Maximus Resources : Nickel Mineralisation Identified - Hilditch West

ASX Announcement

23 MARCH 2022

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Nickel Mineralisation Identified - Hilditch West

• Completed drill programme follows previous discovery of shallow nickel-copper-cobalt mineralisation at Hilditch West.
• In field XRF (hand-held) analysis confirms nickel concentrations consistent with previous drilling.
• 14 Reverse Circulation (RC) drill holes completed for 1,590m and two diamond drill holes (EIS co-funded) for 490m with samples submitted for assaying. Results pending.
• Drilling intersected several sulfidic intervals and zones of fuchsite alteration along ~1km structure.
• Intersected ultramafics in deeper diamond drilling encouragingly supports geological model for nickel to be remobilised from ultramafics deeper in the stratigraphy.

Maximus Resources Limited ('Maximus' or the 'Company', ASX:MXR) is pleased to announce the completion of a Reverse Circulation (RC) and Diamond Drill (DD) programme at the Hilditch West target, located 25km from BHP's Kambalda Nickel Operation. Drilling at Hilditch West is part of a larger ongoing multi-target gold and nickel drill campaign across the Spargoville tenements.

HILDITCH WEST DRILL PROGRAMME

Maximus' drill programme at Hilditch West comprised of 14 RC holes (HWRC007 - 020, Figure 1) for 1,590m and two Diamond Drill holes (HWDD002 & 003) for 490m which were completed under the Western Australian Government Exploration Incentive Scheme (EIS) round 24 co-funding grant (50% of drilling costs).

Commenting on the completion of the Hilditch West Nickel Drill programme, Maximus' Managing Director Tim Wither said: "Initial observations at Hilditch West have been very encouraging, indicating the infill and expansion programme has intersected the expected alteration including sulfides along ~1km of prospective structure. The drill programme was designed to expand the initial scout drilling which successfully discovered shallow nickel-copper-cobaltintersections which included, 5m @ 1.2% Ni and 2m @ 1.5% Ni. The presence of ultramafic rock units in the deeper diamond drilling confirms previous geological interpretations that the nickel sulfides within the Hilditch West structure are likely to have been transported from deeper in the stratigraphy, increasing our confidence in the prospectivity of the Hilditch West nickel target."

The two completed EIS diamond drill-holes have provided invaluable geological knowledge to advance the Hilditch West project. Intersection of the alteration zones and host structure is very encouraging and provides more definition around the geometry of potential mineralization.

Abundant intense fuchsite alteration (Figure 2 & 3) in the metasedimentary units supports the geological model for Hilditch West. The intersection of the district scale shear zone (fuchsite altered) and sulfidic metasedimentary rocks are a likely setting for nickel sulfide and nickel-arsenic sulfide deposition (ASX:MXR announcement 27 September 2021).

The two diamond drill holes have been cased with PVC for Downhole Electromagnetics (DHEM) to assist with further targeting of sulfide-dominated mineralization expected to be completed in the following quarter.

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Suite 12, 198 Greenhill Road, Eastwood SA, 5063	ASX:MXR

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Figure 1. Hilditch West prospect area drill-hole locations, with previous drill results and geological polygons on magnetics image.

Figure 2. Intense fuchsite alteration (green rock) in HWDD002 at 178.7m

Figure 3. Intense Fuchsite alteration with pyrite in HWDD002 at 179.7m

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Suite 12, 198 Greenhill Road, Eastwood SA, 5063

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Drill-hole HWDD003 intersected a significant interval of massive pyrite (Figure 4) within a larger zone of intensely silicified quartzite. Handheld XRF analysis indicates an arsenic-cobalt signature to the pyrite, and negligible zinc. This suggests that the massive pyrite is related to hydrothermal deposition within the Hilditch West structure as opposed to metasedimentary-hosted sulfides which contain high zinc and low arsenic. High arsenic values can be an indicator for anomalous gold, as observed regionally, and will be determined from pending assay results.

Figure 4. Massive pyrite in HWDD003, between 154.2 and 156.6m. Wall rocks are intensely silicified metasediments. Red box indicates area enlarged on the left-hand side.

FORWARD PLAN

All samples from Hilditch West programme have been submitted, with assay results expected in 6-7 weeks. The Downhole Electromagnetics (DHEM) surveys at Hilditch West are expected to be completed in the following quarter, assisting with further targeting of sulfide-dominated mineralization.

Maximus' large scale multi-target gold and nickel drill programme is continuing, with further updates to be provided as the 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]

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

For personal use only

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 sulfide 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 observations from drill-core 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.

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Suite 12, 198 Greenhill Road, Eastwood SA, 5063

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JORC Code, 2012 Edition - Table 1 report

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

	Criteria			JORC Code explanation			Commentary
	Sampling		• Nature and quality of sampling (eg cut channels, random chips, or			• The database of soil-samples, auger holes, RAB, RC and diamond drill-holes for
	techniques		specific specialised industry standard measurement tools appropriate			the Spargoville area has been compiled over several decades and via multiple
				to the minerals under investigation, such as down hole gamma			owners. The database comprises unverified information coupled with recent
				sondes, or handheld XRF instruments, etc). These examples should not			drilling data with higher confidence.
				be taken as limiting the broad meaning of sampling.			• With respect to legacy drill-holes, the method of collar survey is not known,
				• Include reference to measures taken to ensure sample representivity			however evidence for drilling activity (pads, piles of cuttings) are observed
				and the appropriate calibration of any measurement tools or systems			which correlate with the stored drill-hole data. Aircore and RC samples were
				used.			collected at set nominal intervals and laid on the ground in rows. Details
				• Aspects of the determination of mineralisation that are Material to the			regarding the splitter arrangement and laboratory process are not available for
				Public Report.			the entirety of the legacy exploration database.
				• In cases where 'industry standard' work has been done this would be			• The legacy drilling data will be used as an indicator and will be followed-up
				relatively simple (eg 'reverse circulation drilling was used to obtain 1 m			using best practice drilling, sampling, QAQC, and assaying techniques.
				samples from which 3 kg was pulverised to produce a 30 g charge for			• No new assay results are reported in this document, instead initial observations
				fire assay'). In other cases more explanation may be required, such as			of the drill-core are described in the context of the geological targets.
				where there is coarse gold that has inherent sampling problems.			• The drill-holes intersected the target area as planned and down-hole EM
				Unusual commodities or mineralisation types (eg submarine nodules)			(DHEM) surveying of the two diamond holes will be undertaken in the following
				may warrant disclosure of detailed information.			quarter.
							• Handheld XRF analyses of RC cuttings indicates anomalous nickel in sulfidic
							material proximal to fuchsite altered domains, as encountered in the initial
							phase of RC drilling.
	Drilling		• Drill type (eg core, reverse circulation, open-hole hammer, rotary air			• No new drilling results are reported in this document.
	techniques		blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple			• Within the Spargoville Project area, the dominant drilling method has been
				or standard tube, depth of diamond tails, face-sampling bit or other			RAB, with few deeper RC holes as follow-up on selected anomalies.
				type, whether core is oriented and if so, by what method, etc).			• Diamond drill-holes are few and are concentrated proximal to the historic
							mines.
							• HWDD002 was drilled HQ3 to 122.6m, and NQ2 to 249.5m; and HWDD003 was
							drilled HQ3 to 125.3m and NQ2 to 240.3m.
							• Core was oriented using a Tru-Core device, and the hole was surveyed using a
							gyro.
	Drill sample		• Method of recording and assessing core and chip sample recoveries			• No new assay results are reported in this document.
	recovery		and results assessed.			• With respect to recent and legacy drilling:
				• Measures taken to maximise sample recovery and ensure			o Recovery was assessed by comparison of sample volume in rows
				representative nature of the samples.			of sample piles.
				• Whether a relationship exists between sample recovery and grade and			o No significant variation of recovery was detected, nor voids etc.
				whether sample bias may have occurred due to preferential loss/gain			• No significant core loss was reported for the drillholes HWDD002 & 003.
				of fine/coarse material.
	Logging		• Whether core and chip samples have been geologically and			• No new assay results are reported in this document.
				geotechnically logged to a level of detail to support appropriate			• With respect to recent and legacy drilling:
				Mineral Resource estimation, mining studies and metallurgical studies.			o Geological logging of the RC drillholes has been executed
				• Whether logging is qualitative or quantitative in nature. Core (or			appropriately and captured in the drill-hole data base.
				costean, channel, etc) photography.			o Not all of the legacy drill-holes have complete logging datasets.
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