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Maximus cashed up on critical assets

22 July 2022
ASX: MXR
Jack Baker

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.

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).

COMPANY OVERVIEW

Maximus Resources (ASX: MXR) Spargoville tenements are located in the heart of Australia’s premiere gold and nickel mining district – just 25km from Kambalda, Western Australia. Home of the very high-grade historic Wattle Dam Gold Mine, the Spargoville tenements are readily accessible and are located less than 50km from six gold processing plants and just 25km from BHP’s Kambalda Nickel Concentrator. Mined until 2012, the Wattle Dam Gold Mine was one of Australia’s highest-grade gold mines, producing ~286,000 oz gold @ 10.1 g/t gold . Maximus Resources’ focus is the discovery of the next Wattle Dam Gold Mine. Maximus Resources has been granted 48 sqkm of mining licences and has gold rights across a further 60 sqkm along the very fertile Spargoville Shear Zone, hosting multiple significant gold and nickel deposits.

COMPANY INFORMATION

ASX: MXR

Website

http://maximusresources.com/
https://www2.asx.com.au/markets/company/mxr

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