- Maximus Resources (MXR) has found visible gold over 1.6 metres within a single drill hole at the Redback deposit in WA
- The gold occurrences were identified in the fifth hole drilled as part of a 2500-metre diamond drilling program
- Drilling is testing high-grade shoots and extensions to the deposit’s existing inferred resource and is expected to be completed this month
- Once drilling wraps up, a second phase program will commence to assist with completing an updated mineral resource estimate
- Company shares have dropped 3.57 per cent to trade at 13.5 cents
Maximus Resources (MXR) has found visible gold over 1.6 metres within a single diamond drill hole at the Redback deposit in Western Australia.
The visible gold occurrences lie within hole RBDD005, which is the fifth hole in Maximus’ 2500-metre diamond drilling program.
This ongoing program is testing high-grade shoots and extensions to Redback’s existing JORC inferred resource which sits at 440,000 tonnes at 3g/t gold for 42,900 ounces.
The visible gold aligns with a recent gold intersection of 16.3 metres at 9.3g/t gold from 229 metres including 5.5 metres at 6.7g/t gold from 229.5 metres and 5.8 metres at 17.9g/t gold from 240 metres including one metre at 48.4g/t gold from 240 metres.
“The continued occurrences of visible gold from the current diamond drill program at Redback are highly encouraging and demonstrate the high-grade potential of the Redback deposit,” Managing Director Tim Wither said.
Maximus expects to complete drilling some time this month and will follow it up with a second phase diamond drilling program. Phase two drilling will assist with completing an updated mineral resource estimate.
Company shares have dropped 3.57 per cent to trade at 13.5 cents at 12:32 pm AEDT.