Maximus Resources Confirms Spodumene-Bearing Pegmatites at Larkinville Lithium Project
MXR (MXR) Share Update July 2024 Sunday 21st
Maximus Resources Announces Spodumene-Bearing Pegmatites at Larkinville
Maximus Resources Limited (ASX: MXR) has announced the discovery of spodumene-bearing pegmatites at its Larkinville Lithium Project in Western Australia, marking a significant milestone in the company's exploration efforts.
Instant Summary:
- Spodumene-bearing pegmatites confirmed at Larkinville Lithium Project.
- Initial assay results show high lithium content, with up to 1.76% Li2O.
- Large pegmatite swarm identified, spanning approximately 1.2km by 1.4km.
- High-resolution drone surveys and soil geochemistry mapping used in exploration.
- Maximus awarded a $102,000 co-funded drilling grant by the WA Government.
Discovery Details
Maximus Resources Limited has confirmed the presence of spodumene-bearing pegmatites at its Larkinville Lithium Project, located about 30km from Kambalda, Western Australia. This discovery follows extensive field mapping and soil geochemistry sampling, which identified a significant lithium-in-soil anomaly.
Initial assay results from the Larkinville project area have revealed high lithium content in weathered pegmatites, with significant results including 1.76% Li2O (SMX00982), 1.48% Li2O (SMX00956), and 1.46% Li2O (SMX00981). These findings are supported by the presence of coarse spodumene crystals up to 6cm in length.
Exploration and Mapping
The exploration team utilized high-resolution drone surveys and soil geochemistry mapping to define a large pegmatite swarm spanning approximately 1.2km in length and 1.4km in width. The soil sampling program identified a substantial lithium-in-soil anomaly, with peak values reaching 593ppm Li2O, significantly higher than typical background levels.
The addition of high-resolution imagery and LIDAR drone surveys has enabled the identification of multiple high-priority areas for further field evaluation. Ground reconnaissance in these areas led to the discovery of previously unknown spodumene-bearing pegmatites, confirmed through RAMAN spectroscopy.
Forward Plan
Maximus Resources has been awarded a $102,000 co-funded drilling grant by the WA Government to test the large lithium–caesium–tantalum (LCT) pegmatite target at Larkinville. The company plans to conduct a first-pass Reverse Circulation (RC) drilling campaign, with drilling expected to commence in the third quarter of CY2024.
The discovery of spodumene-bearing pegmatites at Larkinville is a significant development for Maximus Resources. The high lithium content in the samples indicates strong potential for future lithium production, which could positively impact the company's stock price. The co-funded drilling grant further supports the project's viability and could attract additional investor interest.
Investor Reaction:
Analysts and investors have reacted positively to the news, highlighting the potential for significant lithium resources at Larkinville. The high lithium content in the initial assay results has been particularly well-received, with some investors expressing optimism about the project's future prospects.
Conclusion:
Investors should keep a close eye on Maximus Resources as the company progresses with its drilling campaign at Larkinville. The discovery of high-lithium spodumene-bearing pegmatites marks a promising step forward in the company's exploration efforts. Subscribe to our newsletter for regular updates on Maximus Resources and other stock market news.