22 Holes Drilled Over 2779m at Eureka Gold Project Targeting Resource Growth
Javelin Minerals has wrapped up its inaugural drilling campaign at the Eureka Gold Project near Kalgoorlie, targeting resource expansion with assay results expected in early May. The company is advancing plans for near-term mining of a significant portion of its indicated resource.
- 22 reverse circulation holes drilled for 2779m at Eureka Gold Project
- Existing JORC 2012 resource stands at 112,000oz gold with 62,000oz indicated
- Drilling intersected targeted structures, confirming mineralisation continuity
- Near-term mining potential assessed for ~34,000oz from southern Eureka Pit
- Assay results expected early May; further drilling planned on multiple targets
Maiden Drilling Program Completion
Javelin Minerals Limited (ASX: JAV) has successfully completed its maiden drilling program at the Eureka Gold Project, located approximately 50km north of Kalgoorlie in Western Australia. The program comprised 22 reverse circulation (RC) drill holes totaling 2779 metres, designed to test extensions of the existing gold resource and confirm geological models.
The drilling targeted multiple zones across a 1,200-metre strike length, including southern, northern, depth, laterite, and north-west extensions of the mineralised system. Most holes intersected the predicted shear zones and alteration patterns, which are key hosts to gold mineralisation at Eureka.
Resource Context and Near-Term Mining Plans
The Eureka Gold Project currently hosts a JORC 2012-compliant resource of 2.45 million tonnes at 1.42 grams per tonne gold, equating to 112,000 ounces. Of this, 62,000 ounces are classified as Indicated Resources, providing a solid foundation for advancing mining studies.
Javelin is actively assessing the potential for near-term mining of approximately 34,000 ounces from the southern end of the Eureka open pit. Discussions are underway with nearby processing plants regarding toll treatment options, which could facilitate rapid project development and cash flow generation.
Encouraging Geological Results and Historical Context
The drilling program followed up on several high-grade historical intercepts, including standout results such as 4 metres at 135 grams per tonne and 6 metres at 19.58 grams per tonne gold. These intercepts underscore the prospectivity of the project and the potential to grow the resource base significantly.
The mineralisation at Eureka is hosted within the Bardoc Tectonic Zone, a prolific gold-bearing structural corridor that also contains the nearby Paddington Gold Mining Project operated by Zijin Mining Group. The deposit features lens-shaped ore shoots within shear zones, with mineralisation open along strike and at depth, presenting multiple targets for future exploration.
Next Steps and Market Implications
Assay results from the recent drilling are expected in early May and will be critical in confirming the extent and grade of mineralisation intersected. These results will inform the planning of follow-up drilling programs aimed at resource expansion and further delineation of high-grade zones.
Javelin’s strategic use of a drill-for-equity arrangement with TopDrill has optimized capital efficiency during this initial phase, allowing the company to focus resources on advancing the project’s economic studies and mining plans.
Executive Chairman Brett Mitchell highlighted the significant scope to grow the resource and the company’s commitment to unlocking value at Eureka, signaling a potentially transformative phase for Javelin Minerals.
Bottom Line?
With assays imminent and near-term mining plans advancing, Eureka could soon shift from exploration to production focus.
Questions in the middle?
- What will the assay results reveal about the grade and continuity of mineralisation?
- How soon can Javelin finalize agreements for toll treatment and commence mining?
- What impact will further drilling have on the overall resource and project valuation?
