Javelin Minerals Advances WA Gold Exploration with Coogee Drilling and Eureka Acquisition

Javelin's Strategic Expansion in the Eastern Goldfields

Javelin Minerals Limited (ASX: JAV) has marked a significant step forward in its evolution as a Western Australian gold explorer. The company announced the completion of Phase 1 of its maiden drilling program at the Coogee Gold Project, located in the prolific Eastern Goldfields region near Kalgoorlie. This initial phase comprised 2,921 metres of reverse circulation (RC) drilling across 18 holes, exceeding the original plan by 30%, with 1,698 samples submitted for assay at the Bureau Veritas Laboratory in Kalgoorlie. Results are eagerly awaited in the coming weeks.

Coogee is situated within a fertile greenstone belt, adjacent to major gold deposits including Salt Creek, Daisy-Milano, Lucky Bay, and the renowned St Ives gold camp. Despite a JORC-compliant resource of approximately 126,685 ounces of gold, systematic exploration drilling has been limited since mining ceased in 2014. Javelin’s Phase 1 program targeted five high-priority zones, including extensions below the existing pit and untested geophysical anomalies, setting the stage for Phase 2 drilling scheduled to commence shortly after assay interpretation.

Eureka Acquisition Bolsters Portfolio with High-Quality Targets

In a complementary move, Javelin completed the acquisition of the Eureka Gold Project from Delta Lithium Limited following shareholder approval. Located 54 kilometres north-northwest of Kalgoorlie, Eureka is a brownfields project with a historic resource of 112,000 ounces of gold at 1.42 g/t, hosted within steeply dipping shear zones. The project has seen limited recent drilling, with significant untested strike potential and several high-priority geophysical and geochemical targets identified through a comprehensive review of historical data.

Javelin plans to initiate an initial RC drilling campaign of approximately 3,000 metres at Eureka in February 2025, aiming to unlock the project’s considerable exploration upside. The identification of multiple ranked targets, including strong magnetic anomalies and soil geochemistry coincident zones, underscores the potential for resource expansion.

Portfolio Optimization and Corporate Developments

Alongside its exploration advances, Javelin is actively streamlining its asset base. The company has executed an option agreement with Rimfire Pacific Mining Ltd for the Malamute Project in New South Wales and is progressing the sale of its non-core Bonaparte copper-silver-lead-zinc project in Western Australia’s Kimberley region. These moves align with the board’s strategy to focus on high-potential gold assets and enhance shareholder value.

Corporate governance has also been strengthened with the appointment of Peter Gilford as a Non-Executive Director. Gilford brings over two decades of financial management expertise, including roles as CFO at Delta Lithium and MACA Limited, and is expected to contribute significantly to Javelin’s strategic and financial oversight as the company advances its exploration programs.

Financial Position and Outlook

Javelin reported a cash balance of approximately A$2.58 million at the end of December 2024, with quarterly exploration expenditure of around A$1.6 million in Western Australia and A$1.6 million in New South Wales. The company’s cash runway extends over four quarters at current spending levels, providing a solid foundation for upcoming drilling activities and project development.

The market awaits the assay results from Coogee’s Phase 1 drilling, which will be pivotal in guiding the next phase of exploration and resource definition. Meanwhile, the Eureka acquisition and planned drilling program represent a significant growth opportunity, potentially positioning Javelin as a more substantial player in the Eastern Goldfields gold exploration landscape.