Maximus Resources (ASX:MXR) has launched a 3,000m reverse circulation (RC) drilling program at its Lefroy Lithium Project near Kambalda in Western Australia.
The $12.18 million market capitalisation company will be testing a 2km-by-1km lithium soil anomaly with numerous known outcropping pegmatites.
Maximus says the drilling will follow up on the recently reported ‘high-grade’ lithium intersection of 6m @ 1.11% lithium oxide (Li2O) from 90m, including 3m @ 1.99% Li2O from 91m, in hole KDRC007.
The program is expected to take 3 weeks to complete, with assays expected in 4 to 6 weeks following sample submission.
Maximus has also begun a tenement-wide lithium exploration soil sampling program to identify potential lithium-bearing pegmatites hidden under shallow cover.
This program is expected to be completed within 2 months.
Maximus was recently awarded a co-funded drilling grant of up to $125,000 from the Western Australian Government’s Exploration Incentive Scheme (EIS) for diamond drilling at Lefroy.
The company says diamond drill targeting will be updated following the completion of the 3,000m RC program.
Maximus Resources Managing Director Tim Wither says the company will take on this drilling work across its ‘promising’ Lefroy target with its joint venture partner, Korean Government agency Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR).
“Lefroy has had very limited drilling across the extensive lithium soil anomaly and numerous outcropping pegmatites.
“Lefroy has had very limited drilling across the extensive lithium soil anomaly and numerous outcropping pegmatites”
In parallel to the drill program, a systematic soil sampling program continues, aimed at highlighting further lithium-bearing pegmatites and build a pipeline of additional drill targets.”
Under the strategic partnership between Maximus and KOMIR, KOMIR will fund US$3 million of lithium exploration to earn 30% interest in the Lefroy project. Maximus will hold the remaining 70% interest at the end of the farm-in period.
A separate non-binding memorandum of understanding (MOU) has been executed with global battery manufacturer LG Energy Solutions, providing an option to obtain KOMIR’s 30% interest, as well as the right to negotiate the purchase of up to 70% of the project’s future lithium product.
Maximus Resources is an Australian mining company focused on exploring and developing ‘high-quality’ gold, lithium, and nickel projects.
As of 30 September 2023, the company had $2.58 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Maximus Resources
