Proactive’s Tylah Tully breaks down ‘Just the Facts’ of the latest news from Maximus Resources Ltd (ASX:MXR, OTC:MXRRF).
The company has received assay results from the first 46 holes of its reverse circulation (RC) drilling program at the 8500N Paleochannel Project in Western Australia.
The initial phase includes 102 drill holes and focuses on increasing geological confidence and exploring mineralisation in the paleochannel gravels and underlying saprolite zones.
Key results are: 4 metres at 5.2 g/t gold from 14 metres, including 2 metres at 9.5 g/t, and 2 metres at 6.6 g/t from 13 metres.
Extensions of mineralisation beneath the paleochannel, suggest resource growth potential.
The shallow, high-grade nature of the mineralisation makes 8500N a low-cost production opportunity due to its free-digging characteristics.
Results indicate a connection between paleochannel-hosted gold and primary mineralisation below. This aligns with the project's resource grade of 1.25 g/t and suggests significant potential from further exploration.
Remaining assay results from the program are expected within 2-3 weeks. Phase two drilling will be planned based on these outcomes.
Additionally, metallurgical tests on samples are underway, with results anticipated in Q1 2025 to evaluate recovery methods and processing requirements.