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Maximus unearth new gold zone at Redback

13 January 2022
ASX: MXR
Jack Baker

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) 

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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