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Maximus Resources observes gold in core during Redback drilling

Visible gold occurrences are within core from RBDD005, the fifth hole in the company’s 2,500-metre diamond drill program testing internal high-grade shoots and extensions to the existing JORC inferred resource.

Maximus Resources Ltd - Maximus Resources observes gold in core during Redback drilling
Visible gold in RBDD005 drill-core at 192.5 metres.

Maximus Resources Limited (ASX:MXR) (FRA:M5F) has observed gold in core during ongoing diamond drilling at Redback Gold Deposit within the Spargoville tenements 24 kilometres from Kambalda, Western Australia’s premier gold and nickel mining district.

The company observed multiple occurrences of gold over 1.65 metres from 190.8 metres within hole RBDD005 at Redback.

This is the fifth hole in the company’s 2,500-metre diamond drill program testing internal high-grade shoots and extensions to the existing JORC inferred resource limits at Redback.

Recently reported high-grade diamond drilling results include 16.3 metres at 9.3 g/t gold from 229 metres including 5.5 metres at 6.7 g/t from 229.5 metres and 5.8 metres at 17.9 g/t from 240 metres including 1-metre at 48.4 g/t from 240 metres.

“High-grade potential”

Maximus Resources managing director Tim Wither said: “The continued occurrences of visible gold from the current diamond drill program are highly encouraging and demonstrate the high-grade potential of the Redback Deposit.

“These multiple visible gold occurrences, in conjunction with the recently reported high-grade gold intersection of 16.3 metres at 9.3 g/t, strengthen our confidence in the existence of high-grade gold domains within the Redback Deposit.

“Together with the recent diamond-tail intercepts at Redback of broad mineralisation, intense biotite alteration and mineralisation adjacent to interflow sediments along the interpreted Shear zone, towards Wattle Dam, all validate our beliefs that there is a much larger mineral system in the Wattle Dam area.”

Diamond drill program

The Redback diamond drilling program forms part of a short-term strategy aimed at building value by increasing the gold resource at Redback and expanding the company’s future development options.

This program is being conducted in conjunction with the maiden diamond drilling at the company’s recent gold discovery at the S5 Prospect.

Redback Deposit with a JORC 2012 inferred resource of 440,000 tonnes at 3.0 g/t gold for 42,900 ounces is around 600 metres SSE of the previously mined high-grade Wattle Dam Gold Mine.

Mineralisation at Redback

Gold mineralisation at Redback has been modelled as three subparallel and near-vertical domains, with recent reinterpretations comprising of well-developed eastern and western structures which are connected by linking shears/mineralised domains.

Initial drill results demonstrate that the Redback Gold Deposit remains open along strike to the NNW and down plunge, which are being tested within this initial diamond drill program.

Forward plan

The company plans to complete the remaining holes of the 2,500-metre drill program by mid-March 2021 and assays results will be provided as received.

A second phase diamond drill program is proposed following an assessment of the initial diamond drilling of the Redback infill/extension program.

A revised mineral resource estimate is planned to be undertaken on completion of the second phase diamond drill program.

Quick facts: Maximus Resources Ltd

Price: 0.09 AUD

ASX:MXR
Market: ASX
Market Cap: $10.96 m
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