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Maximus Resources advances maiden gold resource estimation work at Wattle Dam

Last updated: 13:52 26 Aug 2021 AEST, First published: 13:37 26 Aug 2021 AEST

Maximus Resources Ltd -

Maximus Resources Ltd (ASX:MXR) is advancing maiden gold mineral resource estimation activities at the Wattle Dam Project in WA, with a result earmarked for early September.

The company also expects this work will provide guidance on further drilling programs along the S5 and Golden Orb mineralised structures.

This follows the completion of a successful $12 million two tranche placement which included Pantoro Ltd (ASX:PNR) as a cornerstone investor.

In an exploration update, Maximus highlighted that the resource estimation work was a result of the consolidation of a substantial amount of legacy geological data within the Wattle Dam area.

This data highlighted a broad zone of remnant unmined carbonate-quartz stockwork (Wattle Dam stockwork) up to around 40 metres wide with a varied strike length between 40 and 100 metres and occurring immediately west of the mined high-grade shoot at Wattle Dam.

Wattle Dam was mined by Ramelius Resources from 2006 to 2012, producing 262,000 ounces from ore grading 10.9 g/t gold via a shallow open pit and high-grade underground mining operation down to 365 metres below surface.

Redback drilling program

Maximus' other recent activities include the completion of the 900-metre reverse circulation (RC) drilling program at the Redback deposit, which targeted shallow extents of the Redback high-grade gold shoot.

The program was designed to support an updated resource estimate and potentially define near surface mineralisation that may be amenable to open-pit mining.

Samples have been submitted to a Kalgoorlie analytical laboratory for assaying and it is expected that final assay results will be received mid-September.

The Redback deposit has an inferred resource of 440,000 tonnes at 3 g/t gold for 42,900 ounces, around 600 metres south-southeast of the mine.

It remains open at depth and along strike and will be tested in the upcoming second phase diamond drilling program.

Looking ahead

Maximus has secured a diamond drill contractor which will be on-site at the end of September.

A 7,000-metre diamond drill program has been designed over several targets with statutory approvals in place and several drill pads completed in readiness for the program.

The multi-target drill program will centre on the continuation of the resource definition drilling at Wattle Dam and Redback.

It will also test mineralised extensions across the structural corridors to gain a better understanding of the structural controls of the high-grade gold mineralisation.

WA Government co-funded EIS holes

Drilling at Redback will include the two WA Government co-funded EIS deep drill holes designed to materially extend the down-dip plunge continuation of the known Redback gold mineralisation.

In February, drilling at the gold depsoit extended a high-grade domain intersecting 16.3 metres at 9.3 g/t gold from 229 metres, including 5.8 metres at 17.9 g/t gold. 

The deep diamond drill holes will provide further geological insight into the stratigraphic and structural controls of high-grade gold mineralisation across the greater Wattle Dam Area.

This program will also incorporate drill testing of the Hilditch West nickel target, with more information regarding the targeting of the drill hole to be advised to shareholders closer to the commencement of drilling.

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