ASX-listed gold developer Maximus Resources is closer to defining an open-pit-able gold resource at its Redback deposit with recent drilling at Redback returning a bevy of shallow high-grade numbers including 7 metres at 7.0 grams per tonne gold from 42m. An additional drill programme of about 2,000m is planned ahead of a mineral resource update and open-pit optimisation studies.
Other notable intercepts from the recent campaign were 4m at 5.1 g/t gold from just 26m including 1m going 13.8 g/t gold and 5m grading 2.4 g/t gold which contained 1m at 6.6 g/t gold.
The latest drilling results further support the commencement of our second phase resource drill programme at Redback. The programme includes two EIS holes which have the potential to double the known down-dip extent of mineralisation at Redback and provides insight into the geological controls of mineralisation across the greater Wattle Dam Area, invaluable for future resource drill programmes.
Earlier drilling by Maximus over the Redback discovery returned high-grade intercepts including 16m going 9.3 grams per tonne gold from 229m which included 5.8m at an impressive 17.9 g/t gold.
Another 6m intersection came in at 9.4 g/t gold and also included a high-grade intercept of 3m at 17.2 g/t gold.
Interestingly, the company says drilling to date has uncovered what appears to be a multi-lode gold-rich system which extends along more than 200m of strike and down to more than 115m below surface.
The Redback deposit sits less than 600m south of the old Wattle Dam mine and likely represents the southern extensions of the mine stratigraphy according to the company. Drilling has defined an initial inferred resource of 440,000 tonnes of gold-rich ore grading an enviable 3.0 g/t gold for 42,900 ounces of the precious yellow metal.
Maximus has wasted no time in following up the results with the drill bit already plumbing the depths of the multi-lode system. The company says the programme at the Redback gold deposit started with two West Australian Government Exploration Incentive Scheme – or “EIS” co-funded deep drill holes. The EIS holes are reportedly designed to test the down-plunge extensions of existing wide, high-grade intercepts.
Additionally, Maximus says a further 2,000m of drilling is planned to target resource infill and extension with the aim of releasing an upgraded resource in the months ahead that will feed into ongoing open pit optimisation studies.
Maximus’ Spargoville project boasts an impeccable mining history that takes in the Wattle Dam mine that proved at the time to be a company-making opportunity for mid-tier miner Ramelius Resources. Wattle Dam began operations in 2008, initially with a small, high-grade open pit before moving to underground mining, where it produced more than 266,000 ounces of gold over a 4-year mine life.
Notably, the average grade of ore from the Wattle Dam mine came in at 10.6 grams per tonne gold, positioning it as one of Australia’s highest grade gold mines.
At a time when the gold price is moving in an upward trajectory, if Maximus can replicate anything that even resembles the early success of Ramelius Resources at Wattle Dam, it will be game on for the small capped explorer.
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