Beacon Minerals Updated On Jaurdi Gold Project: Shares Surged By 5.263%

Beacon_Minerals_Limited

Beacon Minerals Limited (ASX: BCN) is a metal mining company, based in Australia. At present, the focus of the company is on its Jaurdi Gold Project.

The latest update regarding the Jaurdi Gold Project came today (1 March 2019) company stated that it had made significant progress on the Project. It had installed two leach tanks; the SAG and Ball mills were positioned in February 2019. All the work carried out to date, had occurred smoothly, and without any significant injuries or accidents.

On 31st January 2019, the company published its quarterly activities, and cash flow report ending 31 December 2018. Some of the highlights were: 

  • The cost of Mining was in line with its reported cost in the pre-feasibility study dated 29 August 2018.
  • At the Lost Dog deposit, a small drilling programme took place. It consisted of 63 holes for 1,432 metres, which extended the Mining Panel 1, RCGC pattern to the west.

On 27th September 2018, another update came from the company concerning Ore Reserve Statement, for the Lost Dog deposit, which was a part of Jaurdi Gold Project.

Source: https://www.asx.com.au/asxpdf/20180927/pdf/43yq994xtq5x59.pdf

On 14th September 2018, the company provided an important update on the operations of the Jaurdi Gold project. The update stated that the company had commenced the work on the site, along with construction of workshops, offices and a 32- man camp was completed.

The company also stated that it had received the approval from DWER to construct, and commission the 500,000 tpa gold processing facility at Jaurdi. In addition to this, all the other approvals from DWER, Department of Mines, Industry Regulation, and Safety had been received.

Also, some pre-production activities were carried out and were concluded. It comprised of: The Mining fleet mobilisation, Identification and development of a process water borefield, Relocation of Lawlers plant items purchased in February 2018 and such.

As far as funding of the project was concerned, the company received an oversubscription of debentures issue worth, $18 million to professional, and sophisticated investors.

On 29 August 2018, the Company, announced that the Jaurdi Gold Project was an economically, and technically viable project with considerable upside, after the completion of its Pre-Feasibility Study (PFS). The project was based 35km Northwestern direction of Coolgardie.

Some key financials that were stated after the completion of PFS:

The revenue stood at A$208.5 million, the operating cost stood at A$89.5 million, and cash flow stood at A$98.4 million. The initial capital cost stood at A$21.4 million, and EBITDA stood at A$103.5. The total internal rate of return (IRR) came out at 75.04% with a total period of payback of 11 months.

On 3 January 2017, BCN notified that it had carried on an absolute option to procure the Jaurdi Gold project. The company obtained it from Fenton & Martin Mining Developments Pty Limited.

By the closure of the trading session, the stock was up by 5.263% at A$0.020 as of 1 March 2019, compared to the previous closing of A$0.019.


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