- Maximus Resources (MXR) is acquiring the Kemble prospect which lies just three kilometres north of its Wattle Dam project in WA
- The company will grant the vendor and associated party a 1.5 per cent net smelter royalty for any minerals extracted and recovered from the tenement
- Kemble covers 192 hectares to the west of the Spargoville shear zone and is believed to be prospective for gold and nickel
- Maximus plans to carry out field mapping and survey work to support future drilling programs
- Company shares are down 1.67 per cent to trade at 5.9 cents at 12:53 pm AEST
Maximus Resources (MXR) is set to acquire the Kemble prospect which lies three kilometres north of its Wattle Dam project in Western Australia.
The company entered a binding agreement with Felice Farella, the vendor of the prospecting licence P15/6241.
In consideration for the licence, Maximus will grant the vendor and associated party a 1.5 per cent net smelter royalty for any minerals extracted and recovered from the licence.
The Kemble Prospect covers 192 hectares and is situated on an underexplored mineralised corridor to the west of the regional Spargoville shear zone.
MXR Managing Director Tim Wither said the acquisition expands the Spargoville gold and nickel exploration strategy.
“A review of legacy exploration and geophysics data together with the recent prospecting activities are very encouraging, and we look forward to updating shareholders as we commence the Kemble exploration programme over the coming months,” he said.
The prospect comprises a gold-in-soil anomaly and regional magnetics suggests it’s coincident with a structural flexure as seen in other gold occurrences within the Spargoville shear zone.
Maximus plans to conduct field mapping before undertaking a magnetic survey to support future drilling programs.
Company shares were down 1.67 per cent to trade at 5.9 cents at 12:53 pm AEST.