Javelin ready to test promising gold theory in Kalgoorlie

With 750m of mineralised strike still largely unexplored, Javelin is optimistic about the potential to quickly grow its resource base.

Management has also outlined plans to mine some 30,000 to 34,000 recoverable ounces of gold from the indicated resource at the southern end of the Eureka pit. With gold prices pushing above an unbelievable $5000 per ounce, the company believes its gold ounces should prove lucrative.

Production could begin within 12 months with the support of WA’s fast-track approvals process for granted mining leases.

Javelin is in talks with nearby mills to toll treat the Eureka ore, which would offer a practical approach to generate cash flow without a major capital outlay.

Recent pit shell optimisations, based on a $4000 to $4200 per ounce gold price, underline the viability of the project’s southern portion, which is part of the broader 62,000-ounce indicated resource.

Eureka’s location adds to its appeal. It is in the Norseman-Wiluna greenstone belt, 20km north-northwest of Zijin Mining’s 4M-ounce Paddington gold mine and close to the 530,000-ounce Zoroastrian deposit. The project has a rich history having produced more than 37,000 ounces since the 1890s through underground and open pit mining, with grades reaching 4.5g/t in the 1980s.

Javelin’s Coogee gold-copper project,100km south near Kambalda, also remains a core focus after the company jagged a strong 5m intercept at 14.22g/t gold a little over a month ago.

With a rig in place and targets defined, Javelin is balancing exploration and development. Investors will no doubt be keen to see if Eureka can expand along strike as drilling gets underway in a true gold bull market.

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