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Maximus Resources Ltd.
Summary
| Project: | Spargoville | |
|---|---|---|
| Deposit: | 5B | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 11/22/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 22-11-2016: Maximus Resources Ltd. announces a Resource Estimation report for its 5B deposit at the Spargoville project. Declaration of the projects third resource. Maximus Resources Limited (ASX:MXR) is pleased to update shareholders following calculatio | |
| Resources: | (Resource, Inf): 0.753Mt @ 3.07g/t Au for 7700oz Au contained at 5B | |
| CP/QP: | [Resources]: Graeme McDonald (Not Stated) | |
| ABSTRACT: | Maximus Resources Limited (ASX:MXR) is pleased to update shareholders following calculation of the Company’s third JORC 2012 compliant Mineral Resource estimate at Spargoville. Maximus confirms a Maiden Mineral Resource totalling 7,700 Ozs at the 5B Project (see Table 1 for details), which forms part of the high-grade Spargoville gold project south of Kalgoorlie in Western Australia. The 5B Project is situated approximately 1,800 metres to the north-east of the high-grade Wattle Dam Gold mine, and occurs on a subsidiary parallel shear zone to that which hosted the high-grade mineralisation. The mineralisation at 5B occurs within a shear zone at the contact of a small dunite body located between a basalt footwall and an ultramafic unit in the hanging wall. The deposit is located approximately 54km from Maximus’ recently acquired Burbanks gold treatment plant (see Figure 2 for details). Burbanks has a capacity of 180,000 tonnes per annum and is currently being refurbished with an anticipated completion time of Q1 2017. The resource is based on a total of 55 holes (22 RC and 8 diamond holes from surface and 25 underground diamond holes) as well as 7 channel samples collected from within the existing open pit. A number of drill holes that fall within the existing pit, which were used to define the previously mined resource were not included. The drillholes and channel samples were completed by Australian Selection Pty Ltd, BP Minerals Australia, Spargoville Nickel Pty. Ltd, Amalg Resources N.L, Breakaway Resources Limited and Tychean Resources Limited. (See Appendix 1). | |
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