Maximus Resources have encountered an outcropping of potentially colossal lithium hosting pegmatites at the Spargoville tenements in the Western Australian Wheatbelt’s highly prospective southern Yilgarn province.
The company holds significant tenements across the world-class Southern Yilgarn lithium-cesium-tantalum province, host to several other lithium projects, including Liontown Resources Limited’s Buldania Lithium Project, Essential Metals Ltd’s Pioneer Dome Lithium Project and the Bald Hill Lithium Mine.
Its tenements are around 20 kilometres south of Mineral Resources Limited’s world-class Mt Marion lithium mine.
The pegmatites indicated geological similarities to the nearby world-class Mt Marion deposit at the Lefroy prospect, which has returned lithium oxide samples up to 4.97 per cent.
Adjacent to the site, the company found pegmatites up to 14 metres of downhole width, sampled at the adjacent Hilditch Gold Prospect.
Maximus’ other majority-owned prospect, the Larkinville lithium prospect, is around 15 kilometres south of the company’s Lefroy prospect and west of the Larkinville gold deposit.
The company said the finds came while it was busy completing a large-scale nickel and gold drill campaign across the region.
“With the region hosting several world-class lithium deposits and known favourable geology across the tenements, we believe the company is well placed to take advantage of the buoyant lithium market,” managing director Tim Wither said.
The multi-element explorer will continue fieldwork and data review to support the planning of a targeted drill program later this year.
MXR’s Australian Stock Exchange-listed share price has risen 6.35 per cent today, selling at 6.7c (2.29 pm UTC+ 8 hours).