Maximus Resources Ltd (ASX:MXR, OTC:MXRRF) has set the drill bit to work at the 8500N Paleochannel licence in Western Australia, following up bonanza- and high-grade results up to 1 metre at 92.6 g/t gold from 14 metres of depth with infill reverse circulation (RC) drilling.
The company has previously unearthed several strong intersections on the 8500N tenure, including 2 metres at 46.7 g/t gold from 13 metres and 1 metre at 51.1 g/t from 16 metres.
MXR intends to glean more geological data with this staged RC program as well as testing for mineralisation along strike from previous results and in the underlying saprolite (weathered rock) zones.
Low-cost, low-risk gold opportunity
Maximus is confident the 8500N Paleochannel asset will be a low-risk, low-cost opportunity to produce gold.
The licence sits close to established mining infrastructure on granted mining tenements with baseline flora and fauna studies already in place – all contributing to a much shorter approval and permitting period.
The gold system also appears to be particularly shallow (results originate from an average of 15 metres of depth) and high in overall gold grade, offering a free-digging opportunity due to the characteristics of the mineralised paleo gravels and overburden material on the site.
MXR expects to complete this first 3,000-metre stage of the drilling program within the next 2-3 weeks and to receive the full set of assays about five weeks from submitting the final sample.
Targeting resource definition
With the first phase results in hand, Maximus will adjust and refine drill targeting for the second phase of drilling, with resource definition the priority goal.
Additionally, the company has submitted several samples for metallurgical test work to determine gravity recoveries, viscosity and potential reagent consumption and MXR is also preparing to complete a passive seismic survey to better understand the lateral extent of the gold system.
Maximus says its focus remains on near-term gold production, prioritising shallow infill resource drilling and “completing essential development studies required for mine approvals while maintaining a balanced approach with ongoing exploration programs”.