Javelin Minerals (ASX:JAV) has increased the resource estimate at the Coogee Gold Project in Western Australia by 158% to 126,685 ounces of gold.
The total resource estimate now stands at 3.65 million tonnes at 1.08 grams per tonne (g/t) gold for 126,685 ounces of gold and 1.01 million tonnes at 0.41% copper, containing 4,133 tonnes of copper metal.
Coogee’s resource estimate was independently estimated by privately held Odessa Resources.
Executive Chairman Brett Mitchell says this is a “strong” result providing a solid platform on which to build a very “substantial” gold inventory on the doorstep of the St Ives goldfields.
“The scope for growth at Coogee is clearly immense,” Mitchell says.
“The mineralisation is open and we have numerous compelling targets. Despite a well-established mineralised system and its highly desirable address, Coogee has been exposed to virtually no modern exploration techniques.
“We have already identified numerous areas of significant known mineralisation with the potential to be quickly developed into mineral resources. And our technical team believes the Coogee deposit has substantial potential for additional resource growth along strike and at depth.”
Mitchell adds that the company is now planning its next phase of extensional drilling to the west, with the aim to increase the tonnage and grade of the resource estimate.
The company intends to begin drill planning at the beginning of next quarter.
In parallel with its exploration program, Javelin Minerals will assess the potential for early cash flow from the sale or toll treatment of material from below and around the Coogee open pit to nearby operating gold mines.
Javelin Minerals is a Western Australian-focused gold explorer, which wholly owns the Coogee Gold Project. Coogee lies in the Eastern Goldfields region of Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Javelin Minerals
