Maximus Resources Ltd (ASX:MXR) (FRA:M5F) (NYSE:MMS) has been granted a trading halt by the ASX with an announcement pending in regard to a capital raising.
The halt will remain in place until the start of regular ASX trading on Monday, April 12, or when an announcement is made to market, whichever occurs first.
Wattle Dam East nickel target
The company’s maiden drill hole at Wattle Dam East nickel target within its Spargoville tenements in WA has intersected two discrete intervals containing semi-massive sulphides within a broad zone of weakly disseminated sulphides, extending from 430 metres to 600.1 metres.
Multiple zones were intersected in drill testing of an electromagnetic (EM) anomaly comprising a strong late-time conductor (in the order of 6000-8000 Siemens) starting from 150 metres below surface.
Following these positive observations, the company intends to complete a downhole electromagnetic survey over the coming weeks with the aim to vector in on more conductive domains in search of massive sulphides related to this large conductor.
DHEM survey and geochemical analysis
Follow-up DHEM will determine the potential for more conductive domains and search for massive sulphides related to this anomaly within around 150-200 metres of the drill hole.
This will be undertaken in conjunction with testing of the basal contact, which is the stratigraphic position for potential Kambalda-style Komatiite-hosted nickel sulphide mineralisation, with the tenements just 25 kilometres from BHP Group Ltd’s (ASX:BHP) (NYSE:BHP) Kambalda Nickel Operation.
Further assessment of the nature of this sulphide discovery at Wattle Dam East will be possible on receipt of the full geochemical analysis, including testing for precious metals.