Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Maximus Resources (MXR) is set to begin its maiden 2020 drilling campaign at the highly prospective Spargoville tenements in WA
  • This 2000 metre drilling program will begin at the Eagles Nest and Larkinville gold deposits
  • Drilling will then be undertaken at two tier one “Wattle Dam lookalike” targets
  • The Wattle Dam gold mine was one of Australia’s highest-grade gold discoveries, producing 880,000 tonnes at 10.1g/t gold for 286,000 ounces
  • Maximus ended the day with a 27.1 per cent boost and shares closing at 8.9 cents each

Maximus Resources (MXR) is set to begin its maiden 2020 drilling campaign at the highly prospective Spargoville tenements in WA.

This program will begin along the Spargoville shear zone and build on the current JORC 2012 resource estimate of 112,280 ounces at 2.41g/t gold.

Resource definition drilling will begin shortly at the Eagles Nest and Larkinville gold deposits which collectively hold a 54,200 ounce resource.

Following this, the reverse circulation (RC) rig will test two tier one exploration “Wattle Dam lookalike” targets that are located north and south of the Wattle Dam open pit.

Eagles Nest

The Eagles Nest deposit is located on the Spargoville shear, approximately seven kilometres south of the Wattle Dam mine site.

Limited deep exploration has been completed at Eagles Nest and mineralisation remains open to the north and south.

Gold mineralisation at this deposit begins either near surface or at surface and it provides a low cost start-up opportunity.

To date, drilling has identified a high nugget effect due to the presence of fine gold and Maximus believes that there is good potential to improve the grade similar to that seen at Wattle Dam.

Previously completed metallurgical test work has show consistently high recoveries, averaging a success rate of 94 per cent.

Larkinville

The Larkinville gold deposit is located on the Kunanalling Shear and is located within four kilometres of Eagles Nest.

Limited exploration has been completed at this deposit and the gold resource of 119,700 tonnes at 3.02g/t gold for 11,600 ounces remains open to the north and at depth.

Previous drilling has also identified fine gold and Larkinville has an even higher recovery rate of 97 per cent.

“Wattle Dam Lookalike” targets

The Wattle Dam gold mine was one of Australia’s highest-grade gold discoveries, producing 880,000 tonnes at 10.1g/t gold for 286,000 ounces.

Maximus currently has two tier one “Wattle Dam Lookalike” targets that it will test in this phase of drilling.

The S5 target lies 400 metres south of the Wattle Dam open pit while the S13 target lies 700 metres north.

These two targets occur in very similar structural settings as the Wattle Dam gold mine.

Maximus ended the day up a healthy 27.1 per cent and shares trading for 8.9 cents each.

MXR by the numbers
More From The Market Herald

" Musgrave Minerals (ASX:MGV) finds ‘bonanza’ gold at Big Sky

Musgrave Minerals (MGV) has received more results from drilling at the Big Sky prospect, which is part of its Cue gold project in
Suvo Strategic Minerals (ASX:SUV) - Executive Director, Aaron Banks (left) and Executive Chairman, Robert Martin (right)

" Suvo Strategic Minerals (ASX:SUV) begins drilling at Nova

Suvo Strategic Minerals (SUV) has begun the second phase of drilling at its Nova silica sands project in Western Australia.

" Torian Resources (ASX:TNR) extends Tyrannus gold footprint

Torian Resources (TNR) has extended gold mineralisation at the Tyrannus prospect within the Mt Stirling gold project near Lenora in Western Australia.
Tempus Resources (ASX:TMR) - Non Executive Chairman, Alexander Molyneux

" Tempus Resources (ASX:TMR) hits 33.7g/t gold at Blue Vein

Tempus Resources (TMR) has intersected up to 33.7 grams of gold per tonne (g/t) from the newly discovered Blue Vein.