Panther Resource Upgrade

With the March quarterly now locked in, and the BCN business humming along with tidy profits, the focus is now looking towards the next piece of news - the resource upgrade for the Panther tenement. With guidance of expected upgrade to occur "within about 4 weeks", as per the podcast given on Friday 24th April.

https://omny.fm/shows/the-crib-room/graham-mcgarry-beacon-minerals-core-components?fbclid=IwAR2Wx8mh1S5BPYzq6A0l_S9viytuMImvkaAylRJJv6M4U74LKpSJIqU6Eso

The immediate material impact to be expected from the next update is the increase to the life of mine (LOM), which is currently around 5 years for the total project based on the 25,000 oz per year throughput of the plant.


From the 11th March Exploration Update:

"Beacon is pleased to announce the results of its recent resource definition drilling program at the Company's Panther Prospect. The program was drilled in February 2020 and tested the shallow southern zone of mineralisation, the area immediately north of the pit and areas below the historical pit.

The program produced strong results including a continuous flat laying quartz structure south of the historic pit. The mineralisation below the pit associated with a series of dilatant quartz zones hosted in a strongly foliated basalt and pyroxenite ultramafic saprock. The weathering profile is relatively deep with friable saprock hosting the high-grade mineralisation up to a depth of 70 vertical metres."


From the 14th April production and exploration update:

"Beacon is pleased to announce the results of its second phase of resource definition drilling at the company's Panther Prospect. A total of 49 holes were drilled for 2,832 metres. The program was drilled in March 2020 and followed up the highly successful first phase of drilling which tested the shallow southern zone of mineralisation, the area immediately north of the pit and areas below the historical pit.

The program produced strong results including the stacked, flat laying quartz structures south of the historic pit. This southern mineralisation is open at depth and dipping to the west. The potential for a depth extension in the zone of mineralisation south of the current Panther open pit is highly likely with a third phase of drilling currently being planned. A mineral resource will be estimated using the historical and recent data from the Beacon Phase 1 and 2 drilling programmes. Beacon will complete the Phase 3 RC/DD drilling at Panther during the June 2020 quarter."

Phase 1 drilling:

• 18 metres @ 9.4 g/t Au from 25 metres
• 13 metres @ 2.73 g/t Au from 23 metres
• 3 metres @ 95.4 g/t Au from 21 metres
• 5 metres @ 4.92 g/t Au from 29 metres
• 10 metres @ 24.8 g/t Au from 68 metres
• 20 metres @ 4.92 g/t Au from 54 metres

Phase 2 drilling:

• 15 metres @ 4.58 g/t Au from 16 metres
• 13 metres @ 16.4 g/t Au from 9 metres
• Including 1 metre @ 195 g/t Au from 13 metres
• 11 metres @ 7.1 g/t Au from 7 metres
• Including 1 metre @ 53.5 g/t Au from 7 metres
• 5 metres @ 4.69 g/t Au from 30 metres
• 4 metres @ 9.65 g/t Au from 36 metres
• 2 metres @ 32.5 g/t Au from 40 metres
• Including 1 metre @ 69.0 g/t Au from 45 metres
• 3 metres @ 26.8 g/t Au from 45 metres
• Including 1 metre @ 69.0 g/t Au from 45 metres
• 5 metres @ 27.2 g/t Au from 22 metres
• Including 2 metres @ 50.6 g/t Au from 22 metres