The existing Eureka pit appears in primo condition for a historic mining operation. Sitting on four granted mining leases in Australia’s most active goldfield, the deposit looks primed for Javelin to leverage WA’s fast-track approvals to kick off mining next year. Javelin could then cash in on the mouthwatering gold prices on offer for even small-scale mining operations.
Nestled in the Bardoc tectonic zone, the project sits a stone’s throw away from multi-million-ounce deposits such as the Paddington and Ora Banda’s Davyhurst mines.
The deposit’s quartz vein-hosted gold, embedded in sheared mafic rocks, has historically delivered high-grade hits, with past intercepts including 4m at 134 g/t and 3m at 48.75g/t.
The southern pit’s oxide and transition zones, hosting 15,774 and 17,812 ounces respectively, are key to Javelin’s near-term plans.
The shallow high-grade zones are ideal for contract mining, which would minimise the company’s capital outlay while maximising returns from a free-dig open-pit mining scenario.
The company’s studies are now being recalibrated to assess whether the additional 16,678 indicated ounces can boost the 34,000-ounce mining target.
Looking ahead, Javelin is gearing up for a new drilling campaign by next quarter, targeting down-dip extensions and an enticing 1.1-kilometre strike potential to the north.
As the company balances near-term cash flow with exploration upside, the all-important toll treating agreement will be key as punters wait to see if Javelin can upgrade its resources into a near-term cash cow in WA’s no.1 gold address.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
