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Cashed-up Maximus in full-swing across Kambalda targets

26 August 2021
ASX: MXR
Rueben Hale
Excavator loading dumper trucks at sunset at mining site.

Maximus Resources Limited is rapidly advancing with exploring its Kambalda gold and nickel prospects following a $12 million placement from cornerstone investor Pantoro Limited.

The company is expediting plans for the next phase of drilling across its sites following advanced investigations of Wattle Dam’s gold potential and the completion of an assessment of the nearby Redback target for open-pit mining extraction of near-surface gold mineralisation.

Maximus said a 7000-metre diamond drill exploration of Wattle Dam and nearby Redback would get underway in September, with plans for the part-government-funded programme would extend to the Hilditch West nickel target in the same month.

Drilling at Redback will also include the two WA Government co-funded EIS deep drill holes designed to materially extend the down-dip plunge continuation of the known Redback gold mineralisation.

Recent drilling at Redback extended a high-grade domain intersecting 16.3m at 9.3 grams per tonne of gold from 229m.

The multi-target diamond drill programme will also incorporate the drill-testing of the exciting Hilditch West nickel target, with more information forthcoming before drilling.

Maximus will provide initial assay results by mid-September.

The company’s Australian Stock Exchange-listed shares had lifted 3.95 per cent in early trade, trading at 7.9c  (12:35 GMT +8 hours).

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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