Javelin Minerals Limited (ASX: JAV) has completed a heritage survey at its Eureka Gold Project, located 50km north of Kalgoorlie. This clears the way for the company’s maiden drilling program. The board expressed gratitude to the Marlinyu Ghoorlie Group, the Traditional Owners, for their assistance. A reverse circulation (RC) rig has been secured with TopDrill under a drill-for-equity arrangement for a planned 3000m program. The drilling program aims to test extensions of high-grade lodes below the existing pit and explore target zones to the north. Historical drilling outside the existing JORC Resource has returned results, including 4m at 134gpt, 3m at 48.75gpt and 4m at 32gpt.
The Eureka project sits on a granted Mining Lease and has a JORC Resource of 112,000oz, including 62,000oz in the Indicated category. Javelin is also progressing mining and economic studies for near-term mining of approximately 30,000 – 34,000 recoverable ounces from the Indicated Resource at the southern end of the Eureka pit. Discussions are underway with nearby mill operators regarding toll treating the Eureka ore. Recent pit shell optimizations, prepared by an independent resource engineer, indicate approximately 30,000 – 34,000 recoverable ounces within a pit shell based on a A$4,000 – $4,200/oz gold price.
Executive Chairman Brett Mitchell emphasized the significant exploration upside at Eureka and the potential for a large mineralized system outside of the current pit. He noted the lack of modern exploration and the potential to unlock value through modern techniques and technology. The company has outlined several targets and is excited about the upcoming drilling program. Work plans and discussions are also progressing to potentially mine approximately 35,000oz at the southern end of the pit, which could generate substantial near-term cashflow based on the current high Australian dollar gold price. Eureka priority drill targets were identified by Core Geophysics, which identified structural targets with robust magnetics coinciding with soil geochemistry in areas that have not been systematically drill-tested.
