Maximus Resources Limited (ASX:MXR) has successfully extended the known high-grade area with initial diamond drilling results from an ongoing Diamond Drill programme at the Redback Gold Deposit within the company’s Spargoville tenements near Kambalda in Western Australia.
The early results from the first three holes, of an ~11-hole diamond drill programme, testing internal high-grade shoots and incremental extensions to the existing resource limits have extended a high-grade domain within the Redback Deposit and increased confidence of extension of the Redback alteration and mineralisation system.
Included in the results, is the first of ~5 diamond-tails, testing the potential structure between Redback and Wattle Dam Gold Mine, 600m to the north-northwest.
Managing Director, Tim Wither, said the initial results demonstrate the potential for further delineation of high-grade shoots at Redback and along-strike continuation of the alteration and mineralisation system.
These initial diamond drill results from the infill and resource extension drill programme greatly increases our confidence in the gold potential at Redback,” Mr Wither said.
“Together with the initial diamond-tail results, showing broad mineralisation and intense alteration along the interpreted shear zone corridor towards Wattle Dam, these validate our thoughts that there is a much larger mineral system in the Wattle Dam area.”
The drilling results from Redback form part of a short-term strategy aimed at building value by increasing the gold resource at Redback and expanding the company’s future development options.
The ~2,500m diamond drill programme currently underway at the Redback Gold Deposit is designed to confirm and extend interpreted high-grade domains of the Redback Deposit while completing resource infill drilling to provide validation of a new geological interpretation of the Redback Deposit.
The Redback Diamond Drill programme has been conducted in conjunction with the maiden diamond drilling at the company’s recent gold discovery at the S5 Prospect, where six Diamond Drill-holes have been completed for 901m with assays results to be provided as received.
In addition to the continuation of Redback diamond drilling programme, the remaining diamond- tails are planned to test continuation of structure between Redback and the Wattle Dam Gold Mine, 600m northwest of the Redback Deposit.
The Redback Gold Deposit, with a JORC compliant (2012) inferred resource of 440,000 t @ 3.0 g/t Au for 42,900 oz, is located approximately 600 metres south-southeast of the previously mined high-grade Wattle Dam Gold Mine.