Javelin Secures $25M MEGA Contract, Plans Drilling Ahead of Q2 2026 Production
Javelin Minerals is advancing its Eureka Gold Project with a targeted diamond drilling campaign and a $25 million mining contract with MEGA Resources, aiming for production by mid-2026.
- Diamond drilling program to finalize open pit designs and metallurgical testing
- New General Manager – Exploration and Resources appointed to oversee drilling
- $25 million Right to Mine contract signed with MEGA Resources
- Oversubscribed $4.5 million placement secured, including $1 million from MEGA
- Mining targeted to commence in Q2 2026 with ongoing third-party processing talks
Strategic Drilling to Unlock Eureka’s Potential
Javelin Minerals Limited is pushing forward with its Eureka Gold Project in Western Australia, unveiling a diamond drilling program designed to provide critical data for open pit mine designs and metallurgical characterisation. This drilling will also refine the structural geology framework, supporting the company’s strategy to grow its existing resource base. The program is set to commence as soon as a drill rig becomes available, with six holes planned; four focused on geotechnical and metallurgical sampling near the proposed pit walls, and two targeting high-grade mineralisation zones north of the current pit.
Experienced Leadership to Drive Exploration
Mark Cossom, recently appointed as General Manager – Exploration and Resources, will oversee all drilling activities at Eureka and the nearby Coogee Gold Project. Bringing extensive experience from senior roles in Australian and PNG mining companies, Cossom’s leadership is expected to accelerate resource development and mine planning. His role includes close collaboration with the board and mining engineer Andrew Rich to ensure a smooth transition from exploration to production.
MEGA Resources Partnership and Financing Boost
Javelin has secured a significant milestone by signing a $25 million Right to Mine contract with MEGA Resources, a subsidiary of India’s BGR Mining & Infra group. MEGA will provide mining, haulage, engineering services, and project financing, underpinning Javelin’s pathway to early production. Complementing this, Javelin completed an oversubscribed $4.5 million placement, with MEGA investing $1 million as a cornerstone. These funds will support the drilling campaign and ongoing development activities, positioning the company well for its targeted production start in the second quarter of 2026.
Resource Growth and Processing Discussions
The current indicated resource at Eureka stands at approximately 1.36 million tonnes grading 1.8 grams per tonne gold, containing nearly 79,000 ounces. The drilling program aims to test historically high-grade zones north of the pit, where previous reverse circulation drilling revealed impressive intersections such as 4 meters at 134 grams per tonne gold. These areas have yet to be explored with diamond drilling, which will provide more detailed geological and structural insights. Meanwhile, Javelin is in advanced talks with nearby processing plants, including the Paddington Mill, to secure third-party ore processing arrangements.
Looking Ahead
With multiple work streams running in parallel; from drilling and mine design to financing and processing negotiations; Javelin is positioning itself to meet its production goals while continuing to expand the Eureka resource. The company’s integrated approach, supported by experienced leadership and strategic partnerships, underscores its commitment to unlocking value from this promising Western Australian gold project.
Bottom Line?
Javelin’s next drill results and processing agreements will be pivotal in shaping the Eureka project’s commercial trajectory.
Questions in the middle?
- What will the diamond drilling reveal about the high-grade zones north of the Eureka pit?
- How soon can Javelin finalize third-party processing agreements to support production?
- What are the detailed terms and conditions of the $25 million MEGA Resources contract?
