{"id":923,"date":"2023-11-03T00:45:19","date_gmt":"2023-11-03T00:45:19","guid":{"rendered":"https:\/\/economicherald.net\/?p=923"},"modified":"2023-11-03T00:45:19","modified_gmt":"2023-11-03T00:45:19","slug":"maximus-and-its-korean-jv-partner-begin-quest-to-find-the-next-mt-marion-lithium-mine","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=923","title":{"rendered":"Maximus and its Korean JV partner begin quest to find the next Mt Marion lithium mine"},"content":{"rendered":"<p>3,000m RC drilling program begins at Lefroy lithium project near Kambalda<br \/>\nLefroy located in the same lithium province as Mt Marion and Pioneer Dome<br \/>\nMaximus has partnered with a reputable Korean government agency responsible for developing overseas supply capacity<\/p>\n<p>\u00a0<\/p>\n<p><strong>Drilling has commenced under the newly formed $US3 million lithium-focused joint venture over Maximus Resources\u2019 Lefroy project in the Eastern Goldfields.<\/strong><\/p>\n<p><a href=\"https:\/\/stockhead.com.au\/company\/maximus-resources-mxr\/\">Maximus (ASX: MXR)<\/a> 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.<\/p>\n<p>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) \u2013 but currently subject to a $150 million takeover off from Bill Beament\u2019s Develop Global (ASX:DVP).<\/p>\n<p>\u00a0<\/p>\n<p>Location of the Lefroy lithium JV amongst peer assets. Pic via Maximus Resources<\/p>\n<p>\u00a0<\/p>\n<p>MXR has inked a separate non-binding MOU with global battery manufacturer LG Energy Solution regarding an option to acquire KOMIR\u2019s 30% interest and the right to purchase up to 70% of the Lefroy project\u2019s future lithium product.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Could Lefroy be another Mt Marion?<\/strong><\/h2>\n<p>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.<\/p>\n<p>It is believed Lefroy shares geological similarities with Mt Marion and has the potential to host a large LCT pegmatite system.<\/p>\n<p>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.<\/p>\n<p>\u00a0<\/p>\n<p>Lefroy lithium soil anomaly, outcropping pegmatite envelope and planned RC drilling. Pic via Maximus Resources<\/p>\n<p>\u00a0<\/p>\n<p>Samples from that hit have been submitted for XRD analysis to determine the dominant lithium-bearing minerals.<\/p>\n<p>\u201cWe are excited to commence the RC drill program across the very promising Lefroy lithium target, in partnership with KOMIR,\u201d MXR managing director Tim Wither said.<\/p>\n<p>\u201cLefroy has had very limited drilling across the extensive lithium soil anomaly and numerous outcropping pegmatites.\u201d<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Co-funded diamond drilling incentive<\/strong><\/h2>\n<p>The RC drilling program is expected to take three weeks to complete with assay results due 4-6 weeks after sample submission.<\/p>\n<p>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.<\/p>\n<p>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).<\/p>\n<p>\u00a0<\/p>\n<p>RC drilling at Lefroy. Pic via Maximus Resources<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Wattle Dam growth tracking swimmingly<\/strong><\/h2>\n<p>Want to hear more of the Maximus Story? Tune in below to hear from Wither on what it has taken to grow the company\u2019s Wattle Dam resource thus far.<\/p>\n<p>\u00a0<\/p>\n<div><span class=\"mce_SELRES_start\">\ufeff<\/span><\/div>\n\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Maximus Resources, a Stockhead advertiser at the time of publishing.<\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/maximus-and-its-korean-jv-partner-begin-quest-to-find-the-next-mt-marion-lithium-mine\/\">Maximus and its Korean JV partner begin quest to find the next Mt Marion lithium mine<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>3,000m RC drilling program begins at Lefroy lithium project near Kambalda Lefroy located in the same lithium province as Mt Marion and Pioneer Dome Maximus <a href=\"https:\/\/economicherald.net\/?p=923\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":924,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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