Maximus Resources in trading halt with drill results pending

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Maximus Resources Ltd (ASX:MXR) (FRA:M5F) has been granted in a trading halt by the ASX pending the release of drilling results.

In its application for the halt, Maximus said this was in relation to drilling results from the reverse circulation (RC) drilling program at the company’s S5 prospect.

Securities will remain halted until the earlier of the start of normal ASX trading on Wednesday, January 13, 2020, or when an announcement is released to the market.

Directors endorse gold-nickel strategy

Last month, Maximus directors demonstrated their support by participating in a recent strategic placement to raise up to $3.18 million to accelerate drilling at prospects around the historic high-grade Wattle Dam Gold Mine.

As part of the placement, company directors committed to subscribe for an aggregate of $180,000 worth of shares via the issue of an additional 1,894,737 shares at a price of $0.095 per share.

The issue of shares to directors was approved by the company’s shareholders at the annual general meeting held on December 16, 2020.

Funding accelerated exploration

The placement will fund the company’s accelerated exploration programs at prospects around the Wattle Dam mine in Western Australia, following recent drill results of 3 metres at 83.3 g/t gold from 25 metres, including 1-metre at 245 g/t.

Funds will also be used to complete further exploration across the company’s Spargoville tenements and completion of studies required for the company’s Larkinville and Eagles Nest resources to be approved for mining.