Maximus Resources scores Western Australian EIS grant to co-fund Redback gold deposit drilling

Maximus Resources Ltd (ASX:MXR) has secured a Western Australian Government Exploration Incentive Scheme (EIS) grant that will co-fund exploration drilling at Redback gold deposit within Maximus’ Spargoville tenements near Kambalda, Western Australia. The EIS grant of $120,000 is the full amount applied for by Maximus and contributes 50% of direct drilling costs. This co-funded diamond drilling program will comprise two deep (+600 metres) diamond drill holes designed to materially extend the down-dip plunge continuation of the known Redback gold mineralisation. “Excellent outcome” Managing director Tim Wither said: “This is an excellent outcome for Maximus, as the Exploration Incentive Scheme is a highly competitive process and is an endorsement of the technical approach to expanding resources at the Redback deposit. “We are excited to have this opportunity to gain further geological insight these deep targeted holes will bring to the greater Wattle Dam area.” The Redback Gold Deposit, with a JORC inferred resource of 440,000 tonnes at 3 g/t gold for 42,900 ounces, is around 600 metres south-southeast of the previously mined high-grade Wattle Dam Gold Mine. Recent high-grade drill results of 16 metres at 9.3 g/t gold from 229 metres, including 5.8 metres at 17.9 g/t gold demonstrates that Redback remains open along strike to the north-northwest and down plunge, which will be further tested with the application of the EIS co-funded diamond drill program. Diamond drilling program Maximus’ plan with the co-funding grant is to diamond drill beneath known Redback resources to better understand the stratigraphy and structural controls of the high-grade gold mineralisation through the Redback-Wattle Dam corridor, while testing the prospective mineralised position. It is clear from recent exploration and concept development by Maximus that there is a broader mineral system encompassing and fundamentally linking the Wattle Dam Gold Mine, Redback, S5 and Golden Orb gold prospects. Deep drilling under a known gold deposit gives a unique insight into the plumbing system of the gold deposit, or possibly an extension to considerable depth of potentially significant mineralisation. The drill holes are intentionally placed to test the full width of the ultramafic hostrock, bounded to the east by a belt-parallel structure. EIS granted drill holes will be incorporated into the second phase of diamond drilling at Redback planned for the second half of 2021, which forms part of Maximus’ near-term strategy aimed at building value by increasing gold resources and expanding the Company’s future development options.