Maximus Resources Ltd (ASX:MXR) shares opened trade about 8.7% higher at 5 cents after starting a ~3,500-metre reverse circulation (RC) drill program at its Wattle Dam Gold Project in Western Australia.
The company’s drilling at the S5 / Golden Orb corridor is following up on the previously reported high-grade mineralisation.
Wattle Dam Project – showing Golden Orb and other gold prospects – looking north.
Maximus managing director Tim Wither said: “It is exciting to be starting the S5/Golden Orb drill program, following up previous drilling success at both targets.
“It was very encouraging to intersect 6m @ 8.8 g/t Au during the last program, which was outside of the known Golden Orb mineralised envelope.
“Benefiting from learnings of previous drill programs, together with the newly acquired closer spaced magnetic surveys, provides valuable information in the targeting for further high-grade domains within the Wattle Dam Gold Project.”
The drilling updates and assay results are expected through August and September 2022.
Plan view of drill collar location with aerial magnetic survey overlay.
Golden Orb drilling
Maximus recently completed an initial drill program at Golden Orb to confirm legacy drilling in the area.
The drilling intersected gold mineralisation of 6 metres at 8.8 g/t gold from 198 metres including 3 metres at 14.2 g/t gold from 199 (GORC058) metres adjacent to the Western Shear Zone analogous to the drilling of the S5 prospect.
Maximus’ intersection in hole GORC058 occurs outside the previously interpreted broad mineralised zone and indicates potential for a steeply dipping high-grade shoot at Golden Orb.
S5 Prospect drilling
The S5 Prospect is north of Golden Orb and ~300 metres south of the Wattle Dam Gold Mine pit crest.
Maximus’ initial drill programs at S5 intersected a high-grade gold interval of 3.0 metres at 83.3 g/t gold from 25 metres with follow-up drilling intersecting 32 metres at 3.2g/t gold from 105 metres.
The geological setting along the S5 / Golden Orb corridor is analogous to the Wattle Dam Gold Mine, which is not unexpected, with previous drilling passing through the Western Shear Zone (part of the regional Spargoville Shear Zone which also hosts the Hilditch Gold deposit) and into variably altered and veined ultramafics in the footwall of the shear zone.