Beacon Minerals Limited (ASX:BCN) Executes Wealth of Nations Option Agreement
Beacon Minerals Limited (ASX:BCN) has executed a binding heads of agreement to acquire tenements at the historic Wealth of Nations mine. The tenements are situated 11 kilometres northwest of Beacon’s Jaurdi Gold Processing Plant.
Acquisition Details
Under the agreement with Corinthian Mining Pty Ltd and Blue Tiger Mining Pty Ltd, Beacon will acquire 100% interest in five tenements, subject to conditions and the exercise of the option within a 90-day period. The total consideration includes a $100,000 non-refundable option fee and $1,400,000 at settlement, along with reimbursements of mining expenses.
Drilling Program
Beacon plans to commence a 7-hole RC drilling program in the first week of June 2025 to evaluate the deposit and verify previous work by Corinthian Mining. The Wealth of Nations deposit, discovered in 1894, has a history of gold production and is accessible via existing haul roads.
Executive Comments
Graham McGarry, Managing Director/Chairman, stated, “The tenements have historic production and are on approved mining leases, which are beneficial to Beacon. During the option term Beacon will be drilling to verify and JORC comply previous work completed by Corinthian Mining Pty Ltd. Drilling is expected to commence the first week of June 2025.”
Financial Strategy
Beacon will fund the acquisition costs using its current cash reserves, ensuring financial stability for the ongoing and future exploration activities.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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