Announcement Date: 2021-11-24
Announcement Type: Exploration Update
Announcement Code: JORC
Company name: Maximus Resources Ltd.
Project name: Spargoville
Location: Australia
Commodities: Gold
Highlight: Disseminated sulfides in ultramafics intersected
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: A 531m diamond drill hole was completed, designed to intersect the coincident peak magnetic response and centre of the Electromagnetic (EM) conductive target plate (Figure 1) at approximately ~420m down the hole (~340m below surface) (ASX:MXR announcement 29 July 2021). Within the completed drill hole, repetitive intervals of komatiite flows were identified (Figure 1), with minor disseminated sulfides (pyrrhotite) observed. A narrow massive sulfide unit was intersected from 124.4m, with a pyrite + magnetite + pyrrhotite + chalcopyrite assemblage, interpreted as an interflow sediment unit. A ~6m interval of disseminated native copper in chlorite-rich veinlets was observed from 255m (Figure 2), and a wide biotite + garnet + disseminated sulfide altered shear-zone was observed at the base of the komatiite package, from 463m to 501m. A thick metasedimentary unit was intersected at the end of the hole (Figure 1) with significant disseminated pyrrhotite concentrations. This unit became more carbonaceous with depth, and the DHEM results suggest this is the dominant conductor in the area. Small intervals of fuchsite + pyrite altered metasedimentary rock were observed at the end of the hole, analogous to mineralization intersected in shallow RC holes to the south (ASX:MXR announcement 22 July, 2021). At this stage, it is not resolved whether this alteration is associated with the intersected structure in the RC drilling, or is a parallel feature.
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