Javelin tweaks mine plan to boost WA gold recovery to 39,000 ounces
The lift to indicated resources was accompanied by a 32 per cent bump-up in grade to 1.98 grams per tonne (g/t) gold, providing a significant uplift in anticipated cash flow from mining the project, expected to begin next year.
The huge jump in the gold grade for the 39,000 recoverable ounces extended to the project's overall mineral resource, increasing it to 2.04 million tonnes at 1.69g/t, using a 16 per cent grade increase from the previous resource, for 110,687 ounces of the precious yellow metal.
Notably, the indicated mineral resource has been beefed-up and now stands at a solid 1.36Mt going 1.8g/t for 78,678 ounces, a significant 27 per cent leap. The bulk of the resource of more than 70 per cent is now positioned in the much-vaunted category. Much of the indicated resource sits below the southern end of the Eureka pit, where the company plans to begin its contract mining operations.
Javelin is engaging with several contract miners and nearby process plant operators, aiming to fast-track production and generate cash flow as quickly as possible.
'Our mining plan is looking extremely attractive, particularly against the backdrop of the company's current market capitalisation.'
Javelin Minerals executive chairman Brett Mitchell
With the gold price hovering at a gangbuster US$3352 (A$5180) per ounce, the higher grades in recoverable ounces and indicated resources could supercharge the project's economics, providing both higher margins and cash flow. It provides the company with the option to consider boosting production ounces at the current sky-high price.
Management says the considerable jump in grade has enabled it to revise the tonnes to be mined, with a new pit optimisation study revealing a 20 per cent decrease in mined material to 698,887 tonnes.
Javelin Minerals executive chairman Brett Mitchell said: 'With the very strong Australian dollar gold price, the good condition of the open pit and the ability to process the material at one of the nearby mills, our mining plan is looking extremely attractive, particularly against the backdrop of the company's current market capitalisation.'
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