Maximus Resources Ltd (ASX:MXR, OTC:MXRRF) has been granted two exploration licences in favourable geological settings — prospective for lithium and gold — in the Eastern Goldfields region of Western Australia, directly along strike from Mineral Resources' Mt Marion lithium operations.
The new tenements (E15/1837 and E15/1839) grow Maximus’ strategic tenure in the highly prospective Eastern Goldfield’s lithium region and are contiguous with its existing granted mining tenements, allowing future amalgamation.
These tenements are to be incorporated into Maximus’ 100%-owned Lefroy Lithium Project which it is developing via a joint venture with the South Korean government's mining agency, KOMIR.
KOMIR has the option to acquire up to a 30% interest in the project by investing up to US$3 million, while Maximus continues to oversee project management.
Both tenements were secured by the company in a highly contested ballot, drawn by the Western Australian Mining Warden on January 25, 2023.
Maximus’ granted tenements and surrounding projects.
Looking ahead
Following the initial phase of soil geochemical results at the Lefroy Lithium JV, the Maximus team has been completing supplementary fieldwork with further infill soil sampling and extended field mapping.
This work includes pre-reconnaissance mapping over the newly granted tenements.
The company is preparing for a second phase lithium drill program, subject to receiving approval from the Australian Government Foreign Investment Review Board (FIRB) of the Lefroy Lithium Joint Venture.
This second phase drilling will target infill and extension of the intersected spodumene-bearing pegmatites at the Kandui prospect along with scout drilling at the company’s’ Landor and Yilmia lithium targets.