first sellheim alluvial gold resource

1
A S X A N N O U N C E M E N T
FIRST SELLHEIM ALLUVIAL GOLD RESOURCE
2
HIGHLIGHTS
• Initial estimated Inferred Mineral Resource within Mining Lease 10328 totals 16,000 ounces
in 1 million bank cubic metres of alluvials
• Exploration target for a further 6,000 to 12,000 ounces as indicated by metal detected
nuggets located in the base of some exploration trenches
• Potential for additional alluvial gold through further test work indicated by exploration
trenches with grades of 0.24 to 0.90 grams per loose cubic metre in 5 other areas
• Consideration of gold production parameters underway
Figure 1 Sellheim Project location.
SELLHEIM ALLUVIAL GOLD PROJECT
Option for 100% Maximus
Inferred Mineral Resources
Maximus Resources is pleased to announce the completion
of an independent resource estimate for Mining Lease (ML)
10328 at its Sellheim gold project in the gold endowed
Drummond Basin of Northern Queensland (Figure 1).
The resource estimates tabulated below were undertaken by
geological consultant, Peter Hancock of Hancock Consultants,
who has categorised the resources as Inferred Mineral Lake Dalrymple
Charters Towers
Townsville
SSSSSSSEEEEEEELLLLLLLLLLLLLLLLHHHHHHEEEEEEEIIIIIIIIMMMMMM
Mt Coolon
Burdekin Falls Dam
Collinsville
Mackay
-20º
-19º
147º
-21º
148º
149º
00000000 5555555500000000kkkkkkkkmmmmmm
Sellheim
EEEEEEEEPPPPPPPPMMMMMMM111111111555555555777777777777777777888888888
River
MMMMMMMLLLLLLLLL111111111000000000222222222777777777000000000
MMMMMMMLLLLLLLLL111111111000000000222222222666666666999999999
EEEEEEEEPPPPPPPPMMMMMMM11111111113333333333444444444499999999999999999999
MMMMMMMLLLLLLLLL111111111000000000333333333222222222888888888
00000000 55555555kkkkkkkkmmmmmm
Table of Inferred Mineral Resources
ML 10328, Sellheim Alluvial Gold Project, Queensland
Field Volume
(bcm1)
Grade
(grams/bcm)
Total Ounces
per
bcm Volume
Jack's Patch 253,000 0.78 6,000
Golden Triangle 454,000 0.41 6,000
Boulder Run 298,000 0.46 4,000
Total2 1,000,000 0.52 16,000
Footnotes
1 Bank Cubic Metres
2 Totals for Volumes and Ounces rounded to nearest hundred thousand
and thousand, respectively
Resources under the Joint Ore Reserves Committee (JORC)
Code.
These estimations are based on results from the excavation
and sampling of some 109 exploration trenches initially dug
on a 160 by 160 metre grid and infilled to 80 by 80 metres
in three fields, Jack’s Patch, Golden Triangle and Boulder
2
Boulder
Run
Water
supply
lake
ML10328
Jacks
Patch
Mt Richardson
EPM13499
Golden
Triangle
ML10269
-20º57' 0 500m
-20º56'
147º16'
147º17'
Trench completed
Inferred Mineral Resource Areas
Additional Exploration Target Areas
Figure 2 Location of test pitting and Inferred Mineral Resource, Sellheim area.
For further information please contact:
Dr Kevin Wills Duncan Gordon
Managing Director Investor Relations
Maximus Resources Ltd Maximus Resources Ltd
Ph: (08) 8132 7960 Ph: (08) 8232 8800
The information in this report that relates to Exploration Results, Mineral
Resources and Ore Reserves is based on information compiled by Dr Kevin Wills
who is an employee of Maximus Resources Limited and Mr Peter Hancock of
Hancock Consultants. Mr Hancock is a Fellow of the Australasian Institute of
Mining and Metallurgy and acts as a consultant to Maximus Resources Limited
in this matter. Mr Hancock has more than five years relevant experience in the
style of mineralisation and types of deposit under consideration and consents
to inclusion of the information in this report in the form and context in which it
appears. He qualifies as Competent Person as defined in the 2004 Edition of the
“Australasian Code for reporting of Exploration Results, Mineral Resources and
Ore Reserves”.
samples above the cut-off grade of 0.25
grams per loose cubic metre. Five areas
where such anomalous concentrations are
present have been highlighted (Figure 2)
and these are:
• immediately to the south of the Golden
Triangle zone extending into EPM 13499
and ML 10269
• immediately to the north of the Golden
Triangle
• a possible western extension of Jacks
Patch zone
• between Jacks Patch and Boulder Run
• to the north of the Boulder Run Zone
Further trenching or trial mining of these
areas will be required before there is
sufficient information to decide whether
or not a further resource estimate is
warranted.
Mining Evaluation Program
Maximus is now proceeding with a
desktop mining evaluation of the Sellheim
alluvial project. As ML 10328 is a granted mining lease, this
evaluation is expected to lead to commencement of a
pre-production mining phase in the June Quarter during
which time some gold will be produced for sale and the
desired rate of production fine tuned for the start up of a full
production schedule in the second half of 2008. Given further
testing of the additional exploration targets within the tenure
held, Maximus considers there is an excellent possibility of
developing an alluvial mining operation at Sellheim that
could be sustained for several years.
Dr Kevin Wills
Managing Director
2 April 2008
Run, where higher grades were reported (Figure 2). Sample
volumes excavated and treated approximated 5 lcm. The
estimates have been made using a cut off grade of 0.25 grams
per loose cubic metre. The estimates are expressed as a total
for gold recovered from alluvial and weathered bedrock
material from trenches dug by excavator and processed
through a small trommel plant. .
Additional Alluvial Gold Potential
After the excavation of exploration trench samples, a
metal detector was used to test the bottom of all trenches
completed. This activity located significant nuggets of gold
in 13 of the trenches dug. Hancock has noted that, as these
nuggets cannot be directly related to the sample taken and
processed, they should not be included in the sample grade
determined through the processing plant. However, based on
the frequency of these metal detected nuggets, and while it is
emphasised that there is no certainty that further exploration
will increase the estimated Inferred Mineral Resources,
Hancock is of the opinion that an additional exploration target
of between 6,000 and 12,000 ounces is present in the areas
outlined by the three resource areas.
Hancock has also commented on the exploration target
potential for further areas of alluvial gold mineralisation
beyond the three zones defined in the above estimates. While
acknowledging that there is currently insufficient information
to infer volumes or continuity in these additional areas, there
are a number of exploration trenches which have yielded