Maximus (ASX:MXR) chases lode at high-grade old mine Wattle Dam in Goldfields
June 18, 2024Maximus Resources has restarted a drilling program at its Wattle Dam Gold Project near Kambalda in the Goldfields region of Western Australia after raising $3.2 million to speed up its gold exploration efforts.
The second-phase reverse-circulation drilling program will take in 1500 metres, with five holes.
Maximus’ Managing Director Tim Wither flagged the drilling would allow the company to test a theory that Wattle Dam’s main lode continued to an unexplored western part of Spargoville shear zone.
“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,” he said.
“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.”
Ramelius Resources (ASX:RMS) mined Wattle Dam between 2006 and 2012, serving up 267,000 ounces at Australia’s highest grades at the time, 10.6 grams per tonne gold.
Drill testing has already highlighted a structural offset similar to Wattle Dam lode.
“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,” Wither said.
“Deeper drilling in the second phase will focus on either side of the northernmost hole, where the highest level of alteration was observed.”
Once Maximus drills Wattle Dam, it will move on to its other gold assets, including 8500N, Hilditch and Larkinville to extend and infill the resources and upgrade their classifications.
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