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Maximus Resources (ASX:MXR) has unveiled its latest drilling assay results at Eagles Nest, hitting gold downhole multiple assets.
Shareholders and traders were liking the news in the first hour of Wednesday trades with Maximus’ share price jumping +7.15% to 4.5cps right before 11am Sydney time.
Firing up Reverse Circulation (RC) drill rigs, Maximus reported on Wednesday it’s now expanded the area wherein gold mineralisation is known to be present underground.
The company revealed the following results on Wednesday with one brief section hitting 15g/t grades 45m underground:
- 08m @ 3.1g/t gold from 45m depth, including
- 01m @ 15.9g/t gold at 45m depth
- 13m @ 1.4g/t gold from36m depth, including
- 05m @ 2.5g/t gold from 39m depth
- 06m @ 2.45g/t gold from 60m depth, including
- 03m @ 4.1g/t gold from 61m depth
- 11m @ 1.5g/t gold from 5m depth
- 11m @ 1.4g/t gold from 30m depth
Samples from this latest batch have been sent on for metallurgical testwork (metwork), with metwork results to determine gold recovery grades. Geotechs are now looking to the newly found gold-hosting areas with a view towards potential expansion of existing resource estimates.
Eagles Nest will once again be subject to drilling once the company wraps up a second drill run at a paleochannel target of interest, with that run to start next week.
“A follow-up infill resource drill program at Eagles Nest is expected to commence after RC drilling at the priority 8500N Paleochannel, scheduled to start in the coming week,” Maximus MD Tim Wither said.
“These shallow gold results [at Eagles Nest] are extremely promising, showing that the broad mineralisation is continuous along strike and highlights the potential for resource growth with further targeted drilling.”
MXR last traded at 4.5cps.
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