Maximus Resources (ASX:MXR) Hits Shallow High-Grade Gold

4 December 2024

Price Sensitive Announcement $

Highlights:

• Assay results for the first 46 holes returned from the 8500N paleochannel phase-1 Reverse Circulation (RC) drill program which totaled 102 holes for 3,186m.
• Close-spaced drill program designed to be completed in two stages to improve geological confidence while testing along strike and mineralisation extending into the underlying saprolite zones.
• Gold mineralisation intersected within both paleochannel gravels and underlying primary
  mineralisation further demonstrating the potential to expand the known mineralisation.
• Shallow high-grade gold mineralisation intersected in the initial 46 holes include:

  o 4m @ 5.2g/t Au from 14m incl. 2m @ 9.5g/t Au from 14m (PCRC026)

  o 2m @ 6.6g/t Au from 13m (PCRC032)

  o 4m @ 3.2g/t Au from 10m incl. 2m @ 5.4g/t Au from 12m and 1m @ 2.6g/t Au from 19m (PCRC033)

  o 3m @ 2.9g/t Au from 13m, incl. 1m @ 6.5g/t Au from 15m (PCRC027)

  o 3m @ 2.8g/t Au from 11m incl. 1m @ 5.3g/t Au from 11m (PCRC038)

  o 6m @ 2.7g/t Au from 36m incl. 1m @ 10.9g/t Au from 40m (PCRC012) at end of hole.

  o 1m @ 0.5g/t Au from 31m and 2m @ 3.5g/t Au from 38m incl. 1m @ 4.9g/t Au from 39m (PCRC004)

  o 1m @ 6.8g/t Au from 16m and 9m @ 0.6g/t Au from 28m and 1m @ 1.0g/t Au from 40m (PCRC023)

  o 6m @ 1.3g/t Au from 30m (PCRC005)

  o 6m @ 1.0g/t Au from 29m incl. 1m @ 2.3g/t Au from 29m (PCRC011)

• 8500N Paleochannel represents a low-cost, low-risk production opportunity due to its shallow high grade gold mineralisation and free-digging qualities of the mineralised and overburden material.

Overview:

Maximus Resources Limited has advised shareholders of the initial results from the first 46 holes of the first phase RC drill program at the Company’s 100% owned 8500N Paleochannel, located 25km from Kambalda, Western Australia.

The first stage of the drill program consisted of 102 RC holes (~3,200m) designed to improve the geological confidence of the shallow paleochannel, while testing for potential extension of mineralisation in the saprolite zone beneath the paleochannel, as identified during the initial drill program (ASX announcement 8 October 2024). Several drill traverses were undertaken to test for extension along strike to the south (Figure 1). The complete drill program has been designed to be completed in several stages to ensure optimal drilling effectiveness.

Company Notes:

Maximus’ Managing Director, Tim Wither, commented, “The initial results from the first phase drilling at the 8500N Paleochannel have returned several shallow high-grade gold intervals, highlighting the shallow nature of the gold mineralisation and a mineralised zone within the primary zone directly below the paleochannel. These intersected gold grades in the paleochannel gravels and underlying primary mineralisation are highly encouraging when compared to the 8500N primary mineral resource grade directly below which sits at 1.25g/t Au. Gold mineralisation is intersected at multiple levels suggesting a potential connection between high-grade paleochannel gold mineralisation and primary gold mineralisation beneath. This information suggests that the paleochannel gold may be remobilised from either the primary mineralisation below or a potential mineralised source further along strike to the north. With the Company’s systematic approach to exploration, a substantial amount of data has been
obtained from this initial results and we look forward to receiving the results from the northern zone before planning the second phase infill drill program.”

Full ASX Announcement: 2A1566142.pdf