Strong Drill Results At Golden Orb/S5 Expand Wattle Dam Gold Project

Maximus Resources Limited (‘Maximus’ or the ‘Company’, ASX:MXR) is pleased to announce results from a ~4,100m Reverse Circulation (RC) programme at Wattle Dam Gold Project (“Wattle Dam”) targeting the Golden Orb/S5 trend.

• The 26-hole drill programme was designed to test mineralisation controls and gaps in legacy drilling south of Wattle Dam Gold Mine, along the S5/Golden Orb corridor and following up previous mineralised zones.
• Significant gold mineralisation intersected with high-grade intervals within broad zones of mineralisation. Results include:
  • 11m @ 3.8 g/t Au from 37m; incl. 1m @ 11.5 g/t Au from 38m, 1m @ 9.0 g/t Au from 42m and 1m @ 4.3 g/t Au from 44m (RBRC039)
  • 20m @ 1.3 g/t Au from 160m; incl. 8m @ 2.5 g/t Au from 166m and 3m @ 4.4 g/t Au from 170m (WDSRC010)
  • 3m @ 4.2 g/t Au from 20m; incl. 1m @ 9.6 g/t Au from 21m (GORC068)
  • 100m @ 0.8 g/t Au from 90m; incl. 5m @ 2.3 g/t Au from 94m and 7m @ 3.5 g/t Au from 156m (GORC064)
  • 22m @ 1.1 g/t Au from 38m; incl. 2m @ 4.5 g/t Au from 38m incl. 1m @ 7.6 g/t Au from 38m and 1m @ 1.5 g/t Au from 59m (RBRC037)
  • 19m @ 0.9 g/t Au from 20m; incl. 4m @ 1.4 g/t Au from 27m and 3m @ 2.0 g/t Au from 36m and 2m @ 2.4 g/t Au from 36m (S05RC011)
  • 21m @ 1.0 g/t Au from 100m; incl. 4m @ 3.0 g/t Au from 117m and 1m @ 0.7 g/t Au from 120m (RBRC036A)
• The completed drill programme demonstrates the potential to significantly increase the scale of Wattle Dam.
• Due to the proximity of the Golden Orb/S5 mineralisation to the Redback Deposit, the scope of Mineral Resource Estimate work has been expanded to include a new larger pit design.

Managing Director Tim Wither commented, “These results from the recent RC drill programme which successfully intersected gold mineralisation across the ~800m Golden Orb / S5 trend, confirm the continuity of mineralisation from Wattle Dam Stockwork through S5 Prospect and Golden Orb, demonstrating the potential for Mineral Resource growth across the Wattle Dam Gold Project.”

“Gold mineralisation across the Golden Orb/S5 trend is similar to the stockwork mineralisation observed immediately adjacent to the Wattle Dam Gold Mine high-grade shoot and provides assurance that the completed drilling is narrowing the search for the potential discovery of another Wattle Dam. With several holes intersecting the broad zones of stockwork mineralisation, it is evident that any follow-up drilling requires several holes to be positioned further to the east of the initial target corridor to investigate potential high-grade shoots. With the receipt of the drill results, the Company is focused on completing a Mineral Resource Estimate for the Wattle Dam Gold Project southern mineralisation, incorporating Redback, Golden Orb and S5."

About Wattle Dam Gold Project

Wattle Dam represents a near-term gold production opportunity for Maximus, strategically located within short trucking distance to several regional gold processing plants. Gold mineralisation at Wattle Dam including the Redback Deposit, Golden Orb and S5 are all considered to be part of a much larger interconnecting mineralised system.

The geological observation along the S5 / Golden Orb corridor drilling is analogous to the Wattle Dam Gold Mine, which is not unexpected, with previous drilling passing through the Western Shear Zone and into variably altered and veined ultramafics in the footwall of the shear zone.

Wattle Dam - Forward Plan

With the positive drill results, the Company will incorporate the Golden Orb, S5 and Redback gold mineralisation for a combined Wattle Dam South Mineral Resource Estimate. The Company expects the Resource Estimate to be completed during December 2022.

The Company has commenced metallurgical test work on representative composite samples across the Wattle Dam, focusing on replicating typical gold processing conditions found in the Western Australian goldfields. Results from the metallurgical test work will define processing requirements for the ores as a precursor to negotiating toll-treating agreements with several gold processing plants within ~70km of the Wattle Dam.

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