Max Resource Corp. Releases Initial Copper Assay Results
Vancouver, British Columbia--(Newsfile Corp. - March 6, 2018) - MAX RESOURCE CORP. (TSXV: MXR) (OTC Pink: MXROF) (FSE: M1D) ("MXR" or the "Company") further to our news release dated February 26 2018, we are pleased to release preliminary copper assay results, that form part of our due diligence, related to the executed binding letter of intent ("LOI") to acquire 100% of the outstanding share capital of Copperbelt Minerals Corp. ("CMC") a private Canadian company (the "Acquisition"), that currently holds the Gachala Copperbelt Project ("Project"), which covers are area of approximately 400 square kilometers and is located in Cundinamarca Department of central Colombia, approximately 50 kilometres east of the capital of Bogota.
As part of our due diligence process, MAX conducted initial confirmation sampling at some of the historic adits and a known mineralized outcrop. The 13 individual grab sample values ranged from 0.09% to 11.4% copper. Nine of the 13 samples returned values above 1% copper, a complete listing of results is included in the table below. Multi-element analyses are pending.
MAX Resource Corp. cautions investors that grab samples are selected samples and are not necessarily representative of mineralization hosted on the property.
This initial sample program forms part of the comprehensive due diligence program. The Company is awaiting the following:
- Assay results from an extensive channel sampling program, taken from an outcrop near the historic Cerro de Cerro copper mine, which included a zone returning 22.8 m averaging 3.16% copper
- Assay results from a newly discovered area located 700 meters north of Cerro de Cobre.
- Results of the interpretation of the Longwave infrared (LWIR) survey, in identifying copper anomalies in areas of dense and ground cover. This survey was conducted last month and covered an area of approximately 10,000 square kilometers and includes MXR’s 400 square kilometer Project area.
- Results from examination of a number of other areas around the Project area.
Brett Matich, MAX Chief Executive Officer, commented "The initial examination and the confirmation results indicate the Cerro de Cobre host rock is a reduced siliciclastic unit supporting our model of an African Copperbelt-style deposit in eastern Colombia, further we are very thrilled with these results at this early stage.
Mr. Matich also stated "Historically, this Cerro de Cobre copper mine has been interpreted as a skarn, however its location at the base of a significant shale package located just above an accumulation of oxidized red beds strongly fits the copper / cobalt model for mineralization found in the Democratic Republic of Congo and Zambia. The grades and extents of mineralization observed are consistent with Africa Copperbelt-style mineralization."
MAX Resource Corp. cautions investors the presence of copper and cobalt mineralization in the DRC and Zambian deposits is not necessarily indicative of mineralization on the Cerro De Cobre property.
All samples from the Phase I surface program were sent to the ACTLABS COLOMBIA S.A.S. laboratory, an ISO 9001: 2008 certified facility. All samples were collected by MAX Resource Corp. contractor personnel and securely stored until delivery to ACTLABS. At this early stage of exploration, MAX Resource Corp. is relying on the certified standards utilized by ACTLABS as part of it analysis protocols. No QA/QC anomalies were noted in the analyses.
To view an enhanced version of Cerro de Cobre Mineral Claims, please visit:
The Gachala Copper Project
The Project underlies a 400 square kilometers section of a 250 kilometer long belt of sedimentary rocks believed to be analogous to the Zambian Copper Belt of Africa. (Source: Rodriguez and Warden (1993). Overview of some Colombian gold deposits and their development potential. Mineralium Deposita Volume 28, pages 47-57).
The Project consists of 4 mineral claims and 21 exploration applications totaling approximately 400 square kilometers and includes the historic Cerro de Cobre copper mine, where 2008 channel sampling returned 22.8 metres grading 3.16% copper and 15.3 g/t silver. Subsequent Mobile Metal Ion (MMI) soil sampling defined a 1,500 metre by 800 metre copper-in-soil anomaly encompassing the two zones, open in all directions. Colombian Mines Corporation felt there was a high potential for repetition on the opposite side of the hosting anticline and further felt the geology suggested mineralization may extend beyond the limits of known anomalous zones. (Source: Colombian Mines Corporation News Releases dated 15-May-2008 and 14-Nov-2012 respectively).
The historic sampling combined with the recent mapping and sampling completed by MAX indicates copper appears to be widely dispersed throughout the 400 square kilometer property holdings.
The Company cautions investors that the presence of copper mineralization in the Andean Copper Belt is not necessarily indicative of copper mineralization on the Project. The Company further cautions investors that it has not yet verified the historical data.
What is LWIR
MAX has access to Long Wave InfraRed (LWIR) proprietary technology. MAX's survey was over an area of approximately 10,000 square kilometers. LWIR is well suited to Colombia, as LWIR allows viewing of mineral spectra in the first 30 to 60 cm of the earth's surface through dense vegetation. LWIR bands have the ability to map or identify, through reflectance spectroscopy against a set of known standards, mineral distribution over extremely large areas covered by moderate vegetation and shallow cover. MAX is awaiting the results of the interpretation of the LWIR survey, which are expected soon.
About Max Resource Corp.
Max Resource Corp., a Canadian-based exploration company, its focussed on acquiring advanced exploration projects which are located within the under-explored northern section of the richly endowed Andean Copper Belt, of Colombia.
ON BEHALF OF THE BOARD OF MAX RESOURCE CORP.
Brett Matich, CEO and President
Tim Henneberry, P. Geo (British Columbia), a member of the Max Resource Corp. Advisory Board, is the qualified person who has reviewed and approved the technical content of this news release on behalf of the Company.
Further information regarding the Company can be found on SEDAR at www.SEDAR.com, or by contacting the Company directly at (604) 365 1522
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain statements that may be deemed as "forward-looking statements" within the meaning of applicable Canadian securities laws. All statements in this release, other than statements of historical facts, are forward-looking statements, including, without limitation, statements pertaining to completion of the Acquisition and any approvals required in connection with the Acquisition. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include: changes in market conditions, unsuccessful exploration results, changes in the price of commodities (particularly copper), unanticipated changes in key management personnel and general social, economic or geo-political conditions. Mining exploration and development is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward—looking statement that may be from time to time by the Company or on its behalf, except in accordance with applicable securities laws. We seek safe harbor.