Beacon Minerals has reached a share purchase agreement to pick a 19.82% interest in ASX-listed junior mining explorer Maximus Resources.

The deal involves the acquisition of 63.2 million shares from shareholder Pantoro, at A$0.042 apiece. Beaco will finance the deal with its existing cash reserves.  

It marks a 7% premium to Maximus’ close on 27 January. 

Pantoro emerged as Maximus’ cornerstone investor in August 2021 in the latter’s $12m capital raise. 

The funds were aimed at expediting Maximus’ gold and nickel exploration programmes across the Spargoville tenements. 

At that time, Maximus managing director Tim Wither said: “Both companies recognise the potential synergies between Maximus and Pantoro’s Norseman operations, including tenements having similar geological settings. We will actively work together to explore opportunities to maximise the high-grade gold and nickel potential across both our respective tenement packages.”

Maximus has tenements 20km from the Kambalda district in Western Australia.

The firm holds 48km² of tenements across the Spargoville Shear Zone, which hosts the ‘very high‐grade’ Wattle Dam Gold Mine.

It is also developing several small, high-grade operations across the tenement.

In a statement, Beacon said: “Maximus’ Spargoville tenements are highly prospective for Kambalda‐style komatiite‐hosted nickel sulphide mineralisation.

“A near contiguous belt of nickel deposits extends from Mincor Resources Limited’s (ASX: MCR) Cassini nickel deposit to the south of the Widgie Nickel (ASX: WIN) Widgiemooltha Dome/Mt Edwards projects, through Estrella Resources (ASX: ESR) Andrews Shaft Nickel Deposit, to the northern extent of the Maximus tenement package, including Maximus’ Wattle Dam East and Hilditch Nickel Prospects.”