Javelin Minerals Limited (ASX: JAV) has announced a substantial increase in the Indicated Resource at its Eureka Gold Project in Western Australia. The updated Mineral Resource Estimate (MRE) now stands at 2.04Mt at 1.69g/t for 110,687oz, a 16% grade increase from the previous MRE. Javelin Minerals is focused on the exploration and development of gold and base metal projects in Australia. The company is committed to creating shareholder value through discovery and development of its mineral assets.
The Indicated Resource has risen by 27% to 78,678oz, significantly bolstering the near-term mining plan. According to Javelin, much of the additional Indicated Resource is located below the southern end of the Eureka Pit, where the company plans to commence near-term contract mining operations. The mineralisation extends along strike for 1.1km and reaches 130m below the current pit floor, remaining open along strike and down-dip. This resource upgrade incorporates results from Javelin’s maiden drilling program conducted in April.
Mining studies have primarily focused on approximately 34,000 recoverable ounces within the current area. The company intends to integrate the updated MRE into these studies to assess the potential to expand the production profile. Javelin is also in discussions with contract mining and processing operators as part of its near-term Eureka mining plan. The Eureka Resource is situated on a granted Mining Lease, with several processing facilities nearby, including the Paddington Mill, approximately 20km to the south.
Executive Chairman Brett Mitchell commented that the updated resource is a strong result, reflecting the success of their maiden drilling program at Eureka. Mitchell added that the increased Indicated Resource has positive implications for the near-term mining plan, and further exploration drilling is planned to grow the resource and upgrade inferred ounces to indicated. Planning is underway for a new drilling program aimed at increasing the overall Mineral Resource, with a focus on testing potential down-dip extensions.
