Join our daily newsletter At The Bell to receive exclusive market insights
- Maximus Resources (MXR) has been awarded a $120,000 grant through the WA Government’s Exploration Incentive Scheme (EIS)
- The grant will cover half the costs of a diamond drilling program at the Redback gold deposit in WA
- The two-hole program is designed to extend (or even double) the down-dip plunge continuation of gold mineralisation at the deposit
- Drilling is expected to begin in the second half of the year
- Maximus ended the day with shares 1.09 per cent in the green to trade at 9.3 cents
Maximus Resources (MXR) has been awarded a drilling grant through the WA Government’s Exploration Incentive Scheme (EIS).
This scheme, which was formed in 2009, encourages companies in the mining and resources sector to conduct exploration within the state.
The $120,000 grant covers half the costs of a diamond drilling program to be carried out at the Redback gold deposit in WA.
This deposit has an inferred resource of 440,000 tonnes at 3g/t gold for 42,900 ounces. It’s situated around 600 metres south-southeast of the high-grade Wattle Dam gold mine.
“This is an excellent outcome for Maximus, as the Exploration Incentive Scheme is a highly competitive process and is an endorsement of the technical approach to expanding resources at the Redback deposit,” Managing Director Tim Wither said.
The upcoming co-funded program will include two deep diamond holes designed to extend — or even double — the down-dip plunge continuation of the known gold mineralisation at Redback.
Recent high-grade drill results including 16 metres 9.3g/t gold from 229 metres including 5.8 metres at 17.9g/t gold shows that Redback remains open along strike to the north-northwest and down plunge. This means there is significant potential for a broader mineralised system.
Drilling is set to begin in the second half of the year.
Maximus ended the day with shares 1.09 per cent in the green to trade at 9.3 cents.
