ASX-listed Javelin Minerals is moving to fast-track near-term production and cashflow generation from its Eureka gold project, in Western Australia, capitalising on a record Australian dollar gold price and nearby milling capacity.

The company has advanced discussions with third-party mining and processing contractors to unlock the 34 000 oz of recoverable gold from within the 62 000 oz indicated resource at the Eureka pit, which forms part of the project's total Joint Ore Reserve Committee resource of 112 000 oz.

“Our plan to generate early production and cashflow at Eureka is now the primary focus of the board for the Eureka gold project, which has been endorsed by strong interest from third parties to partner with us for the project’s development in the short term,” said executive chairperson Brett Mitchell.

Located about 50 km north of Kalgoorlie and only 20 km from the Paddington processing facility, the Eureka project is situated on four granted mining leases. Javelin stated that, based on standard industry timelines and the fully permitted status of the site, operations could start within the next 12 months.

“Based on the discussions to date, we are confident that this strategy will prove extremely effective in creating rapid value in the current record high Australian dollar gold price environment, whilst we continue the exploration programme to grow the overall inventory at both our Eureka and Coogee gold projects,” said Mitchell.

Mining and engineering studies are well advanced, alongside the negotiation and appointment of mining contractors. The existing openpit is in good condition, and recent reverse circulation drilling has confirmed extensive mineralisation beyond the current resource envelope. These include shallow mineralisation to the south of the pit and a high-grade shoot to the north.

“We are now planning follow-up exploration drilling programmes at Coogee and Eureka in parallel with the Eureka near-term mining plan, giving us a twin-pronged strategy for material growth of shareholder value in our company,” Mitchell said.