Maximus Resources (ASX: $MXR) commences second phase drill program at Wattle Dam Gold Project

Maximus Resources Limited (ASX: $MXR) has announced the commencement of the second phase Reverse Circulation (RC) drill program at the Company's 100% owned Wattle Dam Gold Project (Wattle Dam) located 25km from Kambalda, Western Australia. The program aims to target a potential structural offset of the high-grade Wattle Dam gold mineralisation on the western side of the Spargoville shear zone.

Executive Commentary on Wattle Dam Gold Project

The commencement of the drilling program at Wattle Dam, follows the completion of a $3.2 Million Underwritten Entitlement Offer to accelerate Maximus' gold exploration, with our lithium exploration fully funded through our KOMIR Joint Venture. The second phase drill campaign continues to explore a previously untested area on the western side of the regional Spargoville shear zone, immediately north of the Wattle Dam Gold Mine. At depth, the Wattle Dam high-grade mineralisation is intersected by the Spargoville shear zone, causing the mineralisation to appear to be terminated. The continued hypothesis for this drill program is that the Wattle Dam Main Lode has been offset by the late staged Spargoville Shear Zone. Our theory is that the continuation of the main lode could be found on the unexplored western side of the shear zone. Previous exploration drilling at Wattle Dam concentrated on the eastern side of the Spargoville shear zone, following the known plunge of the high-grade mineralisation. Initial drill testing has validated the existence of a structural offset, with drilling intersecting a geological sequence similar to the high-grade mineralised envelope at Wattle Dam, with distinct zones of intense biotite alteration and strong geochemical signature. Deeper drilling in the second phase will focus on either side of the northernmost hole, where the highest level of alteration was observed. Given the very high gold grades recovered within the Wattle Dam gold mine, if we can prove our theory correct it will be a real game changer for Wattle Dam.

Summary of Wattle Dam Gold Project Announcement

Maximus Resources Limited (ASX: $MXR) has commenced the second phase Reverse Circulation (RC) drill program at the Company's 100% owned Wattle Dam Gold Project. The program aims to target a potential structural offset of the high-grade Wattle Dam gold mineralisation on the western side of the Spargoville shear zone. The company's Managing Director, Tim Wither, expressed optimism about the potential of the project, highlighting the significance of the ongoing drill program in exploring the untested area on the western side of the regional Spargoville shear zone. The Wattle Dam Gold Project, previously mined by Ramelius Resources Limited, has a history of high-grade gold production, and Maximus Resources aims to unlock further value through its exploration efforts. The company also provided insights into its forward plan, outlining the completion of the RC drill program at Wattle Dam and the subsequent focus on the Hilditch and Larkinville gold deposits. Additionally, Maximus Resources continues its lithium exploration, with ongoing fieldwork and assay result expectations. The company's commitment to sustainable mining practices and community engagement underpins its efforts to deliver long-term benefits to its stakeholders.