Maximus Resources Limited announced an update of the Mineral Resource Estimate (MRE) for the Redback Gold Project (Redback), totalling 1.24 Mt @ 1.9 g/t Au for 76,500 oz Au. Redback represents a near-term gold production opportunity for Maximus, strategically located within a short trucking distance from several regional gold processing plants. Gold mineralisation at Redback has high potential to be part of a much larger interconnecting mineralised system that remains open at depth and along strike to the south.

Redback is located within the Wattle Dam Gold Project and is situated ~600 m to the south-southeast of the Wattle Dam Gold Mine which was mined until 2012. Wattle Dam was one of Australia's highest-grade gold mines producing ~286,000oz @ 10.1g/t gold, highlighting the high-grade discovery potential within the Company's 108 sq km Spargoville tenements. The completed drill programmes and MRE update has provided the Maximus technical team with an increased understanding of the geological controls for mineralisation across the Redback and Golden Orb trends and demonstrates the opportunities for further growth across the Wattle Dam area and along strike to the south.

The MRE update does not include the Western Australian Government Exploration Incentive Scheme (EIS) deep drilling, which intersected wide high-grade gold mineralisation, ~300 metres below the Redback lode resource. The EIS deep drilling below the Redback lode intersected 11.0m @ 3.2 g/t Au from 626m including 3.0m @ 5.7 g/t Au from 626m, 2.0m @ 4.3 g/t Au from 631m, 1.0m @ 7.1 g/t Au from 636m and 2.5m @ 6.0 g/t Au from 658.5m incl. 1.0m @ 13.0 g/t Au from 658.5m (RBDD008).

It is assumed that the expansion of the Redback lode at depth will be targeted in further resource expansion growth following potential open pit development. The Redback lode represents 75% of the reported MRE for the Redback Gold Project, with a total of 890kt @ 2.0 g/t Au for 57,600 oz of contained gold, a 25% increase in contained gold from the 2017 Mineral Resource Estimate. The updated Mineral Resource is based on an additional ~13,500 metres of Diamond and Reverse Circulation (RC) drilling completed in 2021-2202, which successfully expanded the near-surface gold resources and increase the resource confidence levels.

The completed drilling demonstrates the potential to grow resources, with encouraging high-grade results which included: 16.3m @ 9.3 g/t Au from 229m incl. 5.5m @ 6.7 g/t Au and 5.8m @ 17.9 g/t Au from 240m, incl 1m @ 48.4 g/t Au (RBDD003); 6.0m @ 9.4 g/t Au from 257m incl. 3.0m @ 17.2 g/t Au.

(RBDD006) 18m @ 2.3 g/t Au from 230m incl. 4m @ 4.3 g/t Au and 5m @ 2.4 g/t Au (RBDD006W1); 10.0m @ 4.6 g/t Au from 170m incl. 2.0m @ 10.2 g/t Au, 1.0m @ 18.0 g/t Au and 8.0m @ 3.9 g/t Au from 193.0m incl.

3.0m @ 7.9 g/t (RBDD005); 7m @ 7.0 g/t Au from 42m incl. 1m @ 10.2 g/t Au from 44m, 2m @ 10.2 g/t Au from 48m (RBRC019); and 4m @ 5.1 g/t Au from 26m incl. 1m @ 13.8 g/t Au from 26m, 1m @ 5.8 g/t Au from 29m (RBRC013).

RC samples were generally collected using a cone splitter mounted at the bottom of the cyclone at regular 1 m intervals to collect a 1/8th fraction for assay. DD samples were half-core, cut along the core axis using a core saw. Samples were ticketed prior to dispatch to ALS Geochemistry in Kalgoorlie where they were pulverised to produce a pulp sample for fire assay analysis.

Samples up to 3 kg mass were crushed, split and pulverised to 85% passing 75 microns. All pulverised samples sourced prior to late July 2022 were submitted for gold analysis primarily by fire assay, and multi-element analysis by Inductively coupled plasma mass spectrometry (ICP-MS). A 50 g aliquot was obtained for fire assay and 0.5 g aliquot for ICP-MS multielement analysis.

Where gold grades exceed 2 ppm, a further three successive assay analyses were undertaken to manage the effect of coarse gold on the variability of the reported gold concentration value. Samples taken later in the 2022 drilling programme were analysed by Photon method, using a 500 g sample. Prior to the use of this analytical technique, Maximus reviewed its assay database to ensure the project had no uranium, thorium and barium which would interfere with gold detection.

It is assumed that the deposit will be mined using open pit methods, followed by underground mining. The adjacent Wattle Dam deposit was mined between 2007 ­ 2013 using those methods and learnings have been drawn from the Wattle Dam mine. An open pit optimization was carried out on the Mineral Resource block model, based upon a gold price of AUD 2,500/ounce and appropriate costs and recoveries, and is used for reporting the Mineral Resource.

Initial gold metallurgical studies were undertaken on selected RC drill samples which have shown that the Redback lithologies hosting mineralisation produce excellent gold recovery results with total gravity and cyanide recoverable gold of between 93-98%. The next phase of test work being undertaken will involve a optimisation of cyanide leach kinetics focus to replicate gold processing conditions experienced at several of the gold processing plants.