Maximus Resources Limited (ASX:MXR) Reports Promising Drill Results from 8500N Paleochannel
Drill Highlights
Maximus Resources Limited (ASX:MXR) has reported the final assay results from its drilling program at the 8500N Paleochannel, indicating significant high-grade gold mineralisation. Key results include 2m at 28.63g/t Au from a depth of 6m, which includes an exceptional 1m at 56.54g/t Au.
The full assay results stem from the completion of 102 reverse circulation holes totalling 3,186m. The drilling has confirmed the presence of shallow high-grade gold in the northern zone of the paleochannel, with several intercepts exceeding 20g/t Au.
Project Evaluation and Economic Potential
The mineralisation sits at depths between 5 to 20m, spread over a strike length of approximately 450m. The completed drilling has extended known mineralisation beyond previous boundaries, strongly enhancing the economic prospects of the project.
Managing Director Tim Wither commented, “The complete assay results from the 8500N paleochannel drilling have been highly encouraging, confirming the shallow high-grade nature of the paleochannel.”
Future Plans
Looking ahead, Maximus Resources aims to submit its Mining Proposal for the 8500N Paleochannel in early 2025, with ongoing environmental studies underway. The company is also in discussions with potential mining and toll milling partners to leverage the shallow high-grade mineralisation for low-cost production opportunities.
The results from this drilling program will be instrumental in planning further exploration efforts, particularly in infilling potential extensions of the mineralisation.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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