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Maximus Resources expands drilling on promising signs

16 June 2021
ASX: MXR
Rueben Hale
Gold nuggets isolated on black background.

Maximus Resources has commenced an additional 600 metres of reverse circulation (RC) drilling at its Hilditch West gold target, boosting the company’s confidence in its extensive epxloration across one of Western Australia’s flagship regions.

The additional drilling will be adjacent to one of Australia’s highest-grade gold mines, bringing the company’s total RC exploration program to about 4600m across its extensive portfolio of gold targets, the company said today.

 Recent field geological mapping of Maximus’ northern Spargoville tenements identified an extensive alteration domain of fuchsite containing chrome-rich mica, boosting the company’s optimism in the asset’s potential.

“The vibrant green coloured fuchsite is a chrome-rich mica, which is a result of the alteration of mafic rocks and is an excellent indicator of significant hydrothermal fluid flow, necessary for the formation of structurally controlled ore bodies,” Maximus said.

The Hilditch West Gold target is located about 9 kilometres north of Maximus’ Wattle Dam gold project, where the company recently started RC drilling.

The 600m RC drill program will consist of six holes across three east to west drill traverses. All samples will be dispatched for assaying, with results expected within three to five weeks of the completion of each drill program.

It comes as gold continues to be well bid, the spot price this week trading around $US1860 per ounce as investors await key updates from major central banks on their monetary policy plans as economies recover, particularly the US Federal Reserve.

Maximus’ tenements are located 20km from Kambalda, Western Australia’s premier gold and nickel mining district.

It holds 48 sq km of tenements across the fertile Spargoville Shear Zone hosting Wattle Dam, where the company is developing several small high-grade operations while actively exploring for other opportunities.

COMPANY OVERVIEW

Maximus Resources (ASX: MXR) Spargoville tenements are located in the heart of Australia’s premiere gold and nickel mining district – just 25km from Kambalda, Western Australia. Home of the very high-grade historic Wattle Dam Gold Mine, the Spargoville tenements are readily accessible and are located less than 50km from six gold processing plants and just 25km from BHP’s Kambalda Nickel Concentrator. Mined until 2012, the Wattle Dam Gold Mine was one of Australia’s highest-grade gold mines, producing ~286,000 oz gold @ 10.1 g/t gold . Maximus Resources’ focus is the discovery of the next Wattle Dam Gold Mine. Maximus Resources has been granted 48 sqkm of mining licences and has gold rights across a further 60 sqkm along the very fertile Spargoville Shear Zone, hosting multiple significant gold and nickel deposits.

COMPANY INFORMATION

ASX: MXR

Website

http://maximusresources.com/
https://www2.asx.com.au/markets/company/mxr

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