Javelin Minerals secures final permit for Eureka Gold Project

Javelin Minerals has received final authorisation from the Western Australian Department of Mines, Petroleum and Exploration to commence mining operations at its Eureka Gold Project. The approval of the Mining Development and Closure Proposal represents the last required permit for the site, which is located north of Kalgoorlie. This regulatory clearance positions the project to proceed directly to construction and production phases.

The Eureka Gold Project holds an established Joint Ore Reserves Committee mineral resource of 2.04 million tonnes at a grade of 1.69 grams per tonne of gold. This estimate totals 110,687 ounces. Within this broader figure, the indicated resource stands at 1.36 million tonnes at 1.8 grams per tonne, equating to 78,678 ounces. Recent drilling activities have confirmed and expanded known gold zones at both Eureka and Eureka Northwest, supporting plans for open pit mining. Specific intersections include 4 metres at 2.7 grams per tonne from 91 metres and 5 metres at 2.1 grams per tonne from 45 metres. The main orebody remains open down-plunge to the north, suggesting potential for further extension.

Javelin intends to complete drillholes EKRC011 and EKRC012 using diamond tails to investigate the northern reach of high-grade mineralisation at depth. In parallel, the company has signed a right to mine agreement with MEGA Resources, a mining services provider in the Goldfields region. This agreement includes a commitment from MEGA to provide A$25 million in project financing. The funding is expected to cover the costs of bringing Eureka into production and achieving positive cashflow, subject to the completion of an ore purchase agreement. Once ore processing begins, MEGA will make monthly prepayments of A$250,000 to Javelin from its share of future profits. The company is continuing discussions with local mill operators to start processing ore as soon as possible.