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annc: deepest hole at adelaide hills gold proj

  1. 162 Posts.
    • The deepest diamond drillhole at Birdin-Hand (BH-42) in the Adelaide Hills has intersected a true width of 10.5 metres
    at about 400 metres depth averaging 15.5g/t gold (Figure 1).

    • This result implies potential to increase the total gold resource at Bird-in-Hand to the previously targeted 200,000 to
    250,000 ounces.

    • Commencement of prefeasibility in second quarter of 2008 is now likely

    100% MAXIMUS
    Result of BH-42
    Vertical hole BH-42 at the Bird-in-Hand Gold Project
    near Woodside in the Adelaide Hills was drilled to a
    total depth of 421.6 metres (Figure 2). The mineralised
    intersection of 14.2 metres from 375 metres down hole
    assayed 15.5 grams gold per tonne and has a true width
    of 10.5 metres. Included are intervals of 2.0 metres from
    380.0 metes at 28 grams per tonne and 3.2 metres from
    385.9 metres at 38 grams per tonne.
    The new hole is located approximately 70 metres down
    plunge from wedge hole BH-28W which recorded 8
    metres from 361 metres down hole at 13.4 grams gold
    per tonne (Figure 1).

    As well as being the deepest, BH-42 also contains one
    of the widest mineralised intervals of 22 metres from
    369 metres at over 0.5g/t gold located at Bird-in-Hand. It
    therefore provides evidence that the lode may continue
    to increase in width with depth.
    Implications for Targeted Resource Potential
    Maximus has previously indicated that its target for a
    potential mine development at Bird-in-Hand is of the
    order of 200,000 to 250,000 ounces of high grade gold
    (Figure 1).

    The discovery of thick, high-grade gold mineralisation
    in hole BH-42 at a depth equivalent to 400 metres
    vertically below the historic surface expression and
    some 420 metres down plunge of the old underground
    mine workings, is considered highly encouraging for the
    future of this project.

    Maximus recognises there is insufficient drilling at depth
    to estimate a Mineral Resource below the 75m RL, and
    that further exploration drilling at depth may not lead
    to the estimation of a Mineral Resource. However, the
    exciting thickness and grade of BH-42 mineralisation in
    a geologically predictable lode gives a strong indication
    that Maximus can reach its target of 200,000 to 250,000
    ounces of potentially economic gold mineralisation
    beneath the historic Bird-in-Hand gold mine.

    Objectives of Current Drilling Program

    The current program of three holes has the dual
    purpose of outlining the width and gold grade of the
    Bird-in-Hand lode to a vertical depth of 500 metres, and
    providing deep samples for water quality tests as part of
    the hydrogeological study of groundwater at Bird-in-

    Water Quality

    Preliminary down hole geophysical probing and water
    analyses from of BH-42 have indicated the water quality
    to be in the potable to sub-potable range. Further water
    testing will be undertaken in the other two proposed
    holes. Initial results are considered encouraging
    and should give strong support to an application
    to the South Australian Minister for Environment
    and Conservation to undertake a pumping test of
    groundwater drawdown and recharge during the
    winter of 2008.

    Prefeasibility Study

    Successful intersections of mineralised lode in each of
    the current program’s additional two holes, will likely
    lead Maximus to commence a prefeasibility study into
    the economic, social and environmental impact of
    mining at Bird-in-Hand during the second quarter of

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