ASX Announcement
21st December 2016
Maximus intersects significant widths of high grade gold at Larkinville Deposit in Western Australia
HIGHLIGHTS
-
Recent drill program identifies high grade intercepts including 13m @ 5.2g/t from 34m, and 2m
@ 6.0g/t from 46m
-
Gold grades of up to 23.9g/t reported
-
Drilling confirms primary mineralisation style and occurrence of high grade zones within the orebody
-
Resource model is currently being updated to include latest drilling results, with revised Resource to be completed in Q1 2017
-
Metallurgical ore samples collected for recovery analysis
-
Larkinville ore intended for mining and processing through Maximus' recently acquired nearby Burbanks gold treatment plant
Maximus Resources Limited (ASX:MXR) is pleased to update shareholders following completion of the 13 hole infill and extensional Reverse Circulation (RC) drilling program on the company's Larkinville Deposit, part of its high grade Spargoville gold project south of Kalgoorlie in Western Australia.
A maiden JORC 2012 compliant Mineral Resource estimate totalling 10,660 ounces on the Larkinville deposit was announced to the ASX on the 8th of November 2016 (See table 1 below).
|
Classification
|
Tonnes
|
Au g/t
|
Ozs
|
|
Inferred
|
142,300
|
2.33
|
10,660
|
|
Total
|
142,300
|
2.33
|
10,660
|
Table 1: Larkinville Mineral Resource estimate by classification (Au > 0 g/t).
Drilling Summary
The recently completed 13 hole, 1,027 metre drill program was undertaken to confirm and update the geological interpretation, supply a sufficient ore sample for metallurgical test work and provide additional data to upgrade the Inferred Mineral Resource estimate to Indicated.
Summary of Results
The results confirm the earlier resource model and support the interpretation of a thicker, high grade central portion of the orebody. This zone contains individual assay results up to 23.9g/t gold and is indicative of the coarse high grade gold identified across the Spargoville field. The company will now re- assay selected high grade intervals with a 1kg screen fire assay technique. This method is commonly utilised when the presence of coarse high grade gold is suspected, and results are considered more reliable to those reported from initial 50g fire assay sample size results reported here.
All significant results are reported in Table 2
The Larkinville ore body strikes north-west and dips at 65-70 degrees to the south-west, and extends for over 300m in strike length. The ore body currently extends to 60m 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 M15/1449, with MXR holding 75% of the gold rights.
An updated Mineral Resource can now be estimated, including an Indicated category to be calculated for the Larkinville deposit.
The Larkinville deposit is located on the Kunanalling Shear, approximately 5km south-west of the previously mined high grade Wattle Dam gold mine owned 100% by MXR.
The Larkinville deposit is located 57km from 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 3rdparty ore feed to generate maiden revenues whilst it defines and progresses its own gold resources through the feasibility, approval and production processes.
|
Hole ID
|
Easting
|
Northing
|
RL
|
Dip
|
Azimuth
|
Depth
|
From(m)
|
To(m)
|
Length(m)
|
Gold Grade (g/t)
|
|
MXLWRC001
|
354360
|
6523270
|
354
|
-60
|
90
|
60
|
40
|
46
|
6
|
1.8
|
|
MXLWRC002
|
354340
|
6523270
|
354
|
-60
|
90
|
80
|
53
|
59
|
6
|
1.5
|
|
and
|
66
|
67
|
1
|
7.9
|
|
MXLWRC003
|
354395
|
6523220
|
354
|
-60
|
90
|
68
|
34
|
47
|
13
|
5.2
|
|
incl
|
36
|
37
|
1
|
23.9
|
|
MXLWRC004
|
354375
|
6523220
|
354
|
-60
|
90
|
86
|
55
|
61
|
6
|
3.1
|
|
and
|
79
|
81
|
2
|
5.2
|
|
MXLWRC005
|
354420
|
6523180
|
354
|
-60
|
90
|
77
|
31
|
35
|
4
|
2.6
|
|
and
|
46
|
48
|
2
|
6.0
|
|
MXLWRC006
|
354400
|
6523180
|
354
|
-60
|
90
|
86
|
51
|
52
|
1
|
1.1
|
|
MXLWRC007
|
354370
|
6523180
|
354
|
-60
|
90
|
110
|
NSI
|
|
MXLWRC008
|
354450
|
6523140
|
354
|
-60
|
90
|
68
|
39
|
41
|
2
|
5.6
|
|
MXLWRC009
|
354430
|
6523140
|
354
|
-60
|
90
|
80
|
60
|
61
|
1
|
5.9
|
|
MXLWRC010
|
354390
|
6523140
|
354
|
-60
|
90
|
107
|
NSI
|
|
MXLWRC011
|
354480
|
6523100
|
354
|
-60
|
90
|
60
|
39
|
44
|
5
|
1.6
|
|
MXLWRC012
|
354460
|
6523100
|
354
|
-60
|
90
|
86
|
60
|
65
|
5
|
1.8
|
|
MXLWRC013
|
354510
|
6523080
|
354
|
-60
|
90
|
59
|
NSI
|
Table 2 : Drilling Results, down hole widths reported.
Figure 1: Larkinville Mineral Resource estimate - long section with recent drill holes and mineralised intervals shown in blue.
Figure 2: Location Map
For further information contact
Kevin Malaxos on 08 7324 3172 Duncan Gordon, Adelaide Equity Partners [email protected] on 08 8232 8800 or 0404 006 444
[email protected]
Further information relating to Maximus Resources Limited and its diversified exploration projects will be found on Maximus' website: www.maximusresources.com
The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Stephen Hogan who is a Member of the Australasian Institute of Mining and Metallurgy. The information in this report that relates to Mineral Resources or Ore Reserves is based on information compiled by Dr Graeme McDonald who is a Member of the Australasian Institute of Mining and Metallurgy. Both Mr Hogan and Dr McDonald have sufficient experience relevant to the style of mineralisation, the type of deposit under consideration, and the activities being undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves (the JORC Code). This report is issued in the form and context in which it appears with the written consent of the Competent Person.