Maximus Resources Fuels Gold Ambitions with $3.2M Raise

During the March 2024 quarter, Maximus focused on expanding its 335,000 oz gold resource base. The company completed geological reviews and drill planning, targeting shallow gold mineralization to drive future resource growth. Maximus’ gold resources are strategically located on granted mining tenements, benefiting from excellent access to infrastructure, service providers, and several toll-treating options within a 70km radius.

A scout Air-Core drill program, conducted over a 2km long gold-in-soil anomaly, returned encouraging assay results. These results suggest the presence of primary mineralization at depth, justifying follow-up drilling to further investigate the potential of this target.

Alongside its gold exploration efforts, Maximus made substantial progress in its lithium exploration activities. The company successfully completed the initial exploration program under the US$3 million (~A$4.7m) Lefroy Lithium Project joint venture with the Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR). The first phase of soil mapping at the Kandui prospect identified a sizeable 3km x 1.5km lithium-in-soil anomaly, which extends from the drill intersections of spodumene-bearing pegmatites. This finding highlights the potential for significant lithium mineralization in the area.

Moreover, Maximus identified additional lithium targets at the Landor and Yilmia prospects. Geochemical sampling at these prospects yielded peak values of 423ppm Li2O, which is more than 10 times higher than typical background soil values, indicating the presence of anomalous lithium concentrations.

Maximus’ Managing Director, Tim Wither, commented, “The Entitlement Offer provides existing shareholders continued exposure to Maximus’ fantastic gold growth journey, whilst exploration at our advanced Lefroy Lithium Project is to be funded and supported through our strategic Joint Venture with the South Korean Government mining agency – KOMIR.

“The Company’s planned drill programs at Spargoville include a follow-up campaign at the Wattle Dam Gold Mine, testing for potential offset of the high-grade shoot whilst continuing to advance several exciting regional gold targets.”

“We thank Maximus’ largest shareholder, Beacon Minerals Limited, for its continued support of the Company in committing to subscribe for its full entitlement. We are delighted to have the ability to provide existing shareholders the opportunity to invest further in Maximus at this exciting time.”

The Lefroy Lithium Joint Venture is in the final stages of consideration for approval by the Australian Government Foreign Investment Review Board (FIRB), which will permit the second phase of the US$3 million lithium exploration program to commence.

As gold prices remain near record highs and the demand for lithium continues to soar due to the growing electric vehicle and renewable energy markets, companies like Maximus Resources are positioned to benefit on the growing interest in these critical metals.