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Maximus Resources (ASX:MXR) - Acting Chairman, Gerard Anderson
Acting Chairman, Gerard Anderson
Source: Finance News Network
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  • Maximus Resources (MXR) begins a 900-metre reverse circulation (RC) drilling program at the Redback Gold Deposit in Western Australia
  • This RC drilling forms part of Maximus’ strategy to build value by increasing gold resources at the host Wattle Dam Project
  • Drilling is expected to take less than a week with samples to be sent to the lab in Kalgoorlie for assay
  • Results are expected within three to five weeks post completion of drilling with results to be announced as they become available
  • Maximus has ended the day 5.48 per cent in the green with shares trading at 7.7 cents

Maximus Resources (MXR) has begun a 900-metre reverse circulation (RC) drilling program at the Redback Gold Deposit.

Redback is part of the Wattle Dam Project which lies in Western Australia and is one of Australia’s highest-grade gold mines.

The Redback Deposit lies 600 metres southwest of the Wattle Dam Gold Mine and has a JORC 2012 inferred resource of 440,000 tonnes at 3 grams of gold per Tommy (g/t) for 42,900 ounces.

Geology is similar to that seen at Wattle Dam with visible gold hosted with deformed ultramafic lithologies.

This RC drilling forms part of Maximus’ strategy to build value by increasing gold resources at Wattle Dam.

Analysis of previous drilling has identified a shallow area above the Redback shoot which has not been thoroughly drill tested.

This shoot spans from 40 metres to 250 metres below surface.

Drilling is expected to take less than a week with samples to be sent to the lab in Kalgoorlie for assay.

Results are expected within three to five weeks post completion of drilling with results to be announced as they become available.

Maximus has ended the day 5.48 per cent in the green with shares trading at 7.7 cents in a $10.22 million market cap.

MXR by the numbers
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