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Maximus Resources Ltd.
Summary
| Project: | Spargoville | |
|---|---|---|
| Deposit: | Redback | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 3/13/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 13-3-2017: Maximus Resources Ltd. announces a Resource Estimation report for its Redback deposit at the Spargoville project. Initial Mineral Resource Estimate for the Redback gold deposit at Spargoville. Maximus Resources Limited (ASX: MXR) is pleased to | |
| Resources: | (Resource, Inf.): 441200t @ 3.02g/t Au for 42900oz Au contained at Redback | |
| CP/QP: | [Resources]: Graeme McDonald (Not stated) | |
| ABSTRACT: | Maximus Resources Limited (ASX: MXR) is pleased to inform shareholders of the Maiden JORC 2012 compliant Mineral Resource estimate for the Redback gold deposit located at the Company’s Spargoville project. The Redback Deposit is located on the Spargoville shear approximately 600m south of the previously mined high grade Wattle Dam gold mine (Figure 1). Wattle Dam was mined between 2006 and 2013 by Ramelius Resources and commenced with an initial Mineral Resource Estimate of 180,000 tonnes at 3.6 g/t for 21,000 contained ounces of gold. Wattle Dam ultimately produced 268,000 ounces of gold from 857,100 tonnes at 10.0 g/t. Many similarities exist between the Wattle Dam and Redback deposits. The mineralisation at both deposits is hosted by a sequence of biotite/ tremolite/chlorite altered ultramafic lithologies in close proximity to carbonaceous interflow sedimentary units. Visible gold and high grade assays have also been reported at both deposits. Maximus notes the significant uplift in resource tonnes and grade from the initial Wattle Dam Mineral Resource Estimate compared to the final reconciled production, and believes a similar trend is possible at Redback given the geological similarities of the two projects. Maximus is planning additional drilling to further evaluate the shallow oxide potential at Redback and better define the relationship with the nearby Golden Orb, Huntsman and Trapdoor prospects (see Figure 1). The drilling will assist Maximus with potentially combining the prospects into a single larger project that will enable a more detailed assessment of the economics and combined tonnage and grade potential of multiple open pits. | |
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