Javelin Minerals hits gold outside Eureka resource

Javelin Minerals has recorded high-grade gold outside the existing resource at its Eureka project in WA.

The company aims to restart the mine, which previously produced around 32,000oz of gold Pic: Getty Images.

• Javelin Minerals hits high-grade gold outside the existing resource at Eureka

• Results come as company works to restart mining

• More drilling planned to investigate new target areas around existing pit

 

Special Report: Maiden RC drilling at Javelin Minerals’ recently acquired Eureka gold project near Kalgoorlie in WA has hit high-grade mineralisation outside the 112,00oz resource.

Eureka sits on a mining licence within the same greenstone lithological sequence as the world-class

It has previous production of ~32,000oz along with an existing resource of 112,000oz, 62,000oz of which is in the higher confidence indicated category.

The maiden program returned significant results next to and below the Eureka Pit, delineating shallow oxide mineralisation around 100m south of the existing open pit and confirming the presence of a high-grade shoot to the north of the pit.

Best results include:

• 26m at 1.36g/t gold from 45m;
• 23m at 1.20g/t from 66m;
• 6m at 2.20g/t from 245m;
• 5m at 4.01g/t from 259m; and
• 2m at 7.37g/t from 64m.

Javelin Minerals (ASX:JAV) said the results highlighted the strong potential to grow the resource, with follow-up drilling planned to extend this known mineralisation.

The next phase of exploration drilling under the Eureka pit will consist of:

• Infill and extensional RC drilling of the near-surface oxide mineralisation on the southern margin of the pit;
• Follow-up RC drilling of the new priority targets on the southern and northern extensions of the pit;
• Initial diamond drilling to test for the northern down-plunge extension of the main mineralised trend beneath the pit; and
• Diamond drilling on the northwest extension zone for the step out targets to the north/north-west of the pit.

Expanding resource ahead of mining restart

Concurrently, Javelin is also working towards the restart of mining operations, advancing engineering work plans and approvals for near-term mining of the ~34,000 recoverable ounces from the indicated resource.

“We’re very encouraged by the results from our initial drilling program, which show broad intercepts within the shallow lying oxide zone immediately south of the Eureka pit — an area that clearly has potential for new resources extending to the south,” executive chairman Brett Mitchell said.

“These results highlight the opportunity to expand the existing resource and with further successful drilling from the next campaign, could form part of our broader strategy for our planned restart of mining at Eureka.

“In addition, we’re pleased to see high-grade intercepts both below the pit and within the southern and northwest zones, indicating the potential for additional mineralised lenses at depth as the system continues to the north.”

The company has also started discussions with local contract mining operators for the potential toll-treating of ore from Eureka at a nearby third-party processing plant.

This article was developed in collaboration with Javelin Minerals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.