- Maximus Resources (MXR) has received the final assay results from the first phase of drilling at the Redback Deposit within Wattle Dam near Kambalda in WA
- The current drill program is part of a near-term strategy to build value by increasing gold resources across the greater Wattle Dam Area
- The latest results confirm consistent mineralisation and continuation of plunging shoots of high-grade mineralisation, with the gold mineralisation remaining open at depth and along strike
- An upcoming follow-up reverse circulation infill drilling program will test for shallow mineralisation and near-surface resource potential at Redback
- Once assessment of the phase one drilling is complete, the company has proposed a phase two diamond drilling program to follow updates to the geological model
- Following completion of the second phase, MXR plans to provide an update mineral resource estimate
- Shares are trading 1.3 per cent lower at 7.7 cents
Maximus Resources (MXR) has received the final assay results from the first phase of drilling at the Redback Deposit in WA.
Redback is located around 600 metres south-southeast of the previously mined high-grade Wattle Dam Gold Mine, near Kambalda in Western Australia’s premier gold and nickel mining district.
The deposit has a JORC 2012 inferred resource of 440,000 tonnes at three grams per tonne (g/t) gold for 42,900 ounces.
The current drill program is part of Maximus’ near-term strategy to build value by increasing gold resources across the greater Wattle Dam Area, leveraging from the significant existing mine infrastructure at Wattle Dam Gold Mine for future development plans.
The latest results further confirm consistent mineralisation and continuation of plunging shoots of high-grade mineralisation. The company said the gold mineralisation at Redback remains open at depth and along strike.
From the seven holes completed, four showed multiple occurrences of visible gold.
Drill hole RBDD006 intersected six metres at 9.4g/t gold from 257 metres, which included three metres at 17.2g/t gold.
Managing Director Tim Wither commented on the results.
“These final assay results show strong continuity within the high-grade shoot,” and the results from RBDD006 confirm that “mineralisation at Redback remains open down-plunge.”
“The deeper step-out holes to the north show strong zones of alteration and sulphide mineralisation highlights that mineralisation remains open to the north, towards Wattle Dam,” he continued.
Moving forward, the company is planning to start a reverse circulation infill drilling program to test for shallow mineralisation and near-surface resource potential at Redback.
Following assessment of the first phase of the infill and extension program, MXR has proposed a second phase diamond drill program to follow updates to the geological model.
Further, the second phase will be designed to provide sufficient data spacing to assess and allow modelling of the discrete high-grade shoots.
The program will incorporate the co-funded drilling grant by the WA Government targeting depth extension and structural controls of high-grade gold mineralisation below Redback.
Once the second phase is complete, the company plans to update the mineral resource estimate.
Shares are trading 1.3 per cent lower at 7.7 cents at 11:24am AEST.