Maximus Resources Ltd (ASX:MXR, OTC:MXRRF) had intersected a geological sequence similar to that hosting the Wattle Dam high-grade gold lode, confirming a structural offset and potential for repetition at the Wattle Dam Project near Kambalda in Western Australia
The company's assay results confirm extensive gold mineralisation and pathfinder elements, narrowing the targeted area and requiring follow-up drilling.
Wattle Dam’s 40 to 100-metre-long high-grade lode produced 213,000 ounces at 14.9 g/t gold highlighting the opportunity for discovery of adjacent mineralisation.
“Potential repetition”
Maximus managing director Tim Wither said: “Whilst recent activities have been focused on the 250% increase in gold resources at our Wattle Dam Gold project, lifting Maximus’ global resources above 320,000 ounces of gold, the team continues our search for a potential repetition of the Wattle Dam high-grade lode.
“The first phase drill results have been a very exciting development for the company.
“Drilling has confirmed a geological sequence on the western side of the shear zone, similar to that observed at Wattle Dam, indicating a structural offset has occurred.
“Secondly, a large area of biotite alteration was intersected with anomalous gold, indicating the western side of the shear zone is fertile for a potential repetition of the Wattle Dam high-grade lode.
“Encouragingly the most northern hole with the highest level of observed biotite alteration and arsenic levels is coincident with a magnetic feature, pointing that the offset distance may be larger than initially considered.”
RC chips in WDNRC002 displaying a zone of intense biotite-actinolite altered komatiite with abundant quartz-carbonate alteration and highly anomalous arsenic and antimony.
Assay highlights
Assay results have identified a broad zone of highly anomalous gold and pathfinder elements ranging from 1080ppb gold, 200-700ppm arsenic, and 2-7ppm antimony.
The pathfinder halo extends over 70 metres in width within the northernmost drill hole, confirming an increase in alteration intensity which points to a potential focal region further north.
These are consistent with observed zones of substantial biotite alteration, affirming the potential of the western side of the shear zone.
Forward plan
Maximus has submitted an application for co-funding of a follow-up drill program via the Western Australian Exploration Incentive Scheme (EIS).
Notifications of successful applicants will be announced in late October. A follow-up drill program is being considered of about four holes with depths ranging from 300 metres to 500 metres with further work continuing to further refine the target horizon.
Separately, the company is in the final stages of planning a resource drill program to kick off in the middle of September, targeting resource extensions at the southern zone of the Wattle Dam Gold Project, and resource infill and extension of the shallow Hilditch gold resource 9 kilometres north of the Wattle Dam Project.
Further details of the upcoming drill program will be provided with the mobilisation of the drill rig, expected in the middle of September.
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