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Maximus passes milestone with maiden Wattle Dam gold estimate

23 September 2021
ASX: MXR
Rueben Hale

Maximus Resources Limited has reached a key milestone, announcing a maiden Wattle Dam Stockwork Mineral Resource Estimate of 23,800 ounces at the Wattle Dam Gold project near Kambalda, Western Australia.

The Adelaide-based mining explorer has confirmed a maiden mineral resource estimate of 645 carats, recovering 1.15 grams of gold per tonne of milled ore. Maximus now estimates there are 23,800 ounces of contained gold at the Wattle Dam Gold Mine remnant mineralised stockwork.

“The Wattle Dam stockwork MRE is the starting point for rapid resource growth across the Wattle Dam area,” managing director Tim Wither said.

“We have identified analogous stockwork mineralisation at the S5 prospect, and at the Golden Orb prospect, 600 metres to the south of Wattle Dam Gold Mine, which we believe are all part of a much larger mineral system.”

Maximus currently holds 48 square kilometres of tenements in the Spargoville Shear Zone south of Kambalda. In addition to developing several small high-grade gold operations across the area, the company considers the zone highly prospective for komatiite-hosted nickel sulphide mineralisation.

The Wattle Dam stockwork MRE adds 21 per cent to the company’s global mineral resource for a total of 135,800 ounces across Maximus’ Spargoville tenements.

Maximus says the maiden MRE is an important milestone and helps develop a greater geological understanding of the high-grade Wattle Dam area. They say infill drilling at Wattle Dam confirms the opportunity for delineating discrete mining zones improving gold grades. The mineral resource at Wattle Dam remains open to the north and south and at depth.

“Taking a broader/helicopter view across the whole Wattle Dam area, we can see a much larger interconnecting, structurally controlled gold system,” Mr Withers said. “The addition of the 23,800-ounce gold resources across the small area of the Wattle Dam stockwork is a fantastic start, and we see huge opportunities within the greater Wattle Dam area to grow the known mineralisation and achieve new high-grade gold discoveries.”

Meanwhile, Maximus has scheduled a drill programme across the Wattle Dam area from October. It will target extensions around Wattle Dam at Redneck, S5 and Golden Orb in the wake of nickel target drilling at Hilditch West.

The company’s Australian Stock Market listed price was 8.9c today (11:30 am 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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