Maximus Resources (ASX: MXR) is on track to begin first exploration at the Billa Kalina tenement located within the Woomera Prohibited Area of South Australia in January 2013 with the granting of a Deed of Access by the Australian Government.
Highlighting the prospectivity of the project, a significant gravity feature of potential iron oxide, copper, gold and uranium (IOCGU) mineralisation has been identified and is located between BHP Billiton’s (ASX: BHP) Olympic Dam Mine and OZ Minerals (ASX: OZL) Prominent Hill Mine.
The anomaly, known as the Peeweena Dam anomaly, is a 10mgal gravity feature and by comparison Olympic Dam is 14mgal.
The Peeweena Dam anomaly is the highest amplitude untested gravity feature within Gawler craton, and is of greater amplitude than Prominent Hill.
The planned on-ground exploration activities in January 2013 include a ground gravity survey to validate the dataset that previously identified the Peeweena Dam anomaly.
The planned ground gravity survey and potential follow-up drilling requirements are to be funded by joint venture partner ERO Mining (ASX: ERO) as part of its earn-in requirements under a farm-in and joint venture agreement.
ERO has the option to earn a 50% interest in the tenements by spending A$3 million over the life of the agreement.
The total Billa Kalina Project covers three tenements and 2,206 square kilometres inside and outside of the Woomera Prohibited Area.
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