- Maximus Resources (MXR) confirms a new high-grade gold zone at its Redback gold deposit, located within the Wattle Dam project in Kambalda, Western Australia
- Initial assays confirmed wide high-grade gold mineralisation, about 300 metres below the known Redback gold resource
- The new target area has several zones of high-grade gold, up to 21.3 grams per tonne (g/t)
- Further drilling at the new area is underway, with several wedge holes planned from the completed EIS drill holes
- On the market today, Maximus is up 2.63 per cent at 7.8 cents per share
Maximus Resources (MXR) has confirmed a new high-grade gold zone at its Redback gold deposit, located within the Wattle Dam project in Kambalda, Western Australia.
The company has recently competed a drilling program that was co-funded by the Western Australian Government’s Exploration Incentive Scheme (EIS).
Initial assays have confirmed wide high-grade gold mineralisation, about 300 metres below the known Redback gold resource.
The new target area — the Western Contact — has several zones of high-grade gold up to 21.3 grams per tonne (g/t) of gold. Other intersections returned 11 metres at 3.2 g/t gold from 626 metres, including three metres at 5.7 g/t gold.
Due to the current delays for assay results around the globe, the company elected to fast-track a selected interval to provide direction on planned follow-up drilling. The remaining assays from drill holes and other completed resource drill holes are pending.
Further drilling at Western Contact is underway, with several wedge holes planned from the completed EIS drill holes.
“Having confirmed a wide zone of high-grade gold mineralisation and observed zones of
alteration up-dip, opens up a new target area (Western Contact) for exploration and materially adds to the Redback mineralised system,” Managing Director Tim Wither said.
“These results, and ongoing intersections of alteration zones, analogous to those observed at Redback and at Wattle Dam, continue to increase our confidence in the near-term development potential of another high-grade gold mine at Wattle Dam.”
On the market today, Maximus was up 2.63 per cent and is trading at 7.8 cents per share at 10:36 am AEDT.