Maximus Resources (ASX:MXR) started a reverse circulation drill program at the Lefroy lithium project in Western Australia, part of the Lefroy lithium joint venture with Korea Mine Rehabilitation and Mineral Resources (KOMIR), according to a Friday filing with the Australian bourse.
The program consists of 18 holes covering roughly 3,000 meters aimed at spodumene-bearing pegmatites at the Bird Rock and Kandui lithium prospects, and is expected to be completed within three weeks, the filing said.
KOMIR will invest $3 million in lithium exploration under the JV to secure a 30% interest in the lithium mineral rights across the Lefroy tenements, per the filing.
Shares rose more than 3% in afternoon trade Friday and earlier reached their highest since May 2022.
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