Maximus Resources Ltd (ASX:MXR, OTC:MXRRF) has confirmed the potential for further gold mineralisation at the 8500N deposit and Paleochannel licence near Kambalda, Western Australia, having hit broad intersections of gold in the first pass of drilling.
MXR drilled five reverse circulation (RC) holes over an area of historical drilling which produced bonanza gold results of up to 2 metres at 46.7 g/t gold from just 13 metres of depth, including a 1-metre interval at 92.6 g/t gold from 14 metres.
These first five results produced results of up to 13 metres at 1.59 g/t gold from 11 metres, with a higher-grade interval of 4 metres at 3.49 g/t gold.
Maximus says the drilling results offer important geological insights which will inform the next set of drilling programs at 8500N.
Results indicate rapid expansion opportunity
“The company is thrilled to be drilling again at 8500N,” Maximus managing director Tim Wither said.
“The preliminary drill results are very promising, validating the shallow high-grade characteristics of the Paleochannel and uncovering new mineralisation beneath legacy drilling, indicating a potential for rapid expansion of the mineralisation.
“This opportunity is likely to be a result of legacy air-core drilling targeting the base of the paleochannel gravels, potentially missing a mineralised saprolite zone below the channel.
“The primary goal of this program was to gather important geological data to support upcoming drilling programs, which it has delivered.
“The high-grade, shallow gold mineralisation of the 8500N Paleochannel is envisaged as a low-risk, low CAPEX starter operation to support a sequence of larger open pit operations across the company's growing gold resources.
“In the background, the company continues to advance several long-lead environmental studies across the different projects, necessary for the mine approval process.”
Maximus has also been freed to pursue exploration at the 8500N tenement, as a special prospecting licence covering the area has been surrendered.
The tenement sits on granted mining leases, with infrastructure already in place and environmental flora and fauna baseline studies completed, offering a shorter timeline to gold production.
Low-cost, low-risk gold opportunity
The other results of note from this 5-hole program include:
8500N paleochannel mineralisation:
- 13 metres at 1.59g/t gold from 11 metres, including 4 metres at 3.49g/t gold from 11 metres;
- 1 metre at 1.09g/t gold from 14 metres, and 1 metre at 1.5g/t gold from 18 metres; and
- 1 metre at 0.67g/t gold from 14 metres, and 1 metre at 0.97g/t gold from 18 metres.
8500N primary mineralisation:
- 3 metres at 2.91g/t gold from 114 metres, including 1 metre at 5.27g/t gold from 115 metres; and
- 4 metres at 1.89g/t gold from 167 metres.
Maximus believes the 8500N target offers a low-cost, low-risk, early production opportunity due to its shallow depth – less than 20 metres below surface – and the free-digging qualities of both the gold ore itself and the surrounding rock.
MXR will now conduct a shallow drilling program across the 8500N paleochannel in several stages, with the first phase to begin in early October.
That program will initially target infill and resource extension of the shallow paleochannel mineralisation, including testing the potential of a mineralised saprolite zone beneath the known paleochannel.