Maximus Resources Limited (ASX: MXR) – $0.004

23 May 2016

Maximus Resources Limited (ASX: MXR) has discovered a lithium bearing pegmatite at Target 1 at the Lefroy Prospect within the Spargoville Lithium Project located in Western Australia (Figure 1).


MXR Spargoville Li

Figure 1. Location of the Spargoville Lithium Project area



The discovery at Target 1 was made during the company’s first dedicated lithium exploration field program designed to test various targets defined by previous explorers. The discovery shows lithium bearing mica, lepidolite (Figure 2) over a strike length of approximately 200 metres with results averaging 3.55% Li2O and a peak value of 4.97% Li2O.


MXR Pegmatite Li

Figure 2. Rock chip sample of outcropping pegmatite with lithium bearing mica



The Spargoville Lithium Project lies on the northern portion of the Southern Yilgarn Province within the vicinity of the Mt Marion Lithium Deposit (Neometals Limited; ASX: NMT) and the Lepidolite Hill Lithium Deposit (Lithium Australia NL; ASX: LIT) (Figure 1).


As further results are received from soil and rock chip sampling, the company will formulate a more detailed exploration program.



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