Maximus Resources Ltd (ASX:MXR) has hit an intercept grading 3.21 grams per tonne (g/t) of gold across 19 metres through drilling at its Hilditch gold deposit near Kambalda in Western Australia.
A program of reverse circulation (RC) drilling conducted at the deposit identified multiple high-grade and shallow intersections, including 19 metres at 3.21 g/t from 16 metres including 6 metres at 5.64g/t from 18 metres and 5 metres at 3.28g/t from 30 metres in one hole; and 9 metres at 3.11g/t from 63 metres including 4 metres at 4.84g/t from 63 metres.
The company is also anticipating results from metallurgical test work – due in October – which is assessing representative ore-grade intervals under real-world toll milling protocols, with initial results yielding recoveries of 95.8%.
In another indication of its busy schedule, Maximus is also promising an updated mineral resource estimate for Hilditch in the same month.
Maximus’ Managing Director Tim Wither said the recent drilling results provided confidence in this resource ahead of the update itself.
“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,” he said.
“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.”
Maximus shares rose on the news, and at 12:02 AEST, they were trading at 3.6 cents – a rise of 2.86% since the market opened.
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