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Maximus Resources Limited (‘Maximus’ or the ‘Company’, ASX:MXR) is pleased to update shareholders on assay results received from a completed Reverse Circulation (RC) drill program at the Hilditch gold deposit (Hilditch) (90Å Maximus, 10Å Bullabulling Pty Ltd) located on a granted mining tenement 25km from Kambalda, Western Australia
- Assay results from a Reverse Circulation (RC) drill program at the Hilditch gold deposit return multiple shallow high-grade intersections, including:
- 19m @ 3.21g/t Au from 16m incl. 6m @ 5.64g/t Au from 18m and 5m @ 3.28g/t Au from 30m (HGRC065)
- 9m @ 3.11g/t Au from 63m incl. 4m @ 4.84g/t Au from 63m (HGRC068)
- 15m @ 1.12g/t Au from 24m incl. 1m @ 2.85g/t Au from 25m and 4m @ 2.12g/t Au from 35m (HGRC067)
- 5m @ 1.61g/t Au from 48m incl. 1m @ 2.02g/t Au from 48m and 1m @ 2.0g/t Au from 51m (HGRC065)
- Representative minable ore-grade intervals have been submitted for metallurgical test work under real-world toll milling protocols with results expected to be received in October. Initial results up to 95.8Å recovery of gold.
- Updated Mineral Resource Estimate (MRE) for Hilditch gold deposit targeted for October 2024.
- Development studies including geotechnical, environmental, infrastructure, surface water and hydrogeology assessments necessary for the mine approval process are advancing.
- The Hilditch gold project is situated on granted mining tenements, with excellent access to infrastructure, service providers and several toll-treating options within a 60km haulage.
- The Company is in active discussions with potential mining and toll-milling partners.
Eleven RC holes (722m) were drilled at Hilditch to investigate recent intersected high-grade zones. The Company has commenced updating the Hilditch Mineral Resource Estimate (MRE) to finalise optimised open-pit designs, aiming to secure mine approvals and advance discussions with potential mining and toll milling partners.
Maximus’ Managing Director, Tim Wither, commented, “The recent drilling results, including 19m @ 3.21g/t Au from 16m, fall within optimised open pit shells and support the MRE update prior to completing open pit designs. Hilditch offers a promising near-term gold production prospect for Maximus, situated on an approved mining tenement near the Coolgardie-Norseman highway, and within close proximity to multiple regional gold processing facilities.
“These new drilling results successfully expand the high-grade mineralised zones, and significantly improve the economic outlook for Hilditch, with efforts concentrated on advancing open pit development to generate cash flow for the Company, capitalising on the rising gold price environment.”
Hilditch Gold Deposit
Hilditch is located on a granted mining tenement adjacent to the Coolgardie-Norseman highway and is proximal to several toll-treating processing plants. The existing 19,500 oz Au @ 1.3 g/t Au mineral resource is shallow, with mineralisation commencing at the surface over a 200m strike length and remains open at depth with significant strike extension to be tested (ASX announcement 19 December 2023). The completed RC drill program was aimed at infill and resource extension to upgrade material classification into the indicated category, before updating the Hilditch MRE.
Gold mineralisation at Hilditch is interpreted to be associated with east-dipping structurally controlled contacts between mafic/ultramafic and volcaniclastic units. Minor interflow sediments are observed within the mafic and ultramafic sequence, similar to that prevalent at the Company’s Wattle Dam Gold Project. In the Hilditch region, the rocks show extensive weathering, reaching an average depth of 20 metres below the surface, indicative of full oxidation. From 20 to 40 metres, there exists a transitional zone, and beyond 40 metres, the rock is unweathered and contains primary mineralisation.
Preliminary metallurgical test work indicative of the Hilditch open-pit gold resource is free milling (non-refractory) with exceptional gold recoveries between 91.4Å and 95.8Å, indicating that the mineable ore is very amenable to conventional Carbon in Leach (CIL) gold processing found throughout Western Australia’s Eastern Goldfields. Completed metallurgical tests covered various gold grades and oxidation stages, ensuring representative sampling across expected mining depths (ASX announcement 3 July 2024). Further tests are underway to represent real- world toll milling protocols (Figure 2).
Figure 1 – Hilditch gold deposit significant drill results from recent drilling (gram x metres).
Drilling Results
The latest round of drilling expanded upon previous high-grade intersections near hole HGRC038, which had reported 4m @ 12.44g/t Au from 47m, including 1m @ 25.93g/t Au from 47m (Figure 1) (ASX announcement 15 August 2024).
Five RC holes were drilled in proximity to HGRC038. Notably, hole HGRC065, located 25m north of HGRC038, intersected 19m @ 3.21g/t Au from 16m, including 6m @ 5.64g/t Au from 18m and 5m @ 3.28g/t Au from 30m, effectively extending the high-grade zone to the north.
Additionally, hole HGRC068, situated 15m down-dip of HGRC038, intercepted 9m @ 3.11g/t Au from 63m, including 4m @ 4.84g/t Au from 63m. HGRC067 drilled 15m up-dip of HGRC038 returned 15m @ 1.12g/t Au from 24m, with notable intervals of 1m @ 2.85g/t Au from 25m and 4m @ 2.12g/t Au from 35m (Figure 3). These results confirm a well-defined, high-grade gold zone within the central part of the deposit, bolstering geological confidence and continuity of high-grade mineralisation.
At the northern limit of the deposit, several drill holes were positioned to the north of previously reported hole HGRC019, which intersected 7m @ 7.9 g/t Au from 51m, including 2m @ 16.9 g/t Au from 52m (ASX announcement 14 June 2022), in an effort to extend the resource along strike. However, drill holes HGRC059 to HGRC061 failed to return significant results, confirming that the mineralisation is closed off along strike to the north.
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This article includes content from Maximus Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
MXR:AU
190 Metre Antimony Copper Intercept at Bulla Park
Highlights
- Recent diamond drilling confirms a thick zone of antimony copper mineralisation at Bulla Park with structural control from a major WSW trending fault
- Provides further confidence of a large antimony copper system at Bulla Park supporting previous drilling results - 33m at 0.47% Cu and 0.15% Sb (19CA002, 229m to 262m)1
- BPD09 encountered copper - antimony grades up to 1m at 1.04% Cu, 0.55% Sb (204m to 205m)
- Broad intercepts from BPD09 include 190m at 0.23% Cu and 0.08% Sb from 128m
- Selected intersections from BPD09 include 66m at 0.34% Cu and 0.13% Sb, 7g/t Ag from 200m. Also:
- 4m at 0.44% Cu, 0.20% Sb and 7g/t Ag from 131m
- 10m at 0.47% Cu, 0.23% Sb and 9g/t Ag from 200m
- 4m at 0.53% Cu, 0.21% Sb and 10g/t Ag from 223m
- 13m at 0.45% Cu, 0.17% Sb and 7g/t Ag from 239m
- Gravity and aeromagnetic surveys indicate there is potential mineralisation along at least 1.8km of strike, over 350m of horizontal width and drill intersected thicknesses of approximately 60m
- Strong macroeconomic factors for antimony (prices are approx. US$22,700/t) and copper (prices are approx. US$9,300/t)*
- Antimony is on the critical mineral lists of both Australia and the US
- In addition, potential for stratiform massive sulphide silver – zinc - lead mineralisation exists south of the copper - antimony mineralisation
- Additional drilling planned to enable maiden antimony copper mineral resource estimate
West Cobar Metals’ Managing Director, Matt Szwedzicki, commented: “The Bulla Park project is shaping up to have potential for a major copper – antimony – silver deposit. The antimony content is exceptional and with the global prices of antimony trading at nearly 2.5 times the price of copper, it is a good time to have drilled through a major intercept of antimony mineralisation.
We are now planning the next drill program to follow the deposit along strike.”
Figure 1 - West Cobar’s Bulla Park Project exploration licences, interpreted geology and outline limits of aeromagnetic surveys flown.
Mineralisation is dominantly tetrahedrite (copper - antimony sulphide) and minor chalcopyrite and stibnite (antimony sulphide). Antimony grades in all drill hole intercepts are approximately 30% to 35% of the copper grade, reflecting the theoretical composition of tetrahedrite (Cu12Sb4S13).
The mineralisation has developed over several stages. Syn-depositional siderite alteration of Lower Devonian (Winduck Group) silty fossiliferous sandstones is accompanied by chalcopyrite and tetrahedrite. Synsedimentary microfaults and dewatering structures are common indicating a tectonically active depositional and mineralising environment. When subsequently lithified, brittle faulting and fracturing has resulted in siderite-barite stockwork veining and hydrothermal breccias with tetrahedrite as the main copper-antimony mineral. Later faulting is associated with tectonic breccias, massive siderite-barite veins up to 20m thick and tetrahedrite and stibnite crystals filling vughs and veins (Figures 2 and 3).
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This article includes content from West Cobar Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.