Maximus (ASX:MXR) granted WA co-funding for Larkinville lithium

Maximus Resources has the backing from the Western Australian Government to the tune of $102,000 to puncture a large lithium-caesium-tantalum target at its Larkinville project in the Eastern Goldfields.

The area of attention is a 900-by-800-metre soil anomaly with peak values of 593 parts per million lithium oxide and rock chips holding up to 5.3 per cent lithium oxide.

The anomaly correlates with multiple outcropping pegmatites and magnetic low features and presents in a lithium-rich region largely under the control of the Mineral Resources (ASX:MIN) banner.

MinRes’ eminent Bald Hill and Mt Marion projects are both nearby, and the major lithium power has also established regional joint venture deals with both Marquee Resources (ASX:MQR) and Dynamic Metals (ASX:DYM).

Maximus’ majority-owned Larkinville JV with Develop Global (ASX:DVP) is encompassed by the Marquee-MinRes JV and sits about 10 kilometres to the south of its separate $4.6 million deal in place with a South Korean government agency at Lefroy.

The anomaly sits within a 1.3km-by-1km wide LCT pegmatite swarm uncovered at Larkinville, and a campaign is approved to investigate various ends with several traverses of reverse cycle drilling late in the June quarter of 2024.

WA government cash from the Department of Energy, Mines, Industry Regulation and Safety-run state Exploration Incentive Scheme is the full amount Maximus asked for and will pay for about half of the direct drilling costs.

Maximus also has drilling planned for another priority LCT target uncovered at Lefroy, and it expects the next phases of soil mapping to be returned over the coming months and deliver additional drill targets.

A third planned Mineral Resources processing hub in the Goldfields will be the first to include flotation capacity to treat fines and is intended to serve not only Bald Hill and Mt Marion but fresh regional discoveries and third-party ore in exchange for equity.

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