Maximus Resources Reveals Encouraging Initial Drill Results at 8500N Gold Deposit

MAXIMUS RESOURCES LIMITED (MXR) Share Update September 2024 Tuesday 17th

September 2024 Tuesday 17th by Michael

Maximus Resources Unveils Promising Drill Results at 8500N Gold Deposit

Maximus Resources Limited (ASX:MXR) has announced promising initial drill results from the 8500N gold deposit and Paleochannel, highlighting significant opportunities for resource growth.

Instant Summary:

Initial drill results show extended mineralisation below legacy drilling.
5 RC holes completed, targeting legacy drilling across 8500N.
Upcoming infill drill program to target shallow 8500N paleochannel.
Special Prospecting License covering 8500N has been surrendered.
8500N Paleochannel represents a low-cost, low-risk early production opportunity.

Initial Drill Results

Maximus Resources Limited has reported initial assay results from their recent drilling program at the 8500N gold deposit and Paleochannel. The results indicate significant opportunities for resource growth, with mineralisation extending below legacy drilling levels.

The company completed 5 Reverse Circulation (RC) holes, targeting legacy drilling across 8500N to confirm geological controls before undertaking larger drill programs. Notable assay results include:

13m @ 1.59g/t Au from 11m, including 4m @ 3.49g/t Au from 11m (PCRC003)
1m @ 1.09g/t Au from 14m, and 1m @ 1.5g/t Au from 18m (PCRC002)
1m @ 0.67g/t Au from 14m, and 1m @ 0.97g/t Au from 18m (PCRC001)
3m @ 2.91g/t Au from 114m, including 1m @ 5.27g/t Au from 115m (EFRC001)
4m @ 1.89g/t Au from 167m (EFRC002)

Upcoming Infill Drill Program

Maximus Resources plans to conduct an upcoming infill drill program targeting the shallow 8500N paleochannel. Legacy drill intersections include:

2m @ 46.7 g/t Au from 13m incl. 1m @ 92.6g/t Au from 14m (SPRB0064)
3m @ 10.7g/t Au from 16m incl. 1m @ 29.0g/t Au from 16m (SPAC0204)
2m @ 22.4g/t Au from 15m incl. 1m @ 43.5g/t from 15m (SPAC0261)
1m @ 51.1g/t Au from 16m (SPAC0068)
4m @ 8.99g/t Au from 12m incl. 34.7 g/t Au from 13m (SPAC0279)

Exploration and Development

The surrender of a Special Prospecting License covering the 8500N area allows Maximus to move forward with exploration and development programs unencumbered. The 8500N gold deposit is located on granted mining tenements with significant infrastructure in place, reducing the approval timeline for gold production.

The 8500N Paleochannel represents a low-cost, low-risk early production opportunity due to its shallow depth and free-digging qualities of the ore and overburden material.

Impact Analysis

The positive initial drill results at the 8500N gold deposit are likely to boost investor confidence in Maximus Resources. The potential for resource growth and early production opportunities could positively impact the company's stock price. The surrender of the Special Prospecting License further enhances the prospects for accelerated exploration and development.

Investor Reaction:

Analysts are expected to react positively to the initial drill results, noting the potential for resource growth and early production opportunities. The company's strategic focus on advancing exploration and development programs is likely to be well-received by investors.

Conclusion:

Investors should closely monitor Maximus Resources' upcoming infill drill program and further exploration activities at the 8500N gold deposit. The company's proactive approach to resource growth and early production opportunities positions it well for future success.