Maximus Resources Unveils High-Grade Gold Intersections at Hilditch
MAXIMUS RESOURCES LIMITED (MXR) Share Update September 2024 Tuesday 24th
Maximus Resources Reports Promising Gold Drill Results at Hilditch
Maximus Resources Limited (ASX: MXR) has released promising assay results from its recent Reverse Circulation (RC) drill program at the Hilditch gold deposit, highlighting multiple high-grade gold intersections.
Instant Summary:
- 19m @ 3.21g/t Au from 16m, including 6m @ 5.64g/t Au from 18m (HGRC065)
- 9m @ 3.11g/t Au from 63m, including 4m @ 4.84g/t Au from 63m (HGRC068)
- 15m @ 1.12g/t Au from 24m, including 1m @ 2.85g/t Au from 25m (HGRC067)
- 5m @ 1.61g/t Au from 48m, including 1m @ 2.02g/t Au from 48m (HGRC065)
- Metallurgical test work shows up to 95.8% gold recovery
- Updated Mineral Resource Estimate (MRE) for Hilditch expected in October 2024
Drilling Results and High-Grade Intersections
Maximus Resources Limited has reported significant assay results from its recent RC drill program at the Hilditch gold deposit. The program included eleven RC holes totaling 722 meters, aimed at investigating high-grade zones within the deposit.
Notable intersections include 19 meters at 3.21 grams per tonne (g/t) gold (Au) from 16 meters, including 6 meters at 5.64 g/t Au from 18 meters in hole HGRC065. Additionally, hole HGRC068 returned 9 meters at 3.11 g/t Au from 63 meters, including 4 meters at 4.84 g/t Au from 63 meters.
Metallurgical Test Work and Resource Estimate Update
Representative minable ore-grade intervals have been submitted for metallurgical test work under real-world toll milling protocols, with results expected in October. Initial results indicate gold recoveries of up to 95.8%, highlighting the deposit's potential for efficient gold extraction.
The company is also updating the Mineral Resource Estimate (MRE) for the Hilditch gold deposit, with the updated estimate targeted for release in October 2024. This update is crucial for finalizing optimized open-pit designs and advancing discussions with potential mining and toll milling partners.
Development Activities and Infrastructure
Development studies, including geotechnical, environmental, infrastructure, surface water, and hydrogeology assessments, are progressing to support the mine approval process. The Hilditch gold project is situated on granted mining tenements with excellent access to infrastructure and service providers.
The company is in active discussions with potential mining and toll-milling partners to expedite the development of the Hilditch project, which is strategically located near the Coolgardie-Norseman highway and multiple regional gold processing facilities.
The recent high-grade drill results are likely to positively impact Maximus Resources' stock price as they enhance the economic outlook for the Hilditch gold deposit. The potential for near-term gold production and high gold recovery rates could attract investor interest and boost confidence in the company's development plans.
Investor Reaction:
Analysts are expected to react positively to the high-grade intersections and the promising metallurgical test results. The updated Mineral Resource Estimate and ongoing development studies will be closely watched by investors, as they could significantly enhance the project's value and feasibility.
Conclusion:
Investors should keep an eye on the upcoming updates from Maximus Resources, including the final metallurgical test results and the updated Mineral Resource Estimate. These developments will be crucial in assessing the potential long-term impacts on their portfolios and the company's growth prospects.