Maximus Resources (ASX: MXR) will soon begin a maiden drilling campaign at the Narndee polymetallic project in the Murchison region after raising $886,905 from a recent rights issue.
The money provides sufficient funding for the company to begin a nine hole reverse circulation drilling program.
In November last year, Maximus identified a potentially major massive sulphide structure at its Narndee tenements which is geologically similar to Minmetals Resources’ Golden Grove polymetallic mine.
Significantly, Golden Grove, which is located 120 kilometres west of Maximus' Narndee tenements, hosts resources of 1.3 million tonnes of zinc, 0.8 million tonnes of copper, 0.1 million tonnes of lead, 0.9 million ounces of gold and 45 million ounces of silver.
An initial ground gravity survey conducted during October on the first two high priority targets of the Narndee tenements showed coincident electromagnetic and gravity anomalies indicating the potential for large massive sulphide bodies.
The initial drilling program will aim to test the locations where coincident airborne electromagnetic and ground gravity highs have been recorded for massive sulphide accumulations.
The Narndee project area is located in the Mt Magnet region of Western Australia and comprises 24 tenements covering a total area of around 1,650 square kilometres over the polymetallic Narndee, Milgoo and Windimurra regions.
A detailed review of all Narndee tenements completed in July 2011 generated a total of 18 targets, predominantly in the Narndee and Windimurra complex regions covering a range of elements, including copper, gold, zinc, nickel and platinum group elements.
The 18 targets were ranked to identify the six most prospective tenements to focus on-ground exploration activities on in 2011-12.