Maximus Resources (ASX:MXR) announced its receipt of confirmation from Canberra it can strike a partnership with the Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR) on Monday.
KOMIR is ultimately farming into the Maximus-led Lefroy lithium project. The Korean entity is to fund A$4.5M worth of exploration activities for a 30% stake overall.
Lefroy, located in WA, is situated on the Eastern Goldfields where Maximus reports an established lithium corridor.
While bureaucrats in Canberra were busy poring over the legalities of the farm-in arrangement, Maximus noted on Monday its exploration team stumbled upon high-grade spodumene pegmatites.
The company highlighted a brief intersection of only 6m length grading at 1.11% lithium while a second even more fleeting 3m long section hit 1.99% lithium.
That’s been enough to get KOMIR excited – a drilling contractor is expected to arrive at Lefroy as early as this week.
For those tracking Lefroy, KOMIR will effectively be overseeing phase II drilling in following up on the aforementioned pegmatite assay results.
“In November 2023, we successfully intersected several shallow high – grade spodumene-bearing pegmatites at our Kandui prospect, which will be the focus for the upcoming drill program, whilst drill testing the Yilmia and Landor Prospects,” Maximus MD Tim Wither said.
“We have made some significant progress during the FIRB review process , utilising a USD$200,000 non-refundable deposit to build our geological understanding and identifying some very promising prospective targets.”
MXR last traded at 3.1cps.