Javelin Minerals: Following in the golden footsteps of Spectrum and Spartan?
Javelin Minerals Executive Chairman Brett Mitchell on 3AW, 2GB, 4BC & 6PR Bulls N' Bears Report
Listen to ASX-listed Javelin Minerals Executive Chairman Brett Mitchell talk to Matt Birney on the Bulls N’ Bears Report about Javelin’s plan to emulate the spectacular successes of Spectrum Metals and Spartan Resources, both of which found multimillion-dollar gold deposits near old historic open pits.
TO LISTEN TO THE JAVELIN MINERALS AUDIO INTERVIEW - CLICK BELOW
Javelin recently picked up a historic mothballed Eureka open pit about 50kms north of Kalgoorlie where the company is seeking to replicate the success of companies like Spectrum Metals and Spartan Resources, both of which discovered spectacular gold deposits lurking just 300m north of their existing old open pits. The Eureka project adds to Javelin’s Coogee project near Kambalda where it is also looking to eke out more ounces around an historic open pit.
RADIO INTERVIEW - TRANSCRIPT
Matt Birney - Welcome to Bulls N' Bears brought to you today by gold explorer Javelin Minerals.
Matt Birney - ASX code: JAV
Matt Birney - I'm Matt Birney and I'm joined now by the Executive Chairman of Javelin Minerals, Brett Mitchell.
Matt Birney - Hi Brett
Brett Mitchell - Hey Matt, great to be with you.
Matt Birney - Okay so Javelin recently picked up a historic mothballed Eureka open pit about 50kms north of Kalgoorlie where the company is seeking to replicate the success of companies like Spectrum Metals and Spartan Resources, both of which discovered spectacular gold deposits lurking just 300m north of their existing old open pits. The Eureka project adds to Javelin’s Coogee project near Kambalda where it is also looking to eke out more ounces around an historic open pit.
Matt Birney - Okay Brett, Javelin bought Eureka from Delta Lithium. When was this project last mined and importantly at what grades?
Brett Mitchell - Matt it was initially mined in the early 1900s, about 20,000 ounces at 28 grams a tonne and then more recently, about 10 years ago it was mined by Graham McGarry about 5,000 tonnes at just over 3 grams a tonne.
Matt Birney - What's the existing resource at Eureka? I know you're looking to build that but what's the starter resource there?
Brett Mitchell - The initial resource is 112,000 ounces at nearly 1.5 grams a tonne.
Matt Birney - Now I know Javelin has a theory that more ounces are lurking to the north, to the south and even under the old Eureka open pit. I know you have some older drill holes in those locations it looks like they're begging for follow up, what are the best drill holes to the north? Let's start there.
Brett Mitchell - Well just 300 meters to the north we've got an interceptor of 4 meters at 32 grams a tonne from 104 meters and another one of 1 meter at 14.7 grams a tonne from surface. Further step out about 600 meters north of the pit, we've also got other intercepts including 4 meters at 134 grams a tonne from 53 meters and 3 meters at 49 grams a tonne.
Matt Birney - Okay well I can see from your cross-sections that you also have a few old drill holes directly under the old pit that are showing some colour. What are the best numbers under the pit?
Brett Mitchell - Yeah absolutely Matt that's going to be the focus of our initial drilling. We got 23 meters at 3.3 grams a tonne from about 112 meters and then 5 meters at 25 grams a tonne from 33 meters.
Matt Birney - I know about 300 meters to the south they're also appears to be some work out there, albeit perhaps a bit less historic work. What are the best numbers to the south?
Brett Mitchell - That's right Matt this also needs follow up. We've got intercepts of 13 meters at over 2 grams a tonne from 51 meters and then 6 meters at 13.9 grams a tonne from 38 meters.
Matt Birney - What did you pay Delta for this project?
Brett Mitchell - We paid Delta $3 million in upfront consideration, half in cash and half in Javelin shares which are EScro for 12 months, showing their commitment to the project and there's also a million dollar performance bonus payment in getting Eureka back into production or doubling the existing resource.
Matt Birney - Yeah I can see the theory, you're looking to replicate Spectrum and and Spartan Resources' wonderful success with their old pits as well and so good luck to you.
Matt Birney - Brett Mitchell from Javelin Minerals,
Matt Birney - Thanks for joining me on Bulls N' Bears and remember we're only here to give you information, not advice, which you should of course seek independently.
Matt Birney - I'm Matt Birney and this is Bulls N' Bears.
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