Maximus Resources Ltd (ASX:MXR, OTC:MXRRF) welcomes initial gold results from the first 46 holes of a phase 1 reverse circulation (RC) drill program at the 8500N Paleochannel, near Kambalda in Western Australia.
This first stage consisted of 102 RC holes for around 3,200 metres aimed at improving the geological confidence of the shallow paleochannel while testing for potential extensions of mineralisation.
The close-spaced drill program was designed to be completed in two stages to improve geological confidence while testing along strike and mineralisation extending into the underlying saprolite zones.
Maximus intersected gold mineralisation within paleochannel gravels and the underlying primary mineralisation, further demonstrating the potential to expand the known mineralisation.
Several drill traverses were undertaken to test for extensions along strike to the south. The complete drill program has been designed to be completed in several stages to ensure optimal drilling effectiveness.
The 8500N Paleochannel is between the company’s Wattle Dam Gold Mine and the underlying 8500N gold deposit. It represents a low-cost, low-risk production opportunity due to its shallow high-grade gold mineralisation and free-digging qualities of the mineralised and overburden material.
Shallow mineralisation
"The initial results from the first phase drilling at the 8500N Paleochannel have returned several shallow high-grade gold intervals, highlighting the shallow nature of the gold mineralisation and a mineralised zone within the primary zone directly below the paleochannel,” Maximus managing director Tim Wither said.
“These intersected gold grades in the paleochannel gravels and underlying primary mineralisation are highly encouraging when compared to the 8500N primary mineral resource grade directly below which sits at 1.25 g/t gold.
“Gold mineralisation is intersected at multiple levels suggesting a potential connection between high-grade paleochannel gold mineralisation and primary gold mineralisation beneath.
“This information suggests that the paleochannel gold may be remobilised from either the primary mineralisation below or a potential mineralised source further along strike to the north.
“With the company's systematic approach to exploration, a substantial amount of data has been obtained from these initial results and we look forward to receiving the results from the northern zone before planning the second phase infill drill program."
Initial results
The company received shallow high-grade gold results including:
- 4 metres at 5.2 g/t gold from 14 metres including 2 metres at 9.5 g/t from 14 metres;
- 2 metres at 6.6 g/t from 13 metres;
- 4 metres at 3.2 g/t from 10 metres including 2 metres at 5.4 g/t from 12 metres and 1 metre at 2.6 g/t from 19 metres;
- 3 metres at 2.9 g/t from 13 metres including 1 metre at 6.5 g/t from 15 metres;
- 3 metres at 2.8 g/t from 11 metres including 1 metre at 5.3 g/t from 11 metres;
- 6 metres at 2.7 g/t from 36 metres including 1 metre at 10.9 g/t from 40 metres at the end of hole;
- 1 metre at 0.5 g/t from 31 metres and 2 metres at 3.5 g/t from 38 metres including 1 metre at 4.9 g/t from 39 metres;
- 1 metre at 6.8 g/t from 16 metres, 9 metres at 0.6 g/t from 28 metres and 1 metre at 1.0 g/t from 40 metres;
- 6 metres at 1.3 g/t from 30 metres; and
- 6 metres at 1.0 g/t from 29 metres including 1 metre at 2.3 g/t from 29 metres.
The results further define the southern high-grade zone over 90 metres of strike length, reinforcing and extending legacy data while demonstrating a strong correlation with historical results.
Maximus’ 8500N Paleochannel mineralisation with the phase 1 (black) and legacy (white) drill collars.
More assays to come
The remaining assay results from the 102-hole, 3,200-metre drill program are expected to be received within two to three weeks.
Following the first-phase results, Maximus may adjust the second-phase drill program to refine drill targeting to ensure effectiveness for resource definition.