Maximus and its Korean JV partner begin quest to find the next Mt Marion lithium mine
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Drilling has commenced under the newly formed $US3 million lithium-focused joint venture over Maximus Resources’ Lefroy project in the Eastern Goldfields.
Maximus (ASX: MXR) recently struck a partnership with Korean Mine Rehabilitation and Mineral Resources Corporation (KOMIR), a government agency which develops overseas mining and processing capacity for supply into the burgeoning Korean market.
KOMIR is funding $US3 million (~$4.8 million) of lithium exploration activities to earn a 30% interest in the Lefroy project which is strategically located between the Mt Marion lithium mine operated by Mineral Resources (ASX:MIN) and the Pioneer Dome lithium project held by Essential Metals (ASX:ESS) – but currently subject to a $150 million takeover off from Bill Beament’s Develop Global (ASX:DVP).
MXR has inked a separate non-binding MOU with global battery manufacturer LG Energy Solution regarding an option to acquire KOMIR’s 30% interest and the right to purchase up to 70% of the Lefroy project’s future lithium product.
Just 25km from Kambalda, Lefroy was initially identified by numerous outcropping pegmatites coinciding with a 2km by 1km soil anomaly. Geological mapping has since picked up several stacked pegmatite bodies with a slight south-east dip.
It is believed Lefroy shares geological similarities with Mt Marion and has the potential to host a large LCT pegmatite system.
The initial 30-hole, 3,000m RC drilling program will be centred around the Lefroy soil anomaly. Drilling will also follow up on a high-grade intersection of 6m @ 1.11% lithium from 90m (including 3m @ 1.99% from 91m) reported by MXR earlier this week.
Samples from that hit have been submitted for XRD analysis to determine the dominant lithium-bearing minerals.
“We are excited to commence the RC drill program across the very promising Lefroy lithium target, in partnership with KOMIR,” MXR managing director Tim Wither said.
“Lefroy has had very limited drilling across the extensive lithium soil anomaly and numerous outcropping pegmatites.”
The RC drilling program is expected to take three weeks to complete with assay results due 4-6 weeks after sample submission.
MXR is also undertaking a tenement-wide lithium exploration soil sampling program over the next two months to identify potential lithium-bearing pegmatites which might be hidden under shallow cover.
Future diamond drilling at Lefroy will be eligible for up to $125,000 of co-funding under the West Australian Government Exploration Incentive Scheme (EIS).
Want to hear more of the Maximus Story? Tune in below to hear from Wither on what it has taken to grow the company’s Wattle Dam resource thus far.
This article was developed in collaboration with Maximus Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.