will pay $100,000 to purchase the project.

The company will also pay an initial royalty of $90 per refined ounce of gold for the first 10,000 ounces produced from the tenement and $80 per refined ounce of gold produced thereafter.

During the September 2016 quarter 5,329 ounces of gold were sold from Beacon’s Barlee Gold Project.

The company had about $7 million in cash reserves as at 30 September 2016.

Quick facts: Beacon Minerals Ltd

Price: 0.031 AUD

ASX:BCN
Market: ASX
Market Cap: $88.62 m
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