First annual report for A 23714

Abstract

No field work was undertaken on this tenement during the reporting period for the following reasons. On 27 April 2005 Flinders Diamonds Ltd (FDL) announced that it had sold the non-diamond rights in the FDL Strangways Project which includes vermiculite opportunities on Authority 23714 to Maximus Resources Ltd (MXR). At about the same time Alistair Mackie, the FDL Project Manager for the Strangways Project ceased operations with FDL. Delays were encountered with the ASX listing of MXR, with listing finally taking place on 26 October, 2005 after MXR successfully raised $7 million for on-going exploration. During the listing process the ASX insisted that the FDL/MXR sale agreement must be ratified at an Extraordinary General Meeting of FDL shareholders. This meeting took place on 30 November 2005 in Adelaide at which time the FDL/MXR sale agreement was ratified. From early 2006 MXR will undertake an intensive gold and base metal search over FDL's Strangways Project area primarily focussed on the Johnnies Reward copper-gold prospect on EL 23592 and including a regional appraisal of all the Project tenements. Part of this appraisal will also include a re-evaluation of the vermiculite potential of the Project tenements and options for developing known vermiculite resources within these tenements. Should this appraisal be positive MXR will undertake the drilling and ground geophysical evaluation of known vermiculite occurrences on Authority 23714 in 2006 as outlined in FDL's original application. An application for two SELs to become part of this project was tendered by way of background to accompany this report.