Maximus Resources (ASX: MXR) has sold its Sellheim alluvial gold project in Queensland for A$400,000 and will use the funds for planned second stage drilling of its Narndee poly metallic project in Western Australia.
The company has received a A$40,000 non-refundable deposit from the new owners and will also apply for the release of a A$91,000 non-refundable deposit from the new owners.
Responsibility for payment of the bond will rest with the project’s new owner from the date of transfer of the tenements.
First stage drilling at the Nandee project in the Murchison region had intersected massive sulphide mineralisation and the Stage 2 program will test along strike and at depth of known higher grade mineralised intersections.
Narndee is located 120 kilometres east of the operating Golden Grove poly-metallic mine.
Maximus has also secured ownership and full mineral rights to all its jointly operated tenements - Billa Kalina, containing the Peeweena Dam gravity anomaly, and Adelaide Hills - in South Australia.
Both land areas were previously held by listed explorer, Flinders Mines (ASX: FMS).
Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.