Javelin Minerals Limited (ASX:JAV) Reports Significant Drilling Progress
Drilling Achievements at Coogee Gold Project
Javelin Minerals Limited (ASX: JAV) has successfully completed Phase 1 of its maiden drilling program at the Coogee Gold Project, located in Western Australia. The program involved 2,921 metres of reverse circulation drilling across 18 holes. A total of 1,698 drill samples have been submitted to the Bureau Veritas laboratory in Kalgoorlie, with assay results anticipated in the coming weeks. Additionally, Phase 2 of the drilling program is set to commence shortly, allowing for further exploration of gold-copper mineralisation.
Eureka Gold Project Acquisition and Future Drilling Plans
The company recently completed the acquisition of the Eureka Gold Project, after receiving shareholder approval. This project is located 54km north-northwest of Kalgoorlie, in a region well-known for its gold deposits. An initial drilling program of approximately 3,000 metres at Eureka is scheduled to begin in February 2025, targeting several promising sites that have yet to be tested.
Corporate Updates and Financial Position
As part of its strategic realignment, Javelin is working on divesting non-core projects, including the Bonaparte copper-silver-lead-zinc project. In December, it appointed Peter Gilford as a new Non-Executive Director, bringing over 20 years of financial management expertise to the board. The company reported a cash balance of $2.58 million at the end of the quarter, ensuring sufficient funding for ongoing operations and exploration efforts.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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