Javelin Minerals' Coogee Gold Project Sees Significant Resource Growth
JAV (JAV) Share Update October 2024 Monday 21st
Javelin Minerals Announces Major Resource Upgrade at Coogee Gold Project
Javelin Minerals Limited (ASX: JAV) has announced a substantial increase in the mineral resource estimate for its Coogee Gold Project, located in Western Australia's Eastern Goldfields.
Instant Summary:
- 158% increase in Coogee Mineral Resource Estimate.
- New drilling targets identified at Coogee.
- Andrew Rich joins the Board as a gold executive.
- Successful $2 million capital raising for Coogee work programs.
Coogee Gold Project Update
Javelin Minerals Limited has reported a significant upgrade to the mineral resource estimate for its Coogee Gold Project. The project, situated in the Eastern Goldfields of Western Australia, now boasts a resource of 3.65 million tonnes at 1.08 g/t gold, totaling 126,685 ounces of gold. Additionally, the project contains 1.01 million tonnes at 0.41% copper, equating to 4,133 tonnes of copper metal. This marks a 158% increase from the previous 2022 resource estimate.
The updated resource estimate was independently produced by Odessa Resources Pty Ltd using advanced geological modeling software. The estimation process included extending the gold and copper mineralization deeper than previous assessments, down to 225 meters below the surface.
Exploration and Drilling Plans
Javelin Minerals has identified several compelling new drilling targets at the Coogee site. The company has engaged Core Geophysics to analyze historical geophysical data, leading to the identification of key exploration targets. OmniGeoX Pty Ltd has been appointed to oversee the upcoming drilling program, set to commence in November 2024.
The drilling will focus on seven high-priority targets, aiming to explore gold-copper mineralization along the strike of the Coogee Deposit. The planned drill depths range from 100 to 350 meters, targeting both known mineralization zones and untested geophysical anomalies.
Corporate Developments
In addition to exploration efforts, Javelin Minerals has successfully raised $2 million to fund priority work programs at Coogee. This capital raising was completed in July 2024 and involved the issuance of shares and options. Furthermore, the company welcomed Andrew Rich to its Board as a Non-Executive Director, bringing extensive experience in gold and nickel mining projects.
The significant increase in the Coogee resource estimate is a positive development for Javelin Minerals, likely boosting investor confidence and potentially enhancing the company's stock value. The new drilling targets and capital raising efforts further position Javelin for growth and exploration success.
Investor Reaction:
Analysts are expected to view the resource upgrade favorably, given the substantial increase in estimated gold and copper resources. The appointment of Andrew Rich is also seen as a strategic move to strengthen the company's leadership in gold exploration.
Conclusion:
Investors should keep an eye on Javelin Minerals' upcoming drilling activities and corporate developments. The company's strategic focus on expanding its resource base and enhancing its leadership team could offer promising opportunities for growth.