Maximus Resources Limited (ASX:MXR) has unveiled an update of the Mineral Resource Estimate (MRE) for the Redback Gold Project in Western Australia totalling 1.24 Mt @ 1.9 g/t Au for 76,500 oz Au.
Redback represents a near-term gold production opportunity for Maximus, strategically located within a short trucking distance from several regional gold processing plants. Gold mineralization at Redback has high potential to be part of a much larger interconnecting mineralised system that remains open at depth and along strike to the south.
Redback is located within the Wattle Dam Gold Project and is situated ~600 m to the south-southeast of the Wattle Dam Gold Mine which was mined until 2012. Wattle Dam was one of Australia’s highest-grade gold mines producing ~286,000oz @ 10.1g/t gold, highlighting the high-grade discovery potential within the Company’s 108 sq km Spargoville tenements.
The completed drill programmes and MRE update has provided the Maximus technical team with an increased understanding of the geological controls for mineralisation across the Redback and Golden Orb trends and demonstrates the opportunities for further growth across the Wattle Dam area and along strike to the south.
“The updated MRE for the Redback Gold Project is a solid outcome for the company,” Managing Director Tim Wither said.
“The focus of the completed drill programmes was to expand the near-surface resources and increase confidence levels from Inferred to Indicated Resources, which successfully resulted in 24% of resource gold ounces now being in the Indicated Mineral Resource category, the majority contained within an optimised open-pit resource.
“The new MRE has highlighted an excellent opportunity to continue to grow gold resources across the Spargoville tenements, building towards the evaluation of near-term development opportunities, while exploring for the next Wattle Dam. The focus will be on high-grade zones as they emerge.”
The MRE update does not include the Western Australian Government Exploration Incentive Scheme (EIS) deep drilling, which intersected wide high-grade gold mineralisation, ~300 metres below the Redback lode resource.
The EIS deep drilling below the Redback lode intersected 11.0m @ 3.2 g/t Au from 626m including 3.0m @ 5.7 g/t Au from 626m, 2.0m @ 4.3 g/t Au from 631m, 1.0m @ 7.1 g/t Au from 636m and 2.5m @ 6.0 g/t Au from 658.5m incl. 1.0m @ 13.0 g/t Au from 658.5m (RBDD008). It is assumed that the expansion of the Redback lode at depth will be targeted in further resource expansion growth following potential open pit development.
The Redback lode represents 75% of the reported MRE for the Redback Gold Project, with a total of 890kt @ 2.0 g/t Au for 57,600 oz of contained gold, a 25% increase in contained gold from the 2017 Mineral Resource Estimate.
For further information please visit: http://maximusresources.com/
