Maximus Resources : New high-grade gold zone confirmed - Redback EIS drilling

ASX Announcement

13 January 2022

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New high-grade gold zone confirmed - Redback EIS drilling

• Initial assays from completed EIS co-funded drilling confirms wide high-grade gold mineralisation, ~300 metres below the known Redback gold resource.
• Assays from a selected interval of heavily altered ultramafics with multiple occurrences of visible gold, confirms a significant new target area (Western Contact) with several zones of high-grade gold up to 21.3 g/t Au intersected including:

1. 11.0m @ 3.2 g/t Au from 626m incl 3.0m @ 5.7 g/t Au from 626m, 2.0m @ 4.3 g/t Au from 631m and 1.0m @ 7.1 g/t Au from 636m (RBDD008)

• 1. 2.5m @ 6.0 g/t Au from 658.5m incl. 1.0m @ 13.0 g/t Au from 658.5m (RBDD008)
• Due to current industry-wide analytical assaying delays, the Company elected to fast-track a selected interval to provide direction on planned follow-up drilling. The remaining assay results for drill holes RBDD008/009 and other completed resource drill holes RBDD010-014 are pending.
• Following the completion of the EIS drill holes, three resource holes that were underway in the Redback resource drill programme, were extended in depth to test the new Western Contact.
• All extended resource holes (RBDD0012, 013, 014) successfully intersected an altered contact zone up-dip from the intersected mineralisation in RBDD008 (Figure 1).
• The completed drill holes demonstrate a strong potential for high-grade gold mineralisation from surface to +500m vertical depth at the Redback Gold Deposit.
• Further drill testing of the Western Contact is underway, with several wedge holes planned from the completed EIS drill holes, saving on cost and time.

Maximus Resources Limited ('Maximus' or 'the Company', ASX:MXR) is pleased to provide initial assay results from the recently completed Western Australian Government Exploration Incentive Scheme (EIS) co-funding drilling and the ongoing resource drilling campaign at the Redback Gold deposit located at the Wattle Dam project, ~24km from Kambalda, Western Australia's premier gold and nickel mining district

Commenting on initial assays of the completed Redback EIS drilling, Maximus Managing Director Tim Wither said: "Having confirmed a wide zone of high-gradegold mineralisation and observed zones of alteration up-dip,opens up a new target area (Western Contact) for exploration and materially adds to the Redback mineralised system."

"These results, and ongoing intersections of alteration zones, analogous to those observed at Redback and at Wattle Dam, continue to increase our confidence in the near-term development potential of another high-grade gold mine at Wattle Dam."

"With the highly encouraging initial results from the ongoing diamond drilling programme at Redback and several holes awaiting assays results, we look forward to updating shareholders as the programme progresses over the coming months"

Maximus Resources Limited	maximusresources.com
Suite 12, 198 Greenhill Road, Eastwood SA, 5063	ASX:MXR

onlyuse personalFor Figure 1 - Redback cross section showing RBDD008 at 6527270mN - Looking north

REDBACK GOLD DEPOSIT - EIS DRILLING

The Redback Gold Deposit is located approximately 600 metres south-southeast of the previously mined high-grade Wattle Dam Gold Mine (Figure 2).

Local geology at Redback is similar to that observed at the high-grade Wattle Dam Gold Mine, with a high component of visible gold hosted within deformed ultramafic lithologies (komatiite). The high-grade gold

Maximus Resources Limited	maximusresources.com
Suite 12, 198 Greenhill Road, Eastwood SA, 5063

For personal use only

mineralisation at Redback often occurs proximal to the contacts between both felsic intrusives, the ultramafics and interflow metasediments.

Two Western Australian Government Exploration Incentive Scheme (EIS) co-funded diamond drill holes (RBDD008 and RBDD009) designed to test the down-dip plunge of known mineralisation at Redback Gold Deposit, were completed early December (Figure 2), with a wide interval of heavily altered ultramafics with multiple occurrences of visible gold observed in RBDD008.

Figure 2 - Redback and Wattle Dam longitudinal section showing RBDD008 and pending assays.

Initial assays received are from a selected interval of alteration in RBDD008 prioritised (fast-tracked) through the laboratory to provide direction for the additional drill testing of the Western Contact target area.

Hole ID	From (m)		To (m)	Down-hole Interval (m)		Au (g/t)
RBDD008	626.0		637.0	11.0		3.2
incl.	626.0		629.0	3.0		5.7
	631.0		633.0	2.0		4.3
	636.0		637.0	1.0		7.1
and	658.5		661.0	2.5		6.0
incl.	658.5		659.5	1.0		13.0

Table 1 - assay results from prioritised interval in RBDD008

Intervals containing visible gold in RBDD008 assayed 1m @ 14.6 g/t Au from 628.0 and 0.5m @ 21.3 g/t Au from 658.5m. Zones of visible gold observed, occurred proximal to the contacts between felsic intrusives, interflow sediments, and heavily altered ultramafics rocks, similar to previous Redback resource drilling.

The remaining intervals for RBDD008, 009 and completed resource drill holes (RBDD010 - 014) have been sampled and submitted for assaying and the Company will advise once the results have been received.

Maximus Resources Limited	maximusresources.com
Suite 12, 198 Greenhill Road, Eastwood SA, 5063

For personal use only

Following the completion of the EIS drill holes, three resource extensions holes that were underway in the current Redback resource drill programme were selected to be extended, to test the Western Contact target zone, up-dip from the RBDD008 intersected mineralised zones (Figure 1).

All extended resource drill holes, RBDD0012 - 014, successfully intersected the Western Contact with observed zones of variable biotite + chlorite alteration, and sulfidic interflow sediments close to or at the contact with the felsic porphyritic intrusive. The Western Contact is confirmed as a parallel domain in the Redback system and provides a new and significant target within the Redback Project.

Figure 3 - Redback longitudinal section showing RBDD008 and pending assays - Looking WSW

Maximus Resources Limited	maximusresources.com
Suite 12, 198 Greenhill Road, Eastwood SA, 5063

For personal use only

FORWARD PLAN

The Company has planned several "wedge" holes, which utilises the existing EIS drill holes as a platform to further test the new Western Contact target area. An initial wedge hole has been designed to intersect ~90m above the mineralised intersection in hole RBDD008. Several other wedge holes are planned and will be assessed as the drilling programme evolves.

The second phase of the planned Redback infill and resource extension programme consisting of diamond drilling and RC is continuing in parallel, with the aim to provide adequate data to complete an update Mineral Resource and subsequent development studies. The RC programme at Redback is schedule to commence in the first weeks of February and the Company looks forward to updating the market as the Redback programme progresses.

This ASX announcement has been approved by the Board of Directors of Maximus.

For further information, please visit www.maximusresources.com or contact: T: [phone]

E: [e-mail]

ABOUT MAXIMUS RESOURCES

Maximus Resources (ASX:MXR) is a junior mining explorer with tenements located 20km from Kambalda, Western Australia's premier gold and nickel mining district. Maximus currently holds 48 sq km of tenements across the fertile Spargoville Shear Zone hosting the very high-grade Wattle Dam Gold Mine. Mined until 2012, Wattle Dam was one of Australia's highest-grade gold mines producing ~286,000oz @ 10.1g/t gold. Maximus is developing several small high-grade operations across the tenement portfolio, whilst actively exploring for the next Wattle Dam.

MXR's Spargoville tenements are highly prospective for Kambalda-stylekomatiite-hosted nickel sulphide mineralisation. A near contiguous belt of nickel deposits extends from Mincor Resources Limited's (ASX:MCR) Cassini nickel deposit to the south of the Neometals (ASX:NMT) Widgiemooltha Dome/Mt Edwards projects, through Estrella Resources (ASX:ESR) Andrews Shaft Nickel Deposit, to the northern extent of the Maximus tenement package, including Maximus' Wattle Dam East and Hilditch Nickel Prospects.

Exploration Results

Competent Person Statement: The information in this announcement that relates to Redback Deposit geology and assay results outlined within this document is based on information reviewed, collated and compiled by Dr Travis Murphy, a full-time employee of Maximus. Dr Murphy is a professional geoscientist and Member of The Australian Institute of Geoscientists and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves. Dr Murphy consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

Maximus Resources Limited	maximusresources.com
Suite 12, 198 Greenhill Road, Eastwood SA, 5063