MXR - Maximus Resources

[Riesling]

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?

Cheers.


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.

 

[wotthe]

MXR has just issued trading halt pending ann. Not sure if any results are due ... anyone have any ideas? Any talk of takeovers?

 

[stoxclimber]

With the recent pullmark in MXR the MXR/ERO arbitrage is almost on again - MXRs fully diluted market cap is 27.3mm, its ERO shares are 22.6m and its cash is 700k - leaves just 4m of value in MXR for its projects (including its 30% JV with Eromanga..which has a 60mm+ market cap)

 

[sting]

on its way up after the ann..I was lucky an caught the ann as it came out ..brought in at 41..... now heading towards 50

go u good thing

SEMPER UBI SUB UBI

 

[sting]

Spoke to soon before and jinxed myself... but all is still good about this mob

JORC inferred 421,000 tonnes @12 g per tonne gold
giving 162,000 ounces gold

also uranium drill results 0.48kg of U3O8 per tonne as well as vanadium

this is a good takeover target for the gold alone with a market cap of only $23 million easy pickings

 

[krisbarry]

Have a listen to this

http://www.brr.com.au/event/MXR/1811/32301/wmp/d5ppb2nbo6

Presentation just given says potential for 1 Billion Tonnes at a combined 66% grade magnetite.

At the moment 200 mt @ 30 to 40 meters with drilling to start soon, with the potential to be upgraded to 1 billion tonnes.

That is pretty impressive being very close to the surface.

 

[doctorj]

Presentation just given says potential for 1 Billion Tonnes at a combined 66% grade magnetite.

At the moment 200 mt @ 30 to 40 meters with drilling to start soon, with the potential to be upgraded to 1 billion tonnes.

That's quite a leap from 200mt at the moment to that 1 billion - how much drilling do they have going on/planned?

Seems a little like pie in the sky stuff for me...

 

[juw177]

There is some idiotic ramping happening at HC for this stock and since this is a tightly held stock, a few newbies at HC can have an effect on the price. So I wait and watch.

 

[juw177]

Oh wait. The idiotic ramping on HC is actually Kris, so he is on here too. Great. Let's see how this one retraces.

 

[krisbarry]

Well you could always blame the director for ramping hey!

If you listen to the CEO or Boardroom radio he claims to have up to 1 billion tonnes.

Don't shoot the messenger!

I regret selling FMG at 58 cents and have learnt my lesson, this one I am holding for the long-term.

And if proven 1 billion tonnes of iron ore, then watch the chinese scramble all over this one!

 

[juw177]

Well you could always blame the director for ramping hey!

If you listen to the CEO or Boardroom radio he claims to have up to 1 billion tonnes.

Don't shoot the messenger!

I regret selling FMG at 58 cents and have learnt my lesson, this one I am holding for the long-term.

And if proven 1 billion tonnes of iron ore, then watch the chinese scramble all over this one!

Hey, just keep this stuff at HC will you? Besides the CEO saying they find iron ore, how is this like FMG? And what does chinese have anything to do with it at this stage?

 

[krisbarry]

Here is a recent article featured in Minebox

MXR - Maximus focuses on WA’s Mid-West iron ore province

Adelaide-based multi-commodity explorer, Maximus Resources has announced a new focus on Western Australia’s booming Mid-West iron ore province.

Maximus, which earlier this year gained 90 to 100 percent control of the extensive 5,500sqkm Narndee-Windimurra tenement package in WA, has outlined an immediate focus on two magnetic anomalies, each about 18km long, in WA’s Mid-West region.

The company’s Managing Director, Dr Kevin Wills said Maximus planned to investigate the iron, vanadium and titanium potential of the Windimurra layered mafic complex.

“As part of our investigations of the various mineral occurrences within the Narndee-Windimurra tenements, we recognised the potential for significant quantities of coarse grained magnetite,” Dr Wills said.

“Separation of such coarse grained magnetite has been shown to be a low cost method of producing a magnetite concentrate.

“Based on mineral indications from site to date, Maximus will now estimate the iron, titanium and vanadium potential of the project,” he said.

Maximus’ initial iron ore work programs will focus on the 18km-long Canegrass magnetic anomaly and part of the 35km-long Shephards Zone, the northern portion of which hosts Precious Metals Australia’s Windimurra vanadium deposit.

Maximus has collected 335 surface rock-chip samples from the Canegrass and Shephards prospects, which returned analytical values averaging 52 percent iron, 13 percent titanium dioxide and 1.2 percent vanadium pentoxide.

Maximus has estimated that the combined target potential at the Canegrass and Shephards prospects could amount to 160 to 200 million tonnes of magnetite rock to a vertical depth of only 30 to 40 metres.

Source:

http://www.minebox.com/story.asp?articleId=10146

 

[krisbarry]

Looks like the retrace is over for MXR and is now ready for its next leg up.

There has been much talk of Iron ore prices rising between 30 to 50% in 2008 so this might help the share price on MXR.

 

[dj_420]

is stop the clock actually krissbarry on hot copper?

the posts seem remarkably similar, lol

i was going to have a look at this one, seems like it could have potential, retracing at the moment

 

[krisbarry]

Bird in the Hand Gold results:

Announcement just out 410,000 tonnes of gold at 12 grams of gold per tonne...very impressive.

Share price now at 27 cents

 

[rub92me]

Bird in the Hand Gold results:

Announcement just out 410,000 tonnes of gold at 12 grams of gold per tonne...very impressive.

Share price now at 27 cents

That wasn't the 'news', Stop_the_clock. The inferred resource and grades were already known. The news was that they have completed an initial mining scoping study, which was quite limited. Looking promising though, I'll give you that

 

[krisbarry]

MXR was trading at 47 cents before the sub-prime mess. Since that time MXR now has an Iron ore project and a completed inital mining study. Its about time real value was placed back into the market

 

[krisbarry]

Scoping study boosts Maximus

Friday, 5 October 2007

MAXIMUS Resources says a mining scoping study at its Bird-In-Hand gold project confirms viability for decline access mining at the project, with the company's share price gaining 16% on the back of the news.

The company said mining consultant Maptek was commissioned to investigate the viability of mining techniques on a conceptual orebody similar to the currently defined Bird-in-Hand inferred gold resource of 410,000 tonnes at 12 grams gold per tonne.

"Six underground mining techniques were considered with varying stope widths from 1 to 8 metres, and stope lengths from 25 metres upwards," the company said.

Maxiums said the study was restricted to the larger and more continuous Main Reef.

"The study indicated that a spiral decline accessing the east dipping mineralised lodes from the footwall (western) side could extract the Main Reef," Maximus said.

"The two most suitable mining methods were using uphole benching and the Avoca method (uphole benching with tight fill)."

Maximus said the scoping study did not consider other important aspects of viability such as costs of dewatering the mine or construction and operation of a gold processing plant.

"Each of these topics will be the subject of further conceptual level investigations during the December Quarter," the company said.

"Given recent drill intersections it is likely that a resource of sufficient magnitude to consider a development will be delineated."

Maximus is continuing core drilling and a further eight holes have been planned to test the lateral extent and down dip potential of gold mineralisation.

Assay results for recently drilled holes are expected soon and the results are anticipated to increase the total inferred resource towards the level required to begin a pre-feasibility study at Bird-in-Hand early in 2008.

Shares in Maximus have gained 4c to 29.5c.

 

[krisbarry]

I seem to like this summary:

MXR has been on a steady downtrend since July this year, and has not really shown any signs of recovery - until the last week.

The attached chart shows a flag trade for the short term trader (yes, D, I know it isn't a weekly flag trade or one that suits the longer term trader).

There are a few things of note in this chart. Firstly, the rapid rise of the price after a stable downtrend. Secondly, a steady retracement of the price that fits into an angled channel or flag. And as of yesterday, a close above the top flag line. This is the buy signal.

To add some confidence to this trade, there is a crossover of the 10 and 30 day EMA's, and the turning of the long term GMMA (the blue group of lines in the graph). Also, the short term downtrend line has been broken (not shown on the attached chart).

For a longer term uptrend to be confirmed, a compression and re-expansion of the blue long term GMMA's is needed. However, MXR provides a good opportunity for a short term trade over the next 2 weeks. Sell out on weakness.

Note: This trade is not for everyone - only aggressive short term traders should consider a buy on Monday. More conservative longer term traders should wait for more signals to emerge.

 

[buy and hold boy]

I have been looking at MXR and I would consider buying around the 20c mark. My main concern with this stock is why they have taken so long to get the bird in the hand (BIH) 2PP. From first drilling almost 2 years ago we still have to wait until next year before the company will undertake a feasibility study to see if the ore is economic! Strongly suggests to me that their targeted 250,000 oz aren't going to be forthcoming and BIH isn't economic. On this basis they would need to raise further capital and the market would look at them more sceptically after failing on their first target.


Ultimately it will be billa kalina or narndee that could make MXR a worthwhile investment, I dont hold too much store in BIH.