Maximus Resources (ASX:MXR) will proceed with an accelerated drilling program at its Narndee polymetallic project in the Murchison region after its shortfall share issue raised A$984,000.
This together with the A$886,905 raised through the rights issue and A$54,094 in underwriting by the directors, comes to a total of A$1.92 million, allowing Maximus to test the remaining 4 of 6 highest priority targets identified last year.
The first scheduled Narndee drill program will comprise a 9 hole reverse circulation (RC) exploration drilling program testing two high priority targets where co-incident Airborne Electro-magnetic and ground gravity highs were recorded.
Additional on-ground exploration will also be carried out on the 4 other high priority targets and begin follow-up investigation of all 18 targets identified during the tenement review program that was completed in July last year.
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 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.