Maximus Resources Limited

Published : November 01st, 2016

Maiden Gold Resource at Eagles Nest deposit in WA

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Keywords :   Australia | Eagles | Georgia | Gold | Gold Mine |

Maiden Gold Resource at Eagles Nest deposit in WA

ASX Announcement

1st November 2016

Maximus announces Maiden Gold Resource at Eagles Nest deposit in Western Australia

HIGHLIGHTS‌

  • Maiden Mineral Resource totalling 407,550 tonnes @ 2.04g/t for 26,800 Ozs‌

  • Resource is JORC 2012 compliant

  • Includes Indicated Mineral Resource from surface of 138,200 tonnes @ 1.89g/t for 8,400 Ozs

  • Additional resource drilling program to commence this month to potentially add to the resource

  • Metallurgical ore samples currently being processed

  • 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.

Classification

Tonnes

Au g/t

Ozs

Indicated

138,200

1.89

8,400

Inferred

269,350

2.12

18,400

Total

407,550

2.04

26,800

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

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Australia | Georgia | All
Gold and Silver Prices for these countries : Australia | Georgia | All

Maximus Resources Limited

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CODE : MXR.AX
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Maximus is a gold producing company based in Australia.

Maximus holds various exploration projects in Australia.

Its main asset in production is SELLHEIM in Australia and its main exploration properties are YANDAL, BRID IN HAND and ADELAIDE HILLS in Australia.

Maximus is listed in Australia and in Germany. Its market capitalisation is AU$ 170.9 millions as of today (US$ 123.3 millions, € 108.0 millions).

Its stock quote reached its lowest recent point on December 11, 2018 at AU$ 0.00, and its highest recent level on September 18, 2020 at AU$ 0.23.

Maximus has 2 441 019 904 shares outstanding.

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Project news of Maximus Resources Limited
11/1/2016Maiden Gold Resource at Eagles Nest deposit in WA
9/5/2016Acquisition of Burbanks Gold Processing Facility Completed
4/14/2016Notice of change of interests of substanial holder
2/1/2016Spargoville drilling delivers high grade gold results
10/27/2015Spargoville exploration update
10/26/2015Eagles Nest exploration review highlights potential 19,000 o...
10/19/2015Maximus confirms multiple significant new gold anomalies adj...
9/22/2015Maximus identifies significant new gold anomalies adjacent t...
3/25/2015Monax Mining Limited: Millers Creek drilling commenced
1/30/2014SA's Maximus re-acquiring tenements around its flagship Narn...
7/19/2013(Adelaide Hills)$4 million cash boost through sale of Adelaide Hills holding...
7/29/2011Good results at Narndee (WA) project for Maximus
4/28/2011UPDATE ON MAXIMUS' DELORAINE GOLD PROJECT IN SOUTH AUSTRALIA
8/3/2010(Adelaide Hills)in first drilling on two new gold targets in Adelaide Hills
2/24/2009(Sellheim)eyes profitable gold production in Queensland
8/8/2008(Brid In Hand)Adelaide Hills gold project moves a step closer to redevelop...
10/29/2007(Brid In Hand)New drilling extends strike length for Adel Hills gold proje...
9/25/2007(Brid In Hand)Gold at Bird-in-Hand
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8/1/2016Quarterly Report for the period ending 30 June 2016
7/5/2016Exercise of Options - Appendix 3B
6/27/2016Exploration Update at Narndee Project
6/15/2016Lithium Exploration Update at Spargoville Project
5/30/2016Appendix 3Y – Change of Director's Interest Notice
5/23/2016Maximus Discovers High Grade Lithium in WA
5/18/2016Appendix 3B
5/16/2016Appendix 3B
5/16/2016Entitlement Issue - Notification of Shortfall
5/10/2016Closure of Non-Renounceable Entitlement Issue
5/2/2016Quarterly Report for the period ending 31 March 2016
4/26/2016Entitlement Issue Prospectus and Acceptance Form
4/20/2016Corporate Presentation
4/20/2016Eagles Nest Exploration Update in WA
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4/18/2016Entitlement Issue Replacement Prospectus
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12/22/2015Form 603 – Notice of initial substantial holder
12/21/2015Appendix 3Y – Change of Director's Interest Notice
12/13/2015Maximus Security Purchase Plan (SPP) Result
12/13/2015Appendix 3B - New issue announcement, application for quotat...
11/2/2015Quarterly Report for the period ending 30 September 2015
11/2/2015Appendix 4G: Key to Disclosures Corporate Governance Council...
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10/27/2015Issue of Placement Shares – S708A Cleansing Notice
10/26/20152015 Annual Report
10/19/2015Notice of Annual General Meeting and proxy form
10/18/20152015 Annual Report, Notice of Meeting and Sample Proxy
8/31/2015Financial Report for the year ended 30 June 2015
8/6/2015Spargoville project farm-in agreement
8/6/2015MXR secures major farm-in on Spargoville gold project
8/3/2015Quarterly Report for the period ending 30 June 2015
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2/11/2015Millers Creek Farm-In Agreement Signed
2/11/2015MXR: Maximus Secures US$3m Farm-In Deal
11/26/2014Chairman's address to the 2014 Annual General Meeting
11/26/2014Results of 2014 Annual General Meeting
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12/11/2013MXR:ASX Announcement - Update
11/12/2013derisked for WA focus after first stage $1.5m cash payment f...
10/23/2013MXR ASX Announcement - Update
9/4/2013Updated Website
8/12/2013MXR ASX Announcement - Update
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7/22/2013MXR ASX Announcements - 19/7/2013
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12/13/2012Woomera access to explore granted to SA's Maximus and ERO
11/5/2012MXR:ASX Announcement Update - 31/10/2012
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4/26/2012MXR ASX Announcments Update 26/04/2012
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2/21/2012MXR ASX Announcments Update 21/2/12
1/31/2012MXR ASX Announcments Update
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7/12/2010New Adelaide Hills gold drilling program
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1/29/2009 outlines commercial production plans
1/20/2009Significant production increase tipped for North Queensland ...
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1/7/2009MXR AUDIO BROADCAST
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11/21/2008COMMENCEMENT OF SELLHEIM GOLD NUGGET SALES
11/19/2008 gains key gold mining approvals in Queensland and SA
11/12/2008reports encouraging progress at Queensland gold project
10/2/2008Trial Gold production underway at Queensland project
9/19/2008EXCITING BULK-SAMPLING GOLD RESULTS
9/18/2008recommence work at WA uranium deposit
8/29/2008Highly encouraging bulk sampling results at Sellheim Gold Pr...
6/30/2008end-of-year update
6/10/2008reports abundant magnetite in first drillhole at Canegrass p...
5/9/2008Present at the Hard Assets Investment Conference in New York...
11/13/2007RESOURCE ESTIMATION COMMENCED AT SELLHIEM GOLD PROJECT
10/23/2007$9.5 million rights issue announced by Maximus
9/6/2007and Luzenac Australia in Adelaide Hills Talc Exploration Agr...
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