Maximus Resources Ltd (ASX:MXR) has confirmed a new, high-grade gold zone at the Wattle Dam Project’s Redback deposit in Western Australia.
The precious metals explorer recently embarked on a drilling campaign in the region, co-funded by the WA Government’s Exploration Incentive Scheme (EIS), and doubled down on the gold zone.
The new target, known as the Western Contact, recorded as much as 21.3 g/t gold during assay with further results pending.
Following the completion of the EIS drill holes, three resource holes — initially underway in the Redback resource drill program — were extended in depth to test the Western Contact.
Promisingly, all three extended resource holes intersected an altered contact zone up-dip from the mineralisation intersected in the first EIS hole.
Further drill testing on the Western Contact is underway, with several wedge holes planned from the completed EIS drill holes to save on costs and time.
“A new target area for exploration”
Commenting on initial assays from the Redback drilling campaign, Maximus managing director Tim Wither said: “Having confirmed a wide zone of high-grade gold mineralisation and observed zones of alteration up-dip, opens up a new target area (Western Contact) for exploration and materially adds to the Redback mineralised system.
“These results, and ongoing intersections of alteration zones, analogous to those observed at Redback and at Wattle Dam, continue to increase our confidence in the near-term development potential of another high-grade gold mine at Wattle Dam.
“With the highly encouraging initial results from the ongoing diamond drilling program at Redback and several holes awaiting assays results, we look forward to updating shareholders as the program progresses over the coming months.”
Turning the soil at Redback
The Redback Gold Deposit is roughly 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.
Two EIS co-funded diamond drill holes — dubbed RBDD008 and RBDD009 — were completed in early December, designed to test the down-dip plunge of known mineralisation at Redback Gold Deposit.
Ultimately, the holes intersected a wide interval of heavily altered ultramafics, with multiple occurrences of visible gold observed in hole RBDD008.
Initial assays have come from a selected interval of alteration in RBDD008, fast-tracked through the laboratory to help Maximus plan for additional drill testing in the Western Contact target area.
Some of the best results from the hole to date include:
- 11 metres at 3.2 g/t gold from 626 metres, including 3 metres at 5.7 g/t from 626 metres;
- 2 metres at 4.3 g/t from 631 metres and 1-metre at 7.1 g/t from 636 metres; and
- 2.5 metres at 6 g/t from 658.5 metres, including 1-metre at 13 g/t from 658.5 metres.
Additionally, intervals containing visible gold in RBDD008 assayed 1-metre at 14.6 g/t gold from 628 metres and 0.5 metres at 21.3 g/t from 658.5 metres.
The remaining intervals for both EIS holes, as well as the completed resource drill holes, have been sampled and submitted for assaying.
Next on the agenda
Moving ahead, Maximus has planned to conduct several ‘wedge’ holes, which utilise the existing EIS drill holes as a platform to further test the new Western Contact target area.
Initially, a wedge hole has been designed to intersect roughly 90 metres above the mineralised intersection in hole RBDD008.
Several other wedge holes are planned and will be assessed as the drilling program evolves.
In the meantime, the second phase of the planned Redback infill and resource extension program — consisting of diamond and reverse circulation (RC) drilling — is continuing in parallel.
Through this program, the explorer hopes to provide adequate data to complete an updated mineral resource and subsequent development studies at Wattle Dam.
The RC program at Redback is scheduled to kick off in the first weeks of February, and Maximus will continue to keep the market abreast of key updates.
Shares are 5.26% higher at $0.08 this morning.