Maximus is a gold, uranium, nickel and copper explorer, with projects in SA, WA and NT.
Current market cap is approx $9m at 20c. However total equity at 31 Dec was $23m
MXR owns 35% of ERO, which has a current market cap of approx $22m, plus they own 35% of the ERO tenement. ERO now trading around 35c, an increase of 7-8c in the last 4 weeks alone, and looking at new highs.
Along with the ERO shares, MXR did a placement two week ago (10 April) to sophisticated investors which raised $1m. this should keep them going for another year (or two?).
At the moment, a little resistance at 21.5/22c however if it can get through that, the SP could go well. I like it as it has upside not only from it's own projects from ERO.
Worth a look, DYOR etc, I hold. Anyone with thoughts?
Projects from their website:
Narndee project (earning up to 70%):The project is located 500km north of Perth in WA and is prospective for uranium, nickel, copper, PGE and gold. Project is a JV with Apex Minerals. Maximus can earn 70% equity by spending $3m on exploration in 6 years. Previous exploration intersected 8m @ 0.5% Ni and 0.13% Cu. Windimurra prospect is prospective for uranium. Previous exploration intersected 2.1m @ 0.43kg/t U3O8. Exploration programme includes follow-up drilling of known mineralisation and reconnaissance testing of new targets, based on recent high resolution airborne radiometric survey.
Bird-in-hand gold mine (79%):The project is located near Woodside in the Adelaide Hills, SA and is prospective for gold. The project, located on a site of an old gold mine, targets undeveloped mineralisation occurring below the previously mined levels. Recent exploration intersected 5m @ 12.3g/t Au from 143m and 13m @ 7.9g/t au from 171m. Maximus intends to undertake further exploratory drilling to estimate remaining gold potential.
Johnnies Reward:The project is located 100km N-E of Alice Springs in the
Northern Territory and is prospective for copper and gold. Exploratory drilling intersected 50m @ 1.83g/t Au and 21m @ 0.31% Cu. Maximus is planning to undertake ground EM and gravimetric geophysics, followed up by exploratory drilling, targeting better understanding of the mineralised zones with the project tenements.
Billa Kalina project:The project is located 70km N-NW of Olympic Dam mine in the Gawler Craton in SA and is prospective for uranium, copper and gold. Maximus plans to undertake ground magnetic and gravimetric measurements to detail the project’s gravity anomaly, followed up by exploratory drill testing of the targets.
Yandal project (90%):The project is located 750 N-E of Perth in the Yandal Craton in WA and is prospective for gold. Exploration to date identified five zones of known mineralisation with best intersect of 10m @ 5.25g/t Au. Exploration planned includes drill testing of targets, generated through study of existing aeromagnetic and geochemistry data.