Sitting on highly prospective land in an Archean greenstone belt and directly adjoining Dreadnought Resources’ (ASX:DRE) Illaara gold project, Javelin Minerals (ASX:JAV) has laid claim to the new project for just $585,000 in JAV shares as upfront consideration.
Formed from the combination of privately-owned CY Exploration and Bulga Minerals’ exploration projects, the area has seen little modern gold exploration and represents a strategic near-term exploration opportunity, according to Javelin.
General manager of exploration and resources Mark Cossom said the acquisition was a rare opportunity to acquire highly prospective acreage on very reasonable terms.
“Moreover, despite the highly desirable WA minerals address, the tenements remain largely unexplored for gold,” he said.
“We are preparing our exploration now to ensure we can start work as soon as the transaction is completed.”
Javelin’s new tenements are sandwiched between two larger company’s projects – Brightstar Resources’ (ASX:BTR) Sandstone gold hub to the north, and Dreadnought Resources’ Illaara project to the south.
The Sandstone gold project is already host to a mineral resource of more than 1.95 million ounces of gold, while the Illaara project is home to a high-grade resource at the Metzke’s Find deposit of 14,900 ounces at 6.8g/t gold.
DRE is also aggressively drilling the area around Metzke’s Find and the wider Illaara project, using a combination of infill and extensional reverse circulation drilling.
Altogether, the regional prospectivity offers a promising picture for the Central Yilgarn project, where initial exploration will focus on tenement E29/1306, which covers about 30km of greenstone strike directly north of the Illaara project.
Javelin intends to begin with a round of airborne magnetic surveys and surface soil sampling to gain a systemic understanding of the area ahead of drill targeting and commencing an exploration drilling program.
