Maximus Resources (ASX:MXR) has identified multiple significant...

Maximus Resources (ASX:MXR) has identified multiple significant gold-in-soil anomalies at the Spargoville project in Western Australia only weeks after securing a stake in the tenement.

The early-stage sampling work has focused on targets in immediate proximity to the project area’s historic, high-grade Wattle Dam gold mine site.

So far, the elevated assay results have provided confidence that follow-up exploration is warranted – including further soil sampling, costeaning/trenching and follow-up drilling.

The progress follows swiftly on Maximus’ farm-in deal with Tychean Resources (ASX:TYK) last month, which delivered Maximus an opportunity to control up to 90% of Spargoville.

Under the terms of the arrangement, Maximus is entitled to an initial 25% stake in the project with the payment of A$200,000 in cash and $200,000 worth of shares.

Spargoville is considered an advanced-stage exploration property and covers 11,000 hectares along the Spargoville Shear, a 30-kilometre geological trend which is a primary control on the location of Wattle Dam.

Wattle Dam’s underground resource was estimated in 2010 at 226,500 tonnes grading 18.0 grams per tonne gold for 130,900 ounces of gold.