Maximums Resources Ltd said it is expected to receive $390,000 in settlement from insurers pertaining to a claim relating to plant and equipment failure at the Burbanks Mills in January 2019.
The company said the insurers have finalised their review of the claim and have determined damages of net $390,000, after application of excess and costs.
In its June quarter report, the company had said it was progressing discussions with its insurers regarding the claim.
Highly prospective EM conductors
Last week, Maximus revealed that it has identified several highly prospective electromagnetic (EM) conductors in recent ground-based EM geophysics surveys over the Hilditch West target situated 25 kilometres from BHP Group PLC (LSE:BHP)’s Kambalda Nickel Operations.
A Fixed-Loop EM (FLEM) geophysics survey was completed over the company’s Hilditch nickel target and modelling of data by GeoDiscovery Group indicates a large low conductance plate continuing north from nickel-cobalt-copper-scandium intercepts.
Maximus plans to recommence diamond drilling at the Redback Exploration Incentive Scheme co-funded deep drilling program during this quarter.
Also, once drill rig availability has been confirmed, drill-testing of the Hilditch West target plate will occur during this campaign.