High-grade hits fuel Javelin WA Eureka gold resource expansion hopes

Javelin Minerals has made a cracking start at its newly acquired Eureka gold project, 50 kilometres north of Kalgoorlie, with a string of high-grade gold hits that could rapidly reshape the project's resource base and fast-track its return to production.

The company’s maiden reverse circulation drilling campaign at Eureka comprised 22 reverse circulation holes covering 2779 metres and was designed to test for extensions to the north and south of the Eureka pit.

It delivered in spades. The drill bit made contact with broad, shallow oxide mineralisation 100m south of the pit. Significant intercepts included 26m at 1.36 grams per tonne (g/t) gold from 45m, 23m at 1.20g/t from 66m and 6m at 2.20g/t from 245m.

To the north of the old pit the truth teller struck again, hitting a high-grade shoot running at 7.37g/t gold from 64m. 

The intercepts support historical hits and hint at what appears to be a north-plunging gold system peppered with higher-grade zones.

Notably, these results extend mineralisation both to the north and south of the historical open pit and are well outside the existing gold resource. 

The drill bit was then set the task of sniffing out the potential for extensions beneath the existing pit and immediately struck pay dirt. The company says a standout hit of 5m at 4.01g/t gold from 259m in the deeper hole underscores the system’s potential at depth.

The results confirm Eureka’s mineralised system remains open along strike and at depth, with a broad 600m-long trend plunging to the north now firmly in Javelin’s sights.

Meanwhile, assays from 600m further north on the north-west zone didn’t replicate past high-grade results, suggesting more work is needed to unravel the structural complexities there.

Javelin Minerals 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.”

The fresh hits have armed Javelin with a swag of juicy targets, setting the stage for a multi-pronged follow-up campaign aimed at chasing shallow extensions, probing deeper plunging zones and ultimately growing the resource. 

The company says if the follow-up drilling backs up these early results, it could hold the key to unlocking a fast-tracked restart of gold production at Eureka.

Javelin’s next moves include infill and extensional drilling on the southern oxide zones, deeper reverse circulation and diamond drilling to chase the northern plunge, and fresh structural work to better target future programs.

Eureka’s current resource clocks in at 2.45 million tonnes at 1.42g/t gold for 112,000 ounces, including 62,000 ounces in the indicated category. 

Javelin says it is advancing engineering and permitting work to kick off mining of about 34,000 recoverable ounces from the southern end of the open pit and is in discussions with local contractors and nearby third-party plants for potential toll treatment of the ore.

With high-grade gold in hand, a near-term mining plan in motion and exploration targets multiplying by the week, Javelin appears to be lining up Eureka for a golden return to form.

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au