Maximus Resources : Exploration Update - Lithium Prospectivity - Spargoville

ASX Announcement

31 MARCH 2022

Exploration Update - Lithium Prospectivity - Spargoville

• • Maximus' Spargoville tenements are located within the highly prospective Southern Yilgarn Li-Cs-Ta (LCT) Province and situated ~20km south of Mineral Resources Limited's (ASX:MIN) world-class Mt Marion lithium mine (71.3Mt @ 1.37% Li2O).

• • Historic rock chip samples from Lefroy Lithium Prospect (~20km south of Mt Marion) include:

  • • 1.74% Li2O

  • • 3.14% Li2O

  • • 3.56% Li2O

  • • 4.97% Li2O

• • Several pegmatites up to 14m downhole widths have been intersected at the Hilditch Gold Prospect (~1.2km south of Lefroy), during the ongoing gold & nickel drilling campaign, with samples submitted for lithium assays.

• • Recent field mapping at the Lefroy Lithium Prospect indicates a swarm of outcropping pegmatites, highlighting the opportunity for the discovery of an Mt Marion style deposit, with a lithium enriched pegmatite feeder zone at depth.

• • Historic rock chips from the Larkinville prospect returned up to 5.29% Li2O + 2.93% Rb highlighting exploration potential for lithium-bearing, LCT pegmatites.

• • Recent reconnaissance rock-chip sampling of outcropping pegmatites in the Larkinville tenement returned assays up to 1.49% Li2O, with elevated Rubidium (9,130ppm), Niobium (241ppm) and Tantalum (261ppm).

Maximus' Managing Director Tim Wither commented: "The Maximus exploration team has been busy completing our large multi-target drill programme across the Redback Gold deposit and several exciting gold and nickel exploration targets. With majority of samples submitted and expected assay result delays, we are pleased to report that initial fieldwork in conjunction with an ongoing review of legacy data, has highlighted the significant potential for lithium-bearing LCT pegmatites within the Spargoville area. With the region hosting several world-class lithium deposits and known favourable geology across the Maximus' Spargoville tenements we believe the Company is well placed to take advantage of the buoyant lithium market."

BACKGROUND

Maximus Resources Limited ('Maximus' or the 'Company', ASX:MXR) is pleased to provide an update on the lithium exploration progress across the Spargoville tenements, following the completion of field reconnaissance and review of legacy exploration data.

Maximus holds a significant tenement position within the world-class Southern Yilgarn Li-Cs-Ta Province which hosts several lithium projects including; Liontown Resources Limited (ASX:LTR) Buldania Lithium Project, Essential Minerals Limited's (ASX:ESS) Pioneer Dome lithium Project, the Bald Hill Lithium Mine and are located ~20kms south of the Mt Marion lithium mine, operated by Mineral Resources Limited (ASX:MIN), with a Mineral Resource of 71.3Mt at 1.37% Li2O (ASX:MIN announcement 31 October 2018) (Figure 1).

Legacy lithium exploration programmes across the Spargoville tenements have been limited to discrete parts of the Lefroy and Larkinville lithium prospects, which included the sampling of outcropping pegmatites and the re-sampling of legacy RC drill cuttings at the Lefroy prospect.

Maximus Resources Limited

Suite 12, 198 Greenhill Road, Eastwood SA, 5063

ASX:MXR

LEFROY LITHIUM PROSPECT

The Lefroy Lithium prospect (100% MXR) is located ~20kms south of the Mt Marion lithium mine and is proximal to the Hilditch Gold and Hilditch West Nickel targets. Recent field mapping (2022) of the outcropping pegmatites in the Lefroy area indicates the distribution of 1m to 15m wide pegmatites occurring as a swarm, with thicker pegmatites occurring at the intersection of distinct trends (Figure 2). The majority of mapped pegmatite intrusions are steeply dipping to sub-vertical (70-85 degrees).

A southern pegmatite zone in the Lefroy area (Figure 2) was recently mapped over a ~360m strike length; with several legacy rock chip samples between 1.74% and 4.97% Li2O (ASX announcement 23 May 2016). The lithium-bearing mineral in this pegmatite is dominantly Lepidolite. During the initial exploration programme, Maximus completed X-Ray diffraction (XRD) analysis on selected samples of pegmatites, sourced from previous gold and nickel exploration programme (~750m southeast of the Lefroy Prospect) which confirmed the presence of lithium-bearing minerals including spodumene (ASX announcement 15 June 2016).

Legacy reverse circulation (RC) drilling at the southern prospect returned results of 2m @ 0.6% Li2O from 22m downhole, within a 7m downhole width of pegmatite (ASX announcement 15 September 2016). RC drilling at the central pegmatite area (Figure 2) intersected only weakly anomalous lithium in intersected pegmatites and in review, drill holes may not have been ideally oriented to adequately test the pegmatites.

It is also noted that the legacy drill programme employed a four-acid digest assay method, which may represent a partial analysis of lithium suite elements. Current samples are submitted utilising the industry-standard sodium peroxide fusion method for the suite of elements. Despite the presence of lithium-bearing pegmatites, there has been limited exploration had been conducted targeting lithium, with the majority of data sourced from historic nickel and gold exploration programmes.

LARKINVILLE LITHIUM PROSPECT

The Larkinville Lithium prospect (75% Maximus) is located approximately ~15km south of the Company's Lefroy Lithium Prospect (Figure 1) and west of the Larkinville Gold deposit (Figure 3). Preliminary 2016 rock chip sampling of outcropping pegmatites at the northern pegmatite at Larkinville returned up to 5.29% Li2O and 2.93% Rb (LFR045) (ASX:MXR announcement 15 September 2016).

Recent reconnaissance rock-chip sampling of outcropping pegmatites in the southwest of the Larkinville tenement returned elevated Niobium (245ppm), Rubidium (6620ppm), and Tantalum (281ppm); consistent with lithium mineralised pegmatite to the north (Figure 3 and Table 1). XRD analysis is required to determine the lithium-bearing minerals, in addition to the identified zinnwaldite. Further work, including drilling, is required to determine whether the swarm in the southwest of the tenement has lithium-rich domains at the surface and at depth.

Table 1 - December 2021 Rock-chip sampling from pegmatite exposed in pit and outcrop at North Larkinville pegmatite prospect.

During the 2021 December quarter, a small wide-spaced reconnaissance Deep Ground Penetrating Radar (DGPR) survey was executed over the eastern half of the Larkinville tenement. The DGPR survey was designed to provide additional information for detecting topology of the base-of-oxidation profile which may indicate faults and/or shear zones in close proximity to the structurally-controlled Larkinville Gold deposit and assess for pegmatites, similar to that employed by Marquee Resources (ASX:MQR) across the West Spargoville Project tenements. Interpretation of several pegmatite-like responses is ongoing and secondary to testing of outcropping pegmatites.

CURRENT EXPLORATION

During the multi-target nickel and gold drill programme, several pegmatites were intersected at the Hilditch Gold Prospect, ~1.2km south of the Lefroy Lithium prospect. These intersected pegmatites were recorded in legacy RC drilling at the Hilditch Gold prospect but were not sampled for Lithium. The diamond drill core from the newly intersected pegmatites at the Hilditch Gold project has been sent separately for lithium analysis (Figure 5).

This is an excerpt of the original content. To continue reading it, access the original document here.