Javelin launches campaign for brownfields wealth with drilling at Coogee gold-copper project

Javelin starts Phase One drilling to extend mineralisation at its brownfields Coogee gold-copper project
Drilling will test mineralisation at depth and along strike to potentially increase tonnage and grade of existing resource
Phase Two drilling to follow in late January 2025 following interpretation of Phase One results

Special Report: Javelin Minerals has launched a maiden drilling program at its brownfields Coogee gold-copper project near Kalgoorlie to extend mineralisation along strike and at depth.

Brownfields exploration – the exploration of areas around previously discovered or mined deposits – has proven to be a highly successful for numerous companies as it provides them a high level of certainty that mineralisation is present while the high price of gold ($4081/oz) means that even lower grades are economic.

In some cases, exploration of areas that have been overlooked by previous operators have delivered impressive prizes like Spartan Resources’ (ASX:SPR) discovery of the Never Never deposit at its Dalgaranga gold project.

Javelin Minerals (ASX:JAV) is now looking to replicate this success with the start of Phase One reverse circulation drilling totalling ~2500m at its Coogee project.

Despite sitting next to the world-class St Ives Goldfield and hosting an existing resource of 3.65Mt at 1.08g/t gold for 126,685oz of contained gold and 1.01Mt at 0.41% copper, or 4133t of the red metal, the previously mined project has not seen a systematic exploration drilling campaign since Ramelius Resources (ASX:RMS) completed mining in 2014.

Results from Phase One will be interpreted before the company kicks off Phase Two drilling in late January.

Both phases are further de-risked by drill contractor TopDrill agreeing to take JAV shares in lieu of cash for up to 50% of drill costs capped at $1m.

TopDrill rig drilling hole at Coogee. Pic: Javelin Minerals

Stepping out for gold

The Phase One and Two drill programs will seek to confirm potential extensions to mineralisation below the current mined pit level at the Coogee deposit as it has not been closed off at depth.

Drilling will also test the northwest trending shear, which is parallel to the Coogee Shear zones that hosted the high-grade gold mined by RMS, the Coogee South prospect where historical aircore drilling hit shallow mineralisation, and the strong magnetic “Bulls-Eye” target (CG-01) 300m north of the Coogee Pit.

Additionally, Phase Two drilling will test the Coogee West geophysical target area – also known as the CG-04 target, a discrete untested circular magnetic anomaly ~1.5km west of the Coogee pit that starts from 300m below surface down to 1km in depth.

This is considered to be a higher priority target than CG-01 due to its stronger magnetic response and will be tested in early 2025.

“Brownfields exploration in WA has created substantial wealth for investors in recent times and we believe Coogee has the potential to join this list of success stories,” executive chairman Brett Mitchell said.

“We have identified several compelling targets, and we know the mineralisation remains open. And we are drilling into a well-established gold system right on the edge of the world-class St Ives Goldfields

“Once we receive the assays, which we expect to start coming in during December, we will plan Phase Two of the program. This means we will have steady news flow from Coogee for some time.”

This article was developed in collaboration with Javelin Minerals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.