Market Update
The Australian stock exchange (ASX) is experiencing a decline, primarily due to significant losses in the healthcare and tech sectors, despite seven out of 11 sectors showing positive movement.
Javelin Minerals (ASX:JAV) has seen a notable increase of 50% in morning trade. This surge follows the company's announcement of a detailed review and reinterpretation of historic exploration data, revealing substantial exploration potential at its Coogee Project.
- Location: near the world-class St Ives goldfield, approximately 50km south of Kalgoorlie.
- Review led by Mark Cossom, new GM – Exploration and Resources.
- Identification of large geophysical anomalies correlating with known mineralised alteration zones at Coogee North and Coogee West.
- Shallow historic drilling indicates strong gold and gold-copper anomalism.
The Coogee Project currently hosts a JORC Resource of 3.6Mt at 1.08g/t Au for 127,000oz of gold and 1Mt Cu at 0.41% for 4,122t of copper, situated on a granted mining licence.
Author's summary: ASX declines due to healthcare and tech losses.
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