Hi,
If I understand your query right; it is difficult to make an approximation of the natural density from the maximum dry density test results. (if someone has seen one please let me have a copy, would be interesting).
To evaluate the natural density, you definitely need to obtain some cores or do sand replacement tests at site. These are very cheap tests and can be conducted easily.
Having said this, 121.5 pounds per cubic feet is approx 19.5 kN/m3; this is not much for a maximum dry density; which can be up to 21 or so for a well graded material. For all approximations, you could assume a natural density of 17 kN/m3. I presume it is an embankment and generally could be clayey silts. Any case, you must state you density assumption clearly (you have to save your back).
Cheers