Special Report: Diversified minerals explorer Maximus Resources has increased the gold resource at its Spargoville project near Kambalda, WA, with key upgrades to its Hilditch and Larkinville deposits.

Nestled within the Kalgoorlie Terrane and just 20km west of Gold Fields’ >10Moz St Ives operation, Maximus Resources (ASX:MXR) has a string of near-term gold production opportunities at Spargoville, as well as exposure to nickel and lithium targets.

The deposits cover 117km2 and include Hillditch, Larkinville, 5B, Eagles Nest and Wattle Dam, all with access to infrastructure, service providers and several toll-treating options within a ~70km haulage distance.


Substantial resource upgrade

MXR has made a substantial 160% increase in gold resources at the Hilditch deposit, as well as a 21% uplift at Larkinville.

Significantly, 91% (12,800oz @ 1.8 g/t Au) of the Larkinville gold resources are reported in the higher confidence indicated classification, providing a “strong foundation for future toll-treating development studies”, MXR says, while 48% of the gold at Hilditch has moved into the same category.

Both gold resources are reported as 100% open-pit resources within $2,800/oz optimised open-pit shells at a cut-off grade of 0.5g/t gold.

They’re also both shallow, with mineralisation at surface and open at depth, with a significant strike extension remaining at Hilditch.

Maximus Resources (ASX:MXR)
The Spargoville gold deposits, including surrounding projects. Source: MXR

MXR MD Tim Wither says that with the completion of the Hilditch and Larkinville MRE updates, the company now has combined group gold resources of 335,000oz.

“The process of completing the MRE updates has demonstrated the fantastic potential to continue to increase gold resources through targeted drilling at both Larkinville and Hilditch,” Wither says.

“Both deposits are ideal for near-term production, located on granted mining tenements, with potential for strong economics given the shallow mineralisation starting at surface and favourable ore body geometry.

“The company continues to make consistent improvements in resource classifications, through efficient drilling, and as our geological understanding of the deposits continues to grow, so does the potential across Maximus tenements.”


Further upside potential

MXR says there’s significant opportunity for rapid resource growth across all deposits within Spargoville, including the Hilditch and Larkinville deposits, and its flagship Wattle Dam gold project.

At Hilditch, a significant strike extension remains untested and the company is awaiting results from a completed soil sampling program to identify further drill targets, with the potential for shallow, high-grade discoveries.

MXR says it expects to receive the completed soil sampling assays in 2-4 weeks and plans to follow up with a targeted drill program to increase the resource base.

Meanwhile, flora and fauna surveys have also been completed across the Larkinville mining tenement which will reduce approval process timeframes for any future production.



This article was developed in collaboration with Maximus Resources, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.