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Maximus cashed up on critical assets

22 July 2022 14:14
ASX: MXR

Maximus Resources have finished up a busy quarter of exploration fully funded, holding $7.1 million in the kitty to continue advancing assets across premier Western Australian mining districts.

While gold resources remained a mainstay, new tenements and targeted campaigns over battery metal prospects added a critical edge to the explorer’s portfolio.

The combined drill program over Wattle Dam confirmed the Redback prospect’s mineralisation from the surface, with notable intercepts providing the impetus for an updated resource estimate — while hits outside the known Golden Orb envelope built on the potential for more high-grade domains.

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Wattle Dam project and gold prospects

A first pass over the nearby Hilditch project also defined shallow zones of wide-spanning gold mineralisation in the heart of the Goldfields.

With advancing Spargoville lithium and rare earth, combined with expanded Hilditch West nickel, the Perth-based company added to its battery assets by granting the Jilbadji and Karalee projects, targeting nickel-copper-cobalt and platinum group elements near the town of Southern Cross.

The company said the new assets added a low-cost and highly prospective entry point into a strengthening battery metal market.

“Both projects are exceptionally well located, and we are confident that, if we are successful in defining areas of significant mineralisation, we will be in a great position to advance these projects rapidly and effectively together with our continuing development strategy at Spargoville,” managing director Tim Wither said.

In anticipation of an upgraded gold estimate, Maximus is pushing forward on Redback reviews and testwork while assessing gaps along the Golden Orb corridor.

MXR’s Australian Stock Exchange-listed share price has risen 6.38 per cent today, selling at 5c (12.54 pm UTC+ 8 hours).

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