Max to Follow Up Historic Hard-Rock Gold Discovery
Vancouver, British Columbia--(Newsfile Corp. - July 11, 2019) - MAX RESOURCE CORP. (TSXV: MXR) (FSE: M1D1) ("Max" or the "Company") is pleased to report a fully funded exploration program within its Choco Gold-Platinum project located 120km SW of Medellin, Colombia. A previous 2013 program at El Tambita by ASX listed Condoto Platinum Ltd. lead to the discovery of a 9.8m wide gold-bearing shear zone, the first documented shear-hosted bedrock gold in Choco. Highlights from historic exploration work include:
- El Tambita channel samples averaged a gold grade of 63.25g/t over 9.8m across the shear zone with a select grab sample returning a gold value of 220g/t; (the Company cautions the grab sample is selective by nature and may not be representative of the material being sampled);
- Geology consists of quartz veins in a NE-SW strike zone, developed within schists and intrusives;
- 400m to the north, the Gaviota mine returned 1m channel sample gold grades of 44.36g/t and 3.48g/t;
- Most importantly, the shear zone and the Gaviota mine are upstream along Rio Tamana, where historic placer gold production of 605,110 ounces were recorded between 1906 and 1990.
"El Tambita is one largely untested high-grade gold target, historic exploration data suggests strong potential for the discovery of additional gold zones," Max CEO Brett Matich stated. "Max field crews are currently mobilizing to El Tambita to follow up the outlying anomalies to locate the source of the Rio Tamana alluvial gold," he continued.
Sources: The historic production figures from R.J.Fletcher & Associates (2011) Review of Gold and Platinum Exploration and production in Choco Province, Colombia. Part 3. Private Report for Condoto Platinum Ltd.; the hard rock sampling data are from the historic exploration files of Condoto Platinum Ltd. Max cautions investors it has yet to verify the historic exploration data. Historic exploration data comes from 2013 exploration program undertaken by ASX listed Condoto Platinum Ltd. disclosed in its 09-11-2013 news release.
Figure 1: Choco Gold-Platinum Hardrock Exploration Program
To view an enhanced version of Figure 1, please visit:
The Max technical team continues to review and interpret the 2011 through 2014 Condoto Platinum Ltd. exploration data consisting of rock sampling, stream sediment sampling and panned concentrate sampling. New gold targets continue to be identified. In addition, the team are currently reviewing the recently completed Long Wave InfraRed survey completed over the entire South Choco land package.
Choco Gold-Platinum and North Choco Gold-Platinum
Choco Gold-Platinum (2,140 sq. km) lies 120km SW of Medellin, Colombia and covers or is adjacent to historic production of 1.5Mozs gold and 1.0Mozs platinum by Choco Pacific Mining Company (1906 - 1990) and encompasses 33 historic gold mines and 4 historic platinum mines.
North Choco Gold-Copper (950 sq. km) is located 80km SW of Medellin, is contiguous to properties held by AngloGold Ashanti and Continental Gold, encompassing 14 historic gold mines, 4 historic gold anomalies collectively covering 80 sq. km and holds exclusive rights to exploration and exploitation over a 72.5 sq. km mining area. The Nuevo Chaquiro hosts a 2014 inferred mineral resource 604 million tons grading 0.65% copper, 0.32 g/t gold, 4.4 g/t silver and 116 ppm molybdenum representing an inferred 6.1Moz gold & 3.95Mt copper; the deposit is located 18km NE of the most northern boundary. Source "Discovery and Geology of the Nuevo Chaquiro Cu-Au (Ag-Mo) Porphyry Deposit" by N. Winer, VP Greenfields Colombia, AngloGold Ashanti and undated.
Max cautions investors that results from adjacent and nearby properties are not necessarily representative of the mineralization hosted at North Choco.
LWIR analysis, through proprietary processing of Aster satellite data, has the ability to map or identify, through reflectance spectroscopy against a set of known standards, mineral distribution over extremely large areas covered by vegetation and shallow cover. The ground-penetrating nature of infrared radiation in the long-wave bands allows viewing of mineral spectra in the first 30 to 60 centimetres of the earth's surface through dense vegetation. Anomaly maps are then generated for a suite of the 16 most abundant minerals with the area of the survey.
About Max Resource Corp.
Max is a mineral exploration company focused on the development and expanding its landholdings in the rich Choco mineral belt of Colombia. The Company has established significant exploration infrastructure and local community support for the Choco Gold-Platinum project, located 120km south of Medellin, which covers, or is adjacent to, historic production of 1.5 million ounces of gold and 1.0 million ounces of platinum. The North Choco Gold-Copper project lies adjacent to the Choco Gold-Platinum project, encompassing 14 historic gold mines, 4 historic gold anomalies collectively covering 80 sq. km and holds exclusive rights to exploration and exploitation over a 72.5 sq. km mining area. The Gachala copper project is located 60 km east of Bogota. The Company is led by a seasoned management team with a record of significant discovery and exploration success.
Tim Henneberry, PGeo (British Columbia), a member of the Max Resource advisory board, is the qualified person who has reviewed and approved the technical content of this news release on behalf of the company.
For more information visit: https://www.maxresource.com/
For additional information contact:
Max Resource Corp.
T: (604) 290-8100
For Max Resource's French inquiries:
Remy Scalabrini, Maricom Inc.
T: (888) 585-MARI
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Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for Max Resources Corp. described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com
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