Maximus Resources (ASX:MXR) reports that it has completed various exploration operations across its lithium, gold, and nickel mining portfolio in Western Australia.
The exploration operations, including an initial 21 drillhole (3,900m) reverse circulation (RC) drilling campaign at its Wattle Dam / Golden Orb trend, has returned encouraging field observations, with gold mineralisation being intersected outside the interpreted broad mineralised zone.
These recently identified gold mineralisation was located adjacent to the Western Shear Zone and is analogous to the drilling operation conducted at the project’s S5 prospect, which returned previous ‘high-grade’ gold intervals of 3.0m @ 83.3g/t Au from 25m.
With the recent exploration activities at the various projects now complete, Maximus announces it has moved forward with interpreting the high-resolution magnetic survey data in order to guide future drilling operations.
Assays from the recent drilling at the Wattle Dam / Golden Orb trend are expected to be received in September.
Speaking on the exploration update, Maximus Managing Director, Tim Wither, said: “Field observations of the Wattle Dam / Golden Orb trend are encouraging and we look forward to updating shareholders with the assay results.
“Field observations of the wattle dam / golden orb trend are encouraging”
Following the success of the previous Hilditch Gold Project drill program and the recent acquisition of the Kemble Prospect, we have completed a high-resolution UAV magnetic survey over both project areas. The high-resolution magnetic survey will provide the structural detail to assist drill targeting at both gold projects and the Lefroy Lithium Project.”
The company also notes that it has successfully completed a multi-target UAV (drone) magnetic survey over a ‘significant’ structural corridor hosted within its 100% owned Lefroy Lithium and Hilditch Gold Projects, including its newly acquired Kemble Prospect.
Completion of the high-resolution magnetic survey marks a ‘significant’ milestone for the company as gold mineralisation is reported to be associated with a structurally controlled contact between mafic/ultramafic and volcaniclastic units.
In addition, it is reported that Maximus’s upcoming Mineral Resource Estimate (MRE) update for its Redback Gold Deposit is progressing and is expected to be completed in the September quarter of 2022.
This upcoming MRE update is expected to support development studies for potential near-term production opportunities at the Wattle Dam Gold Project.
Maximus Resources’ diversified portfolio is located in Western Australia, with its 100% owned Wattle Dam gold deposit being one of Australia’s highest-grade gold mines which has produced to date a total of 266,350oz gold @ 10.6g/t Au. The project is situated about 20km from the township of Kambalda and comprises a portion of the company’s tenements across the fertile Spargoville Shear Zone, which cover a total land area of 48km-square.
Images: Maximus Resources Limited
