Maximus Resources Ltd (ASX:MXR, OTC:MXRRF) is following up a potential offshoot of high-grade mineralisation at the Wattle Dam Gold Project in Western Australia after initial drilling confirmed the presence of a structural offset.
The high-grade mineralisation at Wattle Dam is intersected by the regional Spargoville shear zone, which interrupted continuity, appearing to terminate the mineralised system.
Initial drilling at this shear zone contact point has revealed the presence of a structural offset which intersects a similar geological sequence, alteration assemblage and broad gold mineralisation as seen within the main Wattle Dam lode.
Maximus is targeting this offset with a staged approach, this being the second phase of drilling, with five holes over 1,500 metres which will be expanded if the drill bit finds success.
Potential gamechanger for Wattle Dam
“The commencement of the drilling program at Wattle Dam, follows the completion of a $3.2 million underwritten entitlement offer to accelerate Maximus’ gold exploration, with our lithium exploration fully funded through our KOMIR Joint Venture,” managing director Tim Wither said.
“The second phase drill campaign continues to explore a previously untested area on the western side of the regional Spargoville shear zone, immediately north of the Wattle Dam Gold Mine.
“At depth, the Wattle Dam high-grade mineralisation is intersected by the Spargoville shear zone, causing the mineralisation to appear to be terminated.
“Our theory is that the continuation of the main lode could be found on the unexplored western side of the shear zone.
“Initial drill testing has validated the existence of a structural offset, with drilling intersecting a geological sequence similar to the high-grade mineralised envelope at Wattle Dam, with distinct zones of intense biotite alteration and strong geochemical signature.
“Deeper drilling in the second phase will focus on either side of the northernmost hole, where the highest level of alteration was observed.
“Given the very high gold grades recovered within the Wattle Dam gold mine, if we can prove our theory correct it will be a real game changer for Wattle Dam.”
Once the program at Wattle Dam is complete, MXR will move the rigs to the 8500N, Hilditch and Larkinville gold resources to complete extension and infill programs aimed at increasing JORC mineral classification.