Javelin Minerals (ASX:JAV) is selling its Bonaparte Copper-Silver-Lead-Zinc Project, as part of its corporate strategy to divest non-core assets.
The Bonaparte Project, which is located in the Kimberley region of Western Australia, comprises five exploration licences covering 564km2.
The $15.56 million market capitalisation of decided to put the project on the market to focus on its recent acquisition, the Eureka Gold Project near Kalgoorlie. Along with its Coogee Gold Project, the company remains focused on its two brownfields exploration projects.
Executive Chairman Brett Mitchell says the project has been exposed to very little recent exploration and has upside based on historical exploration results.
“But we have now secured two outstanding gold projects in Eureka and Coogee,” Mitchell says.
“Both have existing JORC resources and plenty of opportunities to grow the inventories, right on the edge of Kalgoorlie.
“The mineralisation at both projects remains open and we have already identified numerous compelling targets for drilling. Given our very active exploration schedule totally focused on Eureka and Coogee, we have decided to offer Bonaparte for sale.”
Javelin Minerals notes the exploration at Bonaparte is early stage, with prospective mineralisation uncovered that is comparable to Mississippi Valley Style deposits.
Mississippi Valley Style deposits are zinc and lead concentrations in carbonate sedimentary rocks. The ore minerals are zinc sulphide and lead sulphide, commonly associated with iron sulphides, pyrite and marcasite.
There are three mineralised prospects within Bonaparte, dubbed Redbank Hills, Martins Gossan, and Copper Gossan.
At Redbank Hills, rock chip assays have recorded values up to 43.2% zinc, 53.8% lead, and 8 grams per tonne silver. Soil sampling has also outlined an extensive geochemical anomaly, 4.5km in length and 1.2km in width.
Rock chip assays at the Martin Gossan prospect have recorded values up to 45.7g/t silver, 2.65% zinc, and 5.24% lead. The company adds soil sampling has outlined a strong priority geochemical anomaly — 2km long by 1km in width.
Meanwhile, at Copper Gossan, rock chips have returned assays up to 15.95% copper and 0.14% zinc.
Write to Aaliyah Rogan at Mining.com.au
Images: Javelin Minerals
