mining news article

So many posts today on MXR and I haven't had time to look see if anyone posted the following article earlier today from Mining News .....SO HERE IT IS.
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Maximus soars on Canegrass target

Colin Jacoby - MINING NEWS -
Friday, 9 May 2008

SHARES in junior explorer Maximus Resources have shot up to an intraday high of A27.5c in morning trade on news of an exploration target of between 1.7 and 3 billion tonnes of iron ore discovered at its wholly-owned Canegrass iron ore-vanadium project near Windimurra in Western Australia.

The Adelaide-based company gained 14c to hit an intraday high of 27.5c in morning trade with over 28 million shares changing hands by 12pm EST.

Maximus announced the tonnage today after completing computer modeling of recent geophysical data over the 20km-long prospect.

Maximus will begin drilling the target, Block 1, in late May.

“Interpretation of the data located five targets, the largest of which, Block 1, hosts a significant iron ore zone estimated at between 1.7 and 3 billion tonnes of 20 to 30 percent magnetite,” Maximus managing director Kevin Wills said.

“The tonnage is contained within 400 metres of surface but the estimates remain partly conceptual as there has not been sufficient drilling to define a mineral resource.”

Wills said the company would now drill a diamond hole of 500-600m length into the zone under a new diamond and reverse circulation drilling schedule.

“This first hole will aim to define the layered sequence within Block 1 to determine the best interval to focus future exploration on – and to obtain accurate geophysical rock property measurements to assist ongoing geophysical modeling,” he added.

“The wider RC drilling program will enable the vanadiferous magnetite content of the other gravity and magnetic anomalies within the Canegrass Magnetite Zone to be determined.”

In February and March, Maximus completed a 500m spaced gravity and high-resolution aeromagnetic geophysical survey over the entire Canegrass prospect, revealing gravity anomalies along a 20km-long zone.

Wills said none of the anomalies had been effectively tested by any previous exploratory drilling.

Shares in Maximus have cooled to 24c at noon.