Maximus receives approval for maiden drilling program at Eagles Nest gold project

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Image credit: www.maximusresources.com

Maximus Resources has received approval from WA’s Department of Mines and Petroleum to commence its maiden drilling program on the Eagles Nest tenement in the Spargoville project area.

Image credit: www.maximusresources.com
Image credit: www.maximusresources.com

According to the miner, the approved drilling program is designed to test for strike extensions and depth extensions on the Eagles Nest tenement, as well as to validate the results of an earlier drilling program which intersected up to 7 metres widths of mineralisation to a depth of 150 metres below surface.

The drilling program, which includes completing 9 Reverse Circulation (RC) holes for 900 metres, will commence in the first week in December and will be undertaken by a local Kalgoorlie-based drilling contractor.

Maximus’ Managing Director Kevin Malaxos said the approval was another significant event for the company since entering into the farm-in agreement earlier this year.

Adertisement

“We have increased our equity to 51%, identified numerous quality targets requiring further testing and are due to commence our maiden drilling program, all within the space of 3 months,” Mr Malaxos said.

“Our intensity of work on the Spargoville tenement package confirms our belief that a significant project or projects are waiting to be unearthed.”

Maximus also said that it is in the process of completing a Share Purchase Plan (SPP), offering eligible shareholders the opportunity to purchase shares at a discount to the 5 day Volume Weighted Average Price (VWAP) when announced.

According to the company, funds raised from the SSP will be used to complete exploration at Spargoville and Narndee.

The SPP process closes on 27 November.