Maximus Resources (ASX:MXR) Hits High-Grade Lithium at Bird Rock and Kandui

11 September 2024

Price Sensitive Announcement $

Highlights:

Final assay results received from a ~1,500m multi-target Reverse Circulation (RC) drill program at the KOMIR Lefroy Lithium Joint Venture, Bird Rock and Kandui Lithium Prospects.

Bird Rock Lithium Prospect

• Assay results from the maiden RC drill program at Bird Rock confirm shallow high-grade spodumene mineralisation with grades up to 2.33 % Li2O.
• The discovery of spodumene-bearing pegmatites at depth validates the effectiveness of soil geochemistry sampling, highlighting the prospectivity for further spodumene-bearing pegmatites to be discovered at other priority lithium-in-soil targets.
• Significant assay results from the maiden RC drill program at Bird Rock include:

  o 5m @ 1.81% Li2O from 101m, incl. 3m @ 2.33% Li2O from 102m (BRRC009)

  o 5m @ 1.45% Li₂O from 95m, incl. 1m @ 1.8% Li₂O from 96m and 2m @ 2.19% Li₂O from 98m (BRRC010)

  o 6m @ 1.14% Li₂O from 17m, incl. 2m @ 1.69% Li₂O from 18m (BRRC003)

  o 5m @ 0.74% Li₂O from 7m, incl. 1m @ 1.29% Li₂O from 9m and 1m @ 1.17% Li₂O from 11m (BRRC005)

  o 5m @ 0.91% Li₂O from 12m, incl. 3m @ 1.04% Li₂O from 12m (BRRC006)

Kandui Lithium Prospect

• Follow-up drilling at Kandui identifies new high-grade pegmatite confirming geological modelling, intersecting 6m @ 2.23% Li₂O from 26m, incl. 4m @ 2.88% Li2O from 27m (MKRC048)
• Several shallow dipping spodumene-bearing pegmatites at Kandui have been defined across a very large area (~2km x ~1.5km). Previously reported intersections included:

  o 6m @ 1.11% Li2O incl. 3m @ 1.99% Li2O from 91m (KDRC007)

  o 5m @ 1.11% Li2O from 111m, incl. 3m @ 1.72% Li2O from 111m (MKRC015)

  o 5m @ 0.77% Li2O from 59m, incl. 3m @ 1.18% Li2O from 59m (MKRC010)

  o 12m @ 0.39% Li2O from 78m, incl. 2m @ 0.87% Li2O from 78m and 3m @ 0.65% Li2O from 83m (MKRC008)

  o 18m @ 0.24% Li2O from 116m, incl. 2m @ 0.50% Li2O from 119m (MKRC043)

• The Lefroy Lithium Project is a joint venture with the Korean Government mining agency – Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR). KOMIR is to fund USD$3m (~A$4.6m) on exploration activities to earn 30% interest in lithium mineral rights across the Lefroy tenements.

Overview:

Maximus Resources Limited has updated shareholders on assay results received from the completed ~1,500m multi-target Reverse Circulation (RC) drill program at the Company’s Lefroy Lithium Project (Lefroy), located 25km from Kambalda, Western Australia.

The multi-target RC drill program at the Lefroy Lithium Project incorporated a maiden drill program at the Bird Rock Lithium Prospect (Bird Rock) and a third-phase drill program at the advanced Kandui Lithium Prospect (Kandui). Maximus 100% owned Lefroy Lithium Project is located on granted mining tenements in Western Australia’s highly prospective Eastern Goldfields Lithium-Cesium-Tantalum (LCT) Province, situated near Mineral Resources Limited’s

Company Notes:

Maximus’ Managing Director, Tim Wither, commented, “The discovery of spodumene-bearing pegmatites at Bird Rock highlights the fertility of Maximus’ tenements and importantly the effectiveness of the completed soil geochemistry sampling program. The systematic approach to defining drill targets has been a success and will be applied to numerous other targets within the Lefroy Lithium Project area.

“The drill results from our maiden drill program at Bird Rock have shown a vertically plunging pegmatite, which is different to shallow dipping stacked pegmatites discovered at Kandui. The vertical component of the Bird Rock pegmatite has similar vertical geometry to that observed at Mt Marion ~16km to the north which lies on the same Spargoville Shear zone structure, reinforcing the potential of the surrounding geology. Bird Rock remains open at depth and down dip, with additional drilling required to identify areas where the pegmatite may be thicker or where blind pegmatites may be present. A close space aero-magnetic survey is being planned to assist in identifying potential drill target areas.

“The third-phase drilling at Kandui continues to validate our advanced geological modelling and as more data is acquired, further targets of the area where the pegmatites may be thicker evolves. The intersected pegmatites in the third round are our best to date confirming the fertility of the Kandui pegmatites with 6m @ 2.23% Li₂O from 26m, incl. 4m @ 2.88% Li₂O (MKRC048). The Kandui target is a very large area covering more than ~2km x ~1.5km, with plenty of room for an economical deposit to be found. Modelling from the latest results has identified an updated target area and a plan forward. We look forward to drilling again with our lithium partners KOMIR.”

Full ASX Announcement: 2A1561250.pdf