Maximus used the expression has been fulfilled to state that the company is of the opinion it had reached this initial exploration target. The original exploration target of 500,000 to 600,000 tonnes at 10 to 15 g/t gold reported by Maximus was inclusive of the already defined inferred mineral resource of 421,000 tonnes at 12 /t gold. This original exploration target was also part metres at 14.2 g/t gold in SA Government hole BH-2). Other mines which have historic drilling of note are Deloraine (8 holes drilled 1934-35, 4 of which intersected lode values up to 125 g/t gold but failed to assay fringing mineralised rocks evident in the geological logs available), New Era (3 holes, 1905 with intersections of up to 4 metres at 15 g/t gold) and Eureka (2 holes, 1917 with intersections of lode assaying 2 g/t gold). Examples of past production from some historic mines include Deloraine where 48,700 tonnes at 20 g/t gold for 30,500 ounces is reported, Scotts Reef 6,000 ounces2, New Era 15,300 tonnes at 11 g/t gold for 5,500 ounces and Eureka 8,300 tonnes at 16.8 g/t gold for 4,500 ounces. These mines represent individual historic producing mines of some several hundred gold mines enclosed within just 3 of 7 goldfields under Maximus control from which recorded production exceeds 300,000 ounces2. By comparison with Maximus success at Bird-in-Hand and using a ratio of 20:1 on the total ounces of production for the previously 4 named mines, then converting this total production to a grade range of 10 to 15 g/t gold, the tonnage range would be 1.9 to 2.4 million tonnes.
MXR Price at posting:
2.2¢ Sentiment: Buy Disclosure: Held
