Drilling Completed at Wattle Dam and Exploration Update

Maximus Resources Limited (‘Maximus’ or the ‘Company’, ASX:MXR) is pleased to provide an exploration update, including the completion of a Reverse Circulation (RC) drill programme at the Wattle Dam Gold Project and the completion of a high-definition UAV multi-target magnetic survey at the Lefroy Lithium Project (Lefroy), Hilditch Gold Project (Hilditch), and newly acquired Kemble Prospect (Kemble), located north of the Company’s Wattle Dam project, near Kambalda, Western Australia.

• ~3,900m (21 holes) RC drill programme completed at Wattle Dam / Golden Orb trend, with encouraging field observations. Assay results are expected in September.
• Redback Gold Deposit Mineral Resource Estimate (MRE) update is progressing and expected to be completed in September. Redback MRE to support development studies for potential near-term production opportunities at Wattle Dam Gold Project.
• A multi-target UAV (drone) magnetic survey has been completed over the Lefroy Lithium Project, the Hilditch Gold Project and at the newly acquired Kemble Prospect.

Commenting on the exploration update, Managing Director Tim Wither said,“FieldobservationsoftheWattle Dam / Golden Orb trend are encouraging and we look forward to updating shareholders with the assay results.FollowingthesuccessofthepreviousHilditchGoldProjectdrillprogrammeandtherecentacquisition oftheKembleProspect,wehavecompletedahigh-resolutionUAVmagneticsurveyoverbothprojectareas. The high-resolution magnetic survey will provide the structural detail to assist drill targeting at both gold projects and the Lefroy LithiumProject.”

DRILL PROGRAMME WATTLE DAM / GOLDEN ORB CORRIDOR

The Company has completed an initial ~3,900m RC drill programme at the Wattle Dam Gold Project for a planned 21 holes targeting gaps in legacy drilling south of Wattle Dam Gold Mine, along the S5/Golden Orb corridor (Figure1).

The drill programme also followed up on recent drilling at Golden Orb, which intersected gold mineralisation of 6m@8.8g/tAufrom198mincl.3m@14.2g/tAufrom 199m (GORC058) (ASX:MXR announcement 25 May 2022). Gold mineralisation was intersected adjacent to the Western Shear Zone and analogous to the drilling of the S5 prospect. The new intersection in hole GORC058 occurs outside the previously interpreted broad mineralised zone and indicates potential for a steeply dipping high-grade shoot at Golden Orb.

The S5 Prospect is north of Golden Orb and ~300m south of the Wattle Dam Gold Mine pit crest. Initial drill programmes at S5 intersected a high-grade gold interval of 3.0m@83.3g/tAufrom25m(S05AC001) with follow-up drilling intersecting 32m@3.2g/tAufrom105m(S05RC007) (ASX:MXR announcement 11 May 2021).

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