Zehn you always have to be careful how you interpret the wording in a mining announcement. If we go back and see what was announced on the 28th May (28/05/20) then you have to apply your subtle interpreter to the comments made. In the opening section it says the following : "Maximus Resources Limited (ASX:MXR) (the Company) is pleased to confirm that after a successful and strongly supported capital raising, the Company is ready to commence its maiden 2020 drill campaign at its highly prospective Spargoville tenements, in W.A south of Kalgoorlie." Now being "ready to commence" is not exactly the same thing as "is starting to drill". After all there are various things that have to be put in place during the "commencement" period in order to secure a rig, get a definite date to start and so on. Now if you read back through some of the previous posts on MXR you will find a few posts which indicate that about 3 weeks ago there was one poster who had been told that the drilling rig had moved onto the site. Obviously drilling had not started if the rig had just got on site. No doubt there have been various site preparations since then before the actual drill programme could start. Thankfully we now have confirmation that the drill has bitten into the ground and progress is under way.
The other useful information in that May announcement is near the end where this comment is made about Eagle's Nest drilling : "The Company will progress all studies needed to take Eagles Nest into production planned for Q1/Q2 2021. Cash generated from Eagles Nest operations will be used to progressively develop the oxide gold resources and accelerate the drill-out of several gold resources including the Redback deposit." I think that gives us a fairly positive view of things ahead and into early to mid 2021. Patience Zehn
MXR Price at posting:
7.7¢ Sentiment: Buy Disclosure: Held
