Maximus Resources Ltd (ASX:MXR, OTC:MXRRF) has passed 335,000 ounces of gold after completing resource upgrades at the Hilditch and Larkinville deposits within the Spargoville Project 25 kilometres from Kambalda in Western Australia.
There was a 160% increase in gold resources at Hilditch to 482,000 tonnes at 1.3 g/t for 19,500 ounces and a 21% increase in Larkinville resources to 249,000 tonnes at 1.8 g/t for 14,040 ounces.
Importantly, 91%, or 12,800 ounces, at Larkinville is in the higher confidence indicated classification, providing a strong foundation for future toll-treating development studies while 48% of Hilditch resources are now classified as indicated.
And with mineralisation remaining open and constrained only by drilling, there is substantial scope for future growth of the 335,040 ounces at the 17 square kilometres Spargoville Project.
Potential for more
Maximus’ managing director Tim Wither said: “With the completion of the Hilditch and Larkinville MRE updates, Maximus now has combined group gold resources of 335,000 ounces.
"The process of completing the MRE updates has demonstrated the fantastic potential to continue to increase gold resources through targeted drilling at both Larkinville and Hilditch.”
Regional geology map of the Spargoville Gold Project.
About the MREs
The JORC 2012-compliant mineral resource estimate (MRE) updates were completed by an independent technical expert and based on infill and extension drilling completed in 2022 and 2023 at Hilditch and Larkinville.
Both gold MREs are reported as 100% open-pit resources within A$2,800 optimised open-pit shells at a cut-off grade of 0.5 g/t gold.
Resources at both deposits are shallow, with mineralisation at surface and open at depth, and there is significant strike extension remaining at Hilditch.
Near-term production
Significantly for future development and revenue potential, gold resources are on granted mining tenements, with excellent access to infrastructure, service providers and several toll-treating options within a ~70-kilometre haulage distance.
"Both deposits are ideal for near-term production, located on granted mining tenements, with potential for strong economics given the shallow mineralisation starting at surface and favourable ore body geometry.
"The company continues to make consistent improvements in mineral resource classifications, through efficient drilling, and as our geological understanding of the deposits continues to grow, so does the potential across Maximus tenements.”
Assessing further targets
There is significant opportunity for rapid resource growth across all deposits within the Spargoville Gold Project, including the Hilditch and Larkinville deposits, and principally the Wattle Dam Gold Project deposits.
The company is awaiting results from a completed soil sampling program, which aims to identify further drill targets with the potential for shallow, high-grade discoveries.
Completed soil sampling assays are expected in 2-4 weeks to be followed by a targeted drill program.
Flora and Fauna surveys have been completed across the Larkinville mining tenement (M15/1449) which would reduce approval process timeframes for any future production.