Beacon Minerals Limited has issued an update on the production levels of its wholly-owned Jaurdi Gold Project for the March 2023 quarter, saying approximately 7,540 ounces of gold were produced.
According to Beacon, mining rates were lower during the quarter than the previous quarter because of strong groundwater inflow and predominantly clay material impeding waste/ore movements, in addition to the demobilisation of a contractor fleet in February.
The company added that bullion on hand/gold in transit at the end of the quarter totalled 1,303 ounces.
Mill recovery was 89.2 per cent, with Beacon recording 215,092 dry tonnes milled during the quarter.
Gold sales for the quarter were 8,045 ounces at an average sale price of $2,766 per ounce for sale receipts of $22.26 million.
Despite the results, Beacon said the Jaurdi processing plant continues to exceed the milling rate of 800 kilo-tonnes annually.
Full-year guidance for 2022 to 2023 has been revised to 20,800 to 30,000 ounces.
The company also acquired a 19.8 per cent interest in Maximus Resources during the quarter.
Additionally, it plans to acquire the Lady Ida Gold Project and four additional exploration licences, all within proximity to the Jaurdi Gold Processing Plant located 50 km west of Kalgoorlie, Western Australia (WA).
Beacon proposes to issue $20 million in debentures to fund the acquisition and development of the Lady Ida Project.
