Maximus Resources has announced the commencement of its drilling program on the Eagles Nest tenement at the Spargoville project.
The company, which received approval for its maiden drilling program from WA’s Department of Mines and Petroleum a week ago, proceeded to drill 9 Reverse Circulation (RC) holes for 900 meters to test strike extensions and depth extensions of the Eagles Nest Mineralised zone.
Maximus said that some of the planned holes are designed to replicate the historic drilling of an earlier drilling program and to provide data suitable for inclusion in a resource estimate in accordance with JORC 2012 requirements.
The company also said that it was in the process of completing a Share Purchase Plan (SPP), offering eligible shareholders the opportunity to purchase shares at a discount to the 5 day Volume Weighted Average Price (VWAP) when announced.
Funds raised from the SPP – which closes on 4 December 2015 – will be used predominantly to complete exploration at Spargoville and Narndee.