Maximus Resources Ltd (ASX:MXR) has intersected high-grade gold with results of up to 3 metres at 17.2 g/t at Redback deposit within the Wattle Dam Project in Western Australia, supporting a resource estimate upgrade scheduled following the completion of the second phase diamond drill program.
Multiple occurrences of visible gold have been observed within four of the seven completed holes with the high-grade shoot extending by around 40 metres and intersecting a high-grade domain.
The best result was 6 metres at 9.4 g/t gold from 257 metres, including 3 metres at 17.2 g/t with the shoot remaining open down-dip/plunge and along strike.
The Redback diamond drilling program forms part of Maximus’ near-term strategy aimed at building value by increasing gold resources across the greater Wattle Dam Area, leveraging from the considerable existing mine infrastructure at Wattle Dam Gold Mine for future project development.
Plan view of the Redback Deposit area illustrating geology drill-hole data.
“Exceptional intersections”
Managing director Tim Wither said: “The first phase of the Redback drill program has been very successful, with several exceptional intersections.
“These final assay results show strong continuity within the high-grade shoot confirming that mineralisation at Redback remains open down-plunge.
“The deeper step-out holes to the north show strong zones of alteration and sulphide mineralisation highlights that mineralisation remains open to the north, towards Wattle Dam.
“Mineralisation of the Redback high-grade shoot can now be traced from around 40 metres to around 250 metres below surface.
“The results from the first phase are being incorporated into the geological database and provide invaluable information in planning further drill programs including the upcoming EIS co-funded holes to potentially double the down-plunge extent at Redback.”
Inferred JORC resource
The Redback deposit area has a JORC (2012) inferred resource of 440,000 tonnes at 3 g/t for 42,900 ounces and is around 600 metres south-southeast of the previously mined high-grade Wattle Dam Gold Mine.
Local geology at Redback is similar to that observed at the high-grade Wattle Dam Gold Mine with a high component of visible gold hosted within deformed ultramafic lithologies (komatiite).
The high-grade gold mineralisation often occurs proximal to the contacts between both felsic intrusives with the ultramafic lithologies, and adjacent to interflow metasediments.
Forward plan
- Reverse circulation (RC) drilling – An RC infill drilling program is planned next to test for shallow mineralisation and near-surface resource potential at Redback.
- Diamond drilling – A second phase diamond drill program is proposed following assessment of the initial phase of the Redback infill and extension program. The second phase of drilling, following updates to the geological model, will be designed to provide sufficient data spacing to assess and allow modelling of the discrete high-grade shoots. The drill program will incorporate the co-funded drilling grant by the WA Government targeting depth extension and structural controls of high-grade gold mineralisation; and
- Updated mineral resource estimation – A revised mineral resource estimate is planned to be undertaken on completion of the second phase diamond drill program.