ASX Announcement
1st November 2016
Maximus announces Maiden Gold Resource at Eagles Nest deposit in Western Australia
HIGHLIGHTS‌
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Maiden Mineral Resource totalling 407,550 tonnes @ 2.04g/t for 26,800 Ozs‌
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Resource is JORC 2012 compliant
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Includes Indicated Mineral Resource from surface of 138,200 tonnes @ 1.89g/t for 8,400 Ozs
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Additional resource drilling program to commence this month to potentially add to the resource
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Metallurgical ore samples currently being processed
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Eagles Nest ore intended for mining and processing through Maximus' newly acquired nearby Burbanks gold treatment plant
Maximus Resources Limited (ASX: MXR) is pleased to update shareholders following completion of the company's maiden JORC 2012 compliant Mineral Resource estimate totalling 26,800 ounces on the Eagles Nest deposit, part of its high grade Spargoville gold project south of Kalgoorlie in Western Australia.
The resource is based on 51 Reverse Circulation drillholes completed by Maximus Resources and Ramelius Resources for a total of 5542 metres.
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Classification
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Tonnes
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Au g/t
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Ozs
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Indicated
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138,200
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1.89
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8,400
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Inferred
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269,350
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2.12
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18,400
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Total
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407,550
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2.04
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26,800
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Table 1: Eagles Nest Mineral Resource estimate by classification (Au > 0 g/t).
Drilling density, continuity and confidence in the upper portions of the Eagle Nest deposit are sufficient to allow this section to be classified as an Indicated Mineral Resource totalling 138,200 tonnes at 1.89g/t gold. The ore body strikes north and dips at 75-80 degrees to the east, and plunges 45 degrees to the north. The ore body currently extends to 240m below surface (See Figure 1). The ore body remains open to the south and down plunge to the north (See Figure 1).
The current defined Mineral Resource estimate is situated entirely on granted Mining Lease M15/1475, held 100% by MXR.
The Company has recently acquired tenement P15/5545 abutting the south boundary of the Eagles Nest Mineral Resource (See Figure 3). A drilling program is planned to commence this month aiming to add further resources and allow an updated Mineral Resource estimate to be calculated for the Eagles Nest deposit.
The Eagles Nest deposit is located on the Spargoville shear, approximately 7km south of the previously mined high grade Wattle Dam gold mine also owned 100% by MXR.
The Eagles Nest deposit is located 60km from the Maximus' recently acquired Burbanks gold treatment plant (See figure 2). Burbanks has a capacity of 180,000 tonnes per annum and is currently being refurbished with an anticipated completion time of Q1 2017.
It is the Maximus' intention to utilise the Burbanks mill to initially toll treat 3rd party ore feed to generate maiden revenues whilst it defines and progresses its own gold resources through the feasibility, approval and production processes, of which Eagles Nest is slated as the first gold deposit for mining.
Figure 1: Eagles Nest Mineral Resource estimate - long section
Figure 2: Location Map