The Stockwork resource estimate increased the global mineral resource estimate for the Spargoville project by 21%.
() established a first estimate of mineral resources for the Wattle dam stockwork of 645,000 tonnes grading 1.15 g / t for 23,800 ounces of gold contained.
That estimate increased the world’s mineral resources at the company’s flagship Spargoville project by 21% to 21.1 million tonnes grading 2.1 g / t gold for 135,800 ounces.
The company owns 48 square kilometers of buildings in the fertile Spargoville Shear Zone, home to the historic Wattle Dam gold mine.
Growth potential of Wattle Dam
Maximus chief executive Tim Wither said the estimate was the starting point for rapid resource growth in the Wattle Dam area.
“Taking a wider / helicopter view of the entire Wattle Dam area, we can see a much larger interconnected and structurally controlled gold system,” he said.
“The addition of the 23,800 ounce gold resource in the small area of the Wattle Dam stockwork is a fantastic start, and we see huge opportunities in the greater Wattle Dam area to develop known mineralization and make new discoveries. high grade gold.
“With adequate capital following our strongly backed $ 12 million investment, Maximus is uniquely positioned to rapidly advance our dual gold and nickel strategy and looks forward to restarting our gold drilling programs at Wattle Dam.” including the two WA government co-funded Redback Deeps holes. . “
Previous data had highlighted a large area of untapped carbonate-quartz stockwork remaining adjacent to the depleted underground stem of Wattle Dam and exposed to the northwest of the Wattle Dam open pit.
Stockworks are a complex system of structurally controlled or randomly oriented veins and are common in many ore deposits.
Resource estimate details
The first estimate is an important step in gaining geological knowledge in the greater Wattle Dam area, with the Wattle Dam mineral resources remaining open to the south and at depth with no known geological features that could result in the end of the deposit.
There is 84% of the estimate in the highest confidence indicated category and the resource has a discovery cost of approximately $ 6 / ounce after 762 meters of confirmatory drilling.
Infill drilling at Wattle Dam Stockwork confirmed the opportunity to delineate discrete mining zones improving gold grades, with recent diamond drilling intersecting 15 meters at 2.1 g / t from 192 meters, including 3 meters at 6.7 g / t from 193 meters.
Wither said a drilling program in the Wattle Dam area would begin in October, targeting extensions around the Wattle Dam at Redback, S5 and Golden Orb following the Hilditch West nickel target drilling.
“We have identified stockwork mineralization analogous to the S5 prospect and the Golden Orb prospect, 600 meters south of the Wattle Dam gold mine, which we believe is part of a much larger mineral system.” , did he declare.
“In the Wattle Dam area we have seen very high grade shoots developing as evidenced by mining of the 14.9 g / t high grade underground gold shoot at Wattle Dam.
“Our current drilling at the Redback deposit 600 meters south of Wattle Dam shows a similar high grade gold grade, with our recent drilling at Redback intersecting 16.3 meters at 9.3 g / t and 5.8 meters at 17 , 9 g / t. “
A Wattle Dam mineral resource update is expected in early 2022.