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Maximus Resources Limited (‘Maximus’ or the ‘Company’, ASX:MXR) is pleased to announce upgrades to the Hilditch and Larkinville Mineral Resource Estimates (MRE), which are part of the Company’s 117 sq km Spargoville Project, located 25km from Kambalda, Western Australia.
- 160% increase in gold resources at Hilditch and a 21% increase in gold resources at Larkinville.
- 91% (12,800oz @ 1.8 g/t Au) of Larkinville gold resources reported in the higher confidence Indicated classification, providing a strong foundation for future toll-treating development studies.
- Maximus’ gold resources are situated on granted mining tenements, with excellent access to infrastructure, service providers and several toll-treating options within a ~70km haulage distance.
- Both gold resources are reported as 100% open-pit resources within A$2,800 optimised open-pit shells at a cut-off grade of 0.5 g/t Au.
- Mineral resources at both deposits are shallow, with mineralisation at surface and open at depth, with significant strike extension remaining at Hilditch.
- The Company’s 335,040 oz of gold in resources has substantial scope for future growth with mineralisation remaining open and constrained only by drilling.
Maximus’ Managing Director, Tim Wither commented“With the completion of the Hilditch and Larkinville MRE updates, Maximus now has combined group gold resources of 335,000 oz. The process of completing the MRE updates has demonstrated the fantastic potential to continue to increase gold resources through targeted drilling at both Larkinville and Hilditch. Both deposits are ideal for near-term production, located on granted mining tenements, with potential for strong economics given the shallow mineralisation starting at surface and favourable ore body geometry.”
The Company continues to make consistent improvements in Mineral Resource classifications, through efficient drilling, and as our geological understanding of the deposits continues to grow, so does the potential across Maximus tenements.”
The MRE updates were completed by an independent technical expert, and based on infill and extension drilling completed in 2022 and 2023, leading to a substantial increase in the Indicated Resource category for both the Larkinville and Hilditch deposits. 91% of Larkinville resources are reported under the higher confidence indicated classification, while 48Å of the Hilditch resources are now classified as indicated category.
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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
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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This article includes content from Alice Queen 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.
