Maximus takes full ownership of Spargoville tenements
JOHANNESBURG (miningweekly.com) – ASX-listed Maximus Resources has taken full ownership and control of the Spargoville gold project, 70 km south of Kalgoorlie, in Western Australia’s eastern goldfields.
The 11 400 ha Spargoville holdings included the former high-grade Wattle Dam gold mine area and held a substantial exploration tenement package of 27 granted mining leases, two granted exploration licences, five prospecting licences and two miscellaneous licences.
The move formed part of a revised package of arrangements by Maximus with former project owner Tychean Resources. Under these arrangements, Maximus would receive an immediate 90% stake in Spargoville – up from its previous 51% interest earned in rapid fashion by spending the required $200 000 on first stage exploration of the tenements within three months of a farm-in deal signed in August last year.
That farm-in committed Maximus to earn up to 90% in Spargoville by spending a further $600 000 over three years, which had now been extinguished under the new acquisition terms.
In addition, Maximus would no longer have to pay the previously committed gold royalty to Tychean and would move to 100% project ownership with the issue of $50 000 worth of Maximus ordinary shares to Tychean upon Ministerial approval and receipt of all third party consents.
“The benefits of this transaction are significant to Maximus. It will allow us to progress its exploration activities on the Spargoville tenements to the full benefit of Maximus shareholders,” said MD Kevin Malaxos.
He added that the process could include the sale or joint venture of noncore, nongold assets on the Spargoville field.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
