Javelin Minerals (ASX:JAV) has received final mining approval for the Eureka Gold Project near Kalgoorlie, with the WA Department of Mines, Petroleum and Exploration approving its Mining Development and Closure Proposal.
That means Eureka now has the approvals, mine plan and development pathway needed to move toward production.
110,687 ounces ready for the next step
Eureka hosts a JORC Mineral Resource of 2.04Mt @ 1.69g/t Au for 110,687oz, including 1.36Mt @ 1.8g/t Au for 78,678oz in the Indicated category.
Recent drilling has also confirmed shallow mineralisation within the planned pits while extending higher-grade zones to the north.
The main Eureka orebody remains open down-plunge, giving Javelin room to keep growing the resource even as development moves forward.
Figure 1: Eureka Gold Project planned open pit cutback.
Funding is already lined up
Under its Right to Mine agreement, MEGA Resources is set to provide $25M in project financing and deliver mining, engineering and transport services.
That funding is designed to take Eureka into production and positive cash flow, subject to an ore purchase agreement being executed.
Which makes the next catalyst very clear.
What’s next
Javelin is already in discussions with nearby mill operators.
If it can lock in processing, Eureka has the approvals, funding structure and mine plan ready to go.
The gold is defined, the mine is approved, now Javelin needs somewhere to put the ore.
