a91338cf-b7ed-4b52-b7ef-83f4b15d6471.pdf
ASX Announcement
28 January 2016
Spargoville Drilling Delivers High Grade Gold Results
HIGHLIGHTS
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Significant gold intersections reported in several holes including high grade intercepts
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24m at 3.05 g/t including 8 metres at 4.0g/t in hole MXENRC04
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7m at 4.0 g/t including 1m at 14.7 g/t in hole MXENRC05
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Drilling, sampling and assay protocols to JORC 2012 standard
Maximus Resources Limited (ASX: MXR) is pleased to update shareholders following completion of the Company's maiden drilling program on the Eagles Nest project in December 2015 and the receipt of assay results from the Project, located 70 kilometres south of Kalgoorlie, WA.
A total of 8 holes were completed for a total of 809 metres testing for strike and depth extensions to known mineralisation in the Eagles Nest goldfield. Visual logging of the drill chips by the geologist confirmed alteration and sulphides at the interpreted mineralised horizon in 7 holes.
A further important component of this drilling program is that it was designed to check the validity of historical mineralised intercepts, by drilling adjacent to or twinning previous drillhole locations, and assaying all samples using the fire assay method. Technical reports indicate that utilising the partial leach or aqua regia assaying method on high grade oxide samples (particularly samples with a high coarse gold component) does not provide a representative assay result.
Significant mineralised intersections recorded in the recent Eagles Nest drill program include 24m @ 3.05g/t, from 19m, including 8m @ 4.0 g/t from 35m, in hole MXENRC004, 7m @ 4.0 g/t from 33m, including 1m @ 14.7g/t from 34m in hole MXENRC005, 6m @ 1.98g/t from 81m, including 1m @ 5.3g/t from 81m in hole MXENRC07. Alteration assemblages included biotite, pyrrhotite, pyrite, arsenopyrite and chalcopyrite and are typical in areas of stronger gold mineralisation.
The Eagles Nest project is located on the Spargoville shear approximately 8km south of the previously mined high grade Wattle Dam gold mine. The drill results at the Eagles Nest Project demonstrate the potential for similar high grade gold mines, along strike from Wattle Dam, within the prospective Spargoville Shear Zone.
Results to date indicate a mineralized body dipping steeply to the east, and plunging to the north is present at Eagles Nest.
The company is currently planning the next drilling program on the Spargoville tenements, with approval received for the subsequent Eagles Nest drilling program.
Figure 1: Map showing southern portion of Spargoville project over TMI background
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Hole Number
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Total Depth (m)
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North
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East
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RL
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Dip
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Azi
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From (m)
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To (m)
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Downhole Width (m)
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Au (g/t)
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Comment
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MXENRC01
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67
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6520940
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357454
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355
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-60
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270
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45
58
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46
59
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1
1
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1.75
1.11
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MXENRC02
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104
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6520941
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357468
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353
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-60
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270
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NSR
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MXENRC03
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110
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6520872
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357479
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354
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-60
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270
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NSR
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MXENRC04
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100
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6520765
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357414
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358
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-60
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90
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5
12
19
Incl 35
49
58
73
78
81
91
95
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7
15
43
43
50
69
74
79
88
92
96
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2
3
24
8
1
11
1
1
7
1
1
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2.16
1.77
3.05
4.0
4.57
1.55
1.64
1.53
1.91
1.02
1.26
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MXENRC05
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100
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6520804
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357426
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359
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-60
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90
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25
Including 33
Including 34
44
49
52
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40
40
35
45
50
53
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15
7
1
1
1
1
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2.64
4.01
14.7
1.63
2.07
1.38
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MXENRC06
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97
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6520723
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357466
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355
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-60
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270
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49
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60
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11
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1.62
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MXENRC07
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100
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6520759
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357499
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354
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-60
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270
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81
Including 81
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87
82
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6
1
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1.98
5.3
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MXENRC08
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131
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6520798
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357490
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354
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-60
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270
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68
102
108
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74
104
109
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6
2
1
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1.65
2.76
2.63
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Table 1. Drill results completed on Eagles Nest project in December 2015. NSR means no significant result (> 1g/t)
Figure 2: Cross section showing recent RC drill results from holes MXENRC04 and RC07 with historical results shown in half tone
MXR is now sufficiently encouraged that the correlation between recent drilling and historical results will allow the company to include past drill assay results in planned preliminary resource calculations for internal use only. The historic data cannot be considered JORC compliant, however the correlation (see figure 2) between recent RC holes drilled perpendicular to historic drillholes is sufficiently robust to warrant inclusion in internal calculations. Future drilling will however include further infill and twin drilling to increase the confidence and accuracy of the existing mineralised outline.
One drill hole was cancelled due to difficulties accessing the location with the large drill rig available to complete the drill program. This hole may be completed in a subsequent drill program when a smaller unit is available.
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, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Stephen Hogan who is a Member of the Australasian Institute of Mining and Metallurgy, and who has 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.
JORC Code, 2012 Edition - Table 1 report template
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
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Criteria
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JORC Code explanation
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Commentary
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Sampling techniques
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Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.
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The sampling has been carried out using Reverse Circulation (RC) Drilling. Eight holes were drilled in this reported programme. All drill holes had samples collected on the drilling rig via a mounted cone splitter at intervals of every one metre.
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Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
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Sampling was carried out under Maximus' protocols and QAQC procedures as per industry best practice. See further details below.
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Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.
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RC holes were drilled with a 5.25 inch face-sampling bit, 1m samples collected through a cyclone and cone splitter, to form a 2-3kg sample. For mineralised samples the entire 1m sample was sent to the laboratory for analysis. All samples were fully pulverised at the lab to-75um, to produce a 50g charge for Fire Assay with ICP-OES finish.
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Drilling techniques
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Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).
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An RC drilling rig, owned and operated by Kennedy Drilling, was used to collect the samples. The face-sampling RC bit has a diameter of 5.25 inches (13.3 cm).
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Drill sample recovery
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Method of recording and assessing core and chip sample recoveries and results assessed.
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All samples were dry with no significant ground water encountered during drilling and no water egress into holes recorded. Samples recoveries were estimated for each metre of sample based upon a expected volume of sample recovered. All recovery estimates are noted in the logs. Samples recoveries were >90%.
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Measures taken to maximise sample recovery and ensure representative nature of the samples.
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RC face-sample bits and dust suppression were used to minimise sample loss. RC samples are collected through a cyclone and cone splitter, the rejects deposited in a plastic bag, and the lab samples up to 3kg collected, to enable a full sample pulverisation.
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Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of
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All RC samples were dry with no significant water encountered. No sample bias or material loss was observed to have taken place during
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