The drill bit for the second phase will start turning in late January after the results of phase one are interpreted.
The new work will also push into deeper drilling of an untested magnetic anomaly at the Coogee West target, 1.5km west of the old Coogee pit, which shows strong potential for high-order gold-copper deposits. The anomaly starts from 300 vertical metres, extending to 1km deep and the company regards it as a high-priority because of its high magnetic signature.
Javelin Minerals executive chairman Brett Mitchell said: “Brownfields exploration in WA has created substantial wealth for investors in recent times and we believe Coogee has the potential to join this list of success stories. We have identified several compelling targets, and we know the mineralisation remains open.”
Sitting in a highly prospective greenstone belt, the Coogee project area is surrounded by significant gold deposits, including Silver Lake’s 400,000-ounce Salt Creek mine, the Daisy-Milano mine and the Gold Field Ltd-controlled St Ives gold camp.
Javelin’s total gold-copper inventory at the broader Coogee project currently stands at 3.65 million tonnes at 1.08g/t gold for 126,685 ounces and 1.01mt at 0.41 per cent copper for 4133t of copper.
The company is developing its theory of more near mine riches that were left behind when Coogee was previously mined some years ago and it would appear to have a solid suite of geological indicators supporting that thought.
The same “near-mine” strategy recently brought enormous rewards for neighbouring ASX-listed companies Spectrum Metals and Spartan Resources, both of which found multi-million-dollar gold deposits lurking just north of their old open pits.
Spectrum Metals discovered a 355,000-ounce deposit at Penny North grading 13.8g/t in 2019 sitting just 300m from the old Penny West open pit.
Similarly, 300m north of its old mined out pit, Spartan Resources recently discovered a 721,000-ounce gold resource at its Never Never project in WA with grades of 5.85g/t.
With a series of high-priority drill targets and a history of recent success in the neighbourhood, there is plenty of potential for Javelin to substantially increase the overall resource at its Coogee project and who knows – it just might manage to emulate the success of Spartan and Spectrum.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
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