Maximus Resources Limited Announces Positive Results from Hilditch Gold Project Drill Program

Strategic Insights -

Maximus Resources Limited has reported encouraging results from an approximately 1,500m reverse circulation (RC) drill program at the Hilditch Gold Project, located in Western Australia. The program aimed to enhance geological confidence and upgrade the resource to the higher confidence JORC indicated category. The results demonstrate the potential for further exploration to delineate and expand the resource, with shallow gold mineralization starting at surface and remaining open at depth. The company is confident in the resource's economic viability, with preliminary metallurgical test work showing gold recoveries between 91.4% and 95.8%.

Key Takeaways:

  • The 1,514m RC drill program at the Hilditch Gold Project resulted in consistent gold mineralization within the shallow resource area, with significant intersections including 4m @ 12.44g/t Au, 11m @ 1.14g/t Au, and 6m @ 1.03g/t Au.
  • The program aimed to upgrade additional material to the higher confidence JORC indicated category and support the submission of environmental approvals for open-pit mining operations.
  • Metallurgical test work showed encouraging results, with gold recoveries between 91.4% and 95.8%, reinforcing the resource's potential for efficient processing and robust economic viability.
  • The Hilditch Mineral Resources Estimate (MRE) currently stands at 19,500 oz Au @ 1.3 g/t Au, with shallow mineralization starting at surface and remaining open at depth.
  • Multiple samples from the Wattle Dam Offset drilling program have been resubmitted for assaying due to a variance outside the Company's internal QAQC tolerances, with assay results expected by the end of August 2024.

Statistics:

  • 1,514m RC drilling program completed at Hilditch Gold Project
  • 26 holes drilled, targeting shallow gold mineralization
  • Significant intersections:

+ 4m @ 12.44g/t Au

+ 11m @ 1.14g/t Au

+ 6m @ 1.03g/t Au

  • Gold recovery rates: 91.4% to 95.8%
  • Hilditch MRE: 19,500 oz Au @ 1.3 g/t Au
  • Shallow gold mineralization starts at surface, remaining open at depth

Sources:

  • "ASX announcement 19 December 2023"
  • "ASX announcement 14 April 2022"
  • "ASX announcement 3 July 2024"
  • "News release by Maximus Resources Limited"