Re-processing of aeromagnetic survey data at the brownfields Eureka gold project has spotted at least a dozen structural and geochemical targets, which the company says warrant an immediate follow-up northbound from Kalgoorlie.
Some of the quarry sits immediately along strike from the project’s namesake deposit, currently holding a JORC-certified collection of 112 thousand ounces on a granted licence and hosted by mineralisation which remains open along strike and at depth.
Javelin Minerals (ASX:JAV) executive chairman Brett Mitchell the new targets have further supported the company’s view about Eureka’s outstanding prospectivity.
“Given the production history, the existing JORC Resource, lack of recent systematic exploration and the open nature of the mineralisation, we already had every confidence in the exploration upside at Eureka,” Mitchell said.
“Now these outstanding exploration targets strengthen our conviction about the future of Eureka.
“They are entirely consistent with what we know about the project and its potential to become WA’s next brownfields gold exploration success story.”
Mitchell added that Javelin would start drilling at Eureka as soon as possible early next year, and that combined with a soon-to-be drilled Coogee Gold project, the company holds two highly prospective brownfields gold projects around 50km either side of Kalgoorlie.
Javelin scooped up the past producing mine site for $3m just last month, joining into a new boom of brownfields exploration around the Kalgoorlie gold capital.
The asset did not fit into the Delta Lithium (ASX:DLI) ambitions toward white gold, but Javelin was more than happy to dig into a play for traditional ounces currently trading beyond US$2600 a pop.
Historical drilling has already shown the allure outside the current Eureka resource, showing intercepts to the tune of 4m at 134g/t, 3m at 48.75g/t, and 4m at 32g/t gold.
There has been no recent drilling despite those high-grade offerings and a location 20km away from the famed Paddington gold mine serving as Norton’s central processing hub for the gold fields – a fact soon to change.
But drilling will first come on the mirror side of Kal on a Coogee project, which likewise sat unexposed by systematic drilling or modern exploration until its acquisition and then 158pc auric enhancement by Javelin to beyond 126 thousand ounces.
