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Maximus unearth new gold zone at Redback

13 January 2022 12:32
ASX: MXR

Maximus found a new zone of wide, high-grade gold mineralisation at the Redback gold deposit, 24 kilometres from Western Australia’s premier Kambalda gold and nickel district.  

Potential for open pit mining had already been on the cards for the site after the previous drilling found multiple high-grade gold shoots at shallow depth.  

The new target area brings the project’s depth to 500 metres, with several zones intersected holding grades as high as 21.3 grams per tonne.  

Geology at Redback is notably like the Wattle Dam site, which rests 600 metres away and once produced 286,000 ounces at over 10 grams per tonne of gold as one of Australia’s highest-grade sites.   

The company said the results continued to increase its confidence in the near-term development potential of another premier gold site for the region.  

“Having confirmed a wide zone of high-grade gold mineralisation and observed zones of alteration up-dip, opens up a new target area for exploration and materially adds to the Redback mineralised system,” managing director Tim Wither said.  

With results coming in from the ongoing drilling programme and several holes awaiting assay results, the explorer will continue to update shareholders over the coming months. 

MXR’s Australian Stock Exchange-listed price has risen by over 5pc, currently trading at 8c (7:40am UTC+8 hours) 

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