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Maximus drills into near-surface potential

12 July 2021
ASX: MXR
Rueben Hale
Core Drilling for Exploration

Maximus Resources Limited has commenced close-to-the-surface reverse circulation drilling at the company’s highly prospective Redback Gold deposit, located at the Wattle Dam project near Kalgoorlie in Western Australia.

With its progressing Wattle Dam Gold Mine development just down the road, the ASX-listed explorer is burrowing around 900 metres, following a high-grade gold shoot traced 40 to 250 metres below Redback’s largely untested dirt bearing intersections averaging nearly 8 grams of gold per tonne over more than 30 metres. 

The news comes just a week after Maximus had commenced a 2.5 square-kilometre survey at the company’s nearby Hilditch Nickel target, revealing high-quality nickel intersections with prices expected to maintain their decent upward in a deficit market.

It also confirms Maximus’ ambition to build value by increasing gold resources across the Wattle Dam Area, leveraging its significant existing mine infrastructure at its flagship project. 

The company said the shallow redrill programme was designed to support an updated mineral resource estimate and potentially define near-surface mineralisation that may be amenable to open-pit mining.

State government coffers have stumped up half the cost of the drilling through its Exploration Incentive Scheme, providing a drilling grant designed to test the down-dip plunge, which the company said had the potential to double the known gold mineralisation Redback.

Maximus said it expects the imminent arrival of the company’s recently completed regional exploration gold targets at Yilmia and Karramindie and the drilling at Wattle Dam Gold Mine and Larkinville deposit.

 

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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