Timor Leste

Beacon Minerals has entered into a non‐binding term sheet with Murak Rai Timor, E.P., a state‐owned mining company established in Timor‐Leste in relation to a joint venture pertaining to six highly prospective polymetallic copper concessions in Timor‐Leste.

The combined concessions represent a total landholding of approximately 300kmsq.

The concessions were acquired via a public tender through the National Petroleum and Minerals Authority (ANPM) in what has been the first public release of mineral licences in Timor‐Leste since independence. The execution of the non‐binding term sheet for a joint venture in relation to the concessions represents the culmination of sustained interest and effort in Timor‐Leste by Beacon
dating back to initial reconnaissance visits in 2016. The approximately 50km2 concessions occur in two contiguous groups referred to each as the ‘Baucau’ and ‘Ossu’ concessions and lie approximately 90km ESE of Dili 

At Ossu, a historical occurrence of chalcopyrite‐rich boulders associated with serpentinites has returned rock chip sample grades averaging 4.87% Cu, 0.28% Co and 1.48 g/t Au with peak values of up to 12% Cu, 0.88% Co and 2.08 g/t Au

At Baucau, a recent reconnaissance program has discovered multiple occurrences of polymetallic copper mineralisation at surface at the ‘Quarry’ and ‘Vermasse’ prospects with assay results pending