25/08/2021 - 13:30

Beacon buys gold project for $14m

25/08/2021 - 13:30

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Beacon Minerals is set to extend the life of its Jaurdi asset in Western Australia following the purchase of a nearby gold project.

The Macphersons Reward project sits close to Beacon's Jaurdi asset. Photo: Beacon Minerals

Beacon Minerals is set to extend the life of its Jaurdi asset in Western Australia following the purchase of a nearby gold project.

Yesterday, Beacon announced it had acquired the Macphersons Reward project from privately owned Primary Gold for $14 million in cash.

Macphersons is located 45 kilometres south-east of Beacon’s Jaurdi mine, which delivered more than 30,000 ounces of gold in the year to June 30.

Chairman and managing director Graham McGarry said Macphersons was expected to increase Jaurdi’s operational life (beyond 2024).

“The assets are in close proximity to Beacon’s Jaurdi gold project with all the key mining operations and identified are bodies located within 45 kilometres of the Jaurdi mill,” he said.

Macphersons includes six granted and two pending mining leases, nine prospecting licences, and three miscellaneous licences.

Beacon was trading 3 per cent lower at 1:45pm AEST today, to 3.4 cents per share.

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