Maximus Resources Limited (ASX:MXR) Quarterly Report Highlights Strong Exploration Performance
Gold Development and Exploration
Maximus Resources Limited (ASX:MXR) showcased notable advancements in gold exploration during the December 2024 quarter. The company submitted the Mining Proposal for the Hilditch project, which returned significant high-grade intersections from infill drilling. Highlights include 18m at 3.2g/t Au and 4m at 6.02g/t Au.
At the Eagles Nest site, metallurgical test work confirmed recovery rates between 89.5% and 92.4%, indicating suitability for conventional processing. A recent drilling program extended the mineralisation trend to over 3km, with assays pending.
Maximus initiated a first-stage drill program at the 8500N Paleochannel, uncovering shallow high-grade gold results, such as 2m at 28.63g/t Au, strengthening the potential of this target.
Lithium Exploration and Joint Venture Progress
Maximus Resources reported continued investment from the Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR) in the Lefroy Lithium Joint Venture, with an additional US$1 million committed for 2025. Both Bird Rock and Kandui prospects completed significant drilling campaigns, confirming high-grade spodumene mineralisation.
Significant lithium assays were reported, with values reaching up to 1.81% Li₂O at Bird Rock. The favourable results position this prospect as a high-priority exploration target for Maximus.
Financial Position and Corporate Developments
At the quarter’s end, Maximus held $3.99 million in available funds, inclusive of $2.15 million in unrestricted cash. The company received $332,000 from KOMIR for prior exploration work, strengthening its financial outlook.
A non-binding offer from Astral Resources NL (ASX:AAR) to acquire Maximus was received, resulting in a 19.99% stake acquisition. Both companies are currently engaging in exclusive negotiations until 31 January 2025.
According to CEO Gregor Bennett, “The quarter’s achievements underscore Maximus’ commitment to advancing its gold and lithium projects while fostering strategic partnerships.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.