Fundamentals of MXR
Lithium / Nickel / Gold
$25M Market Cap
$10m Cash
$15m EV
Shares - 317.8m
Listed options - 48m (strike price 11c)
Top 20 = 47%
52 week low = 6c
52 week high = 22c
Lithium Potential-
Significant projects North of ESS & 20km south of Mineral Resources Limited’s (ASX:MIN) world-class Mt Marion lithium mine (71.3Mt @ 1.37% Li2O)
MXR Lithium projects consist of -
Lefroy & Larkanville
Lefroy -
Pegmatite in the Lefroy area was recently mapped over a ~360m strike length; with several rock chip samples between 1.74% and 4.97% Li2O (ASX announcement 23 May 2016).
During the initial exploration programme, Maximus completed X-Ray diffraction (XRD) analysis on selected samples of pegmatites which confirmed the presence of Lithium Bearing Minerals including Spodumene
- CURRENT EXPLORATION
During the multi-target nickel and gold drill programme, several pegmatites were intersected at the Hilditch Gold Prospect, ~1.2km south of the Lefroy Lithium prospect.
The diamond drill core from the newly intersected pegmatites at the Hilditch Gold project has been sent separately for lithium analysis
Larkinville-
The Larkinville Lithium prospect (75% Maximus) is located approximately ~15km south of Lefroy Lithium Prospect
Rock chip sampling of outcropping pegmatites at the northern pegmatite at Larkinville returned up to 5.29% Li2O and 2.93% Rb (LFR045) (ASX:MXR announcement 15 September 2016)
Nickel
MXR’s Spargoville tenements are highly prospective for Kambalda-style komatiite-hosted nickel sulfide mineralisation.
MXR is 25km from BHP Kambalda Nickel Concentrator where MXR recently intersected several sulfidic intervals and zones of fuchsite alteration along ~1km structure - (Assays Pending 6-7 weeks)
“The drill programme was designed to expand the successfully discovered shallow nickel-copper-cobalt intersections which included, 5m @ 1.2% Ni and 2m @ 1.5% Ni”
MXR also has Several priority nickel targets near contiguous belt of nickel deposits including:
MCR - 1.5mt @ 4.0% Ni
WIN -10.2mt @ 1.6% Ni
Gold
MXR also holds the Red Back Gold project
Next to Ramelius Resources (ASX:RMS) Wattle Dam Gold resource which was Mined from 2008-2012
Red Back JORC (2012) Inferred Resource 440,000t @ 3.02g/t Au for 42,900oz
Drill programme underway for MRE upgrade scheduled for H1-2022
High grade shoot traced from 40m to 250m below surface.
2021 drill results as follows —
-16.3m @ 9.3 g/t Au and 5.8m @ 17.9 g/t Au
-6.0m @ 9.4 g/t Au incl. 3.0m @ 17.2 g/t Au
-10.0m @ 4.6 g/t Au and 8.0m @ 3.9 g/t Au
-7.0m @ 7.0 g/t Au incl. 1.0m @ 10.2 g/t Au and 2.0m @ 10.2 g/t Au
EIS drilling confirms gold mineralisation open at depth ~500m below surface
“The observed alteration and mineralisation intersected are highly encouraging, being analogous with that observed at both Redback and Wattle Dam gold deposits”
When u have a Squiz at the diff projects and realise the quality it does really make for a compelling case to further research into MXR
