Maximus Resources (ASX:MXR) - Acting Chairman, Gerard Anderson
Acting Chairman, Gerard Anderson
Source: Finance News Network
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  • Maximus Resources (MXR) has completed its maiden drilling program at the Wattle Dam East target in WA
  • The aim of this maiden drilling program was to test a strong electromagnetic anomaly for nickel sulphides
  • Two intervals containing semi-massive sulphides were intersected as well as minor dispersed pyrite and chalcopyrite
  • Following these findings, Maximus will be undertaking a downhole electromagnetic survey (DHEM) to identify the source of the mineralisation
  • The DHEM survey is scheduled to be complete by the end of the month with diamond drilling planned following analysis of the results
  • Maximus is down 12.7 per cent on the market with shares trading at 9.6 cents

Maximus Resources (MXR) has completed its maiden drilling program at the Wattle Dam East target.

Wattle Dam East lies within Maximus’ Spargoville tenements, which are situated 25 kilometres from BHP’s (BHP) Kambalda Nickel Operation in Western Australia.

The aim of this maiden drilling program was to test a strong electromagnetic (EM) anomaly for nickel sulphides.

Two intervals containing semi-massive sulphides, within weakly dispersed sulphides, were intersected from 430 metres to around 600 metres.

The primary mineral was pyrrhotite with minor dispersed pyrite and chalcopyrite also identified.

Despite nickel sulphide not visually observed from surface, the nickel content will not be determined until geochemical analysis is complete.

Following these findings, Maximus will be undertaking a downhole electromagnetic survey (DHEM) to identify the source of the mineralisation.

The DHEM survey is scheduled to be complete by the end of the month with diamond drilling planned following analysis of the results.

“The observations from the maiden diamond drill hole at Maximus’ Wattle Dam East are highly encouraging,” Managing Director Tim Wither said.

“Having the first drill hole intersect zones of sulphides, located coincident and proximal to the modelled EM conductor between two known nickel deposits, validates our belief in the potential for the Wattle Dam East target to host nickel sulphide mineralisation,” he added.

Maximus is down 12.7 per cent on the market this morning with shares trading at 9.6 cents at 11:28 am AEDT.

MXR by the numbers
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