MAX Resource Expands North Choco Adding Two Historic Gold Anomalies
Vancouver, British Columbia--(Newsfile Corp. - August 14, 2019) - MAX RESOURCE CORP. (TSXV: MXR) (FSE: M1D1) ("Max" or the "Company") is pleased to report that the North Choco Property area has been expanded to the north by strategic staking of approximately 300 sq. km and now encompasses two historic INGEOMINAS gold anomalies. The North Choco Project is located 80 km SW of Medellin, Colombia. Max is acquiring North Choco, through the pending acquisition of Andagueda Mining Pty. Ltd. (see news release of May 8, 2019). Highlights include:
- The historic NW gold anomaly, approximately 5 km long and 4 km wide with a highlight rock sample of 15 g/t and the historic NE gold anomaly, approximately 6 km long and 5 km wide rock with a highlight rock sample of 12 g/t;
- The Nuevo Chaquiro (6.1Moz gold & 3.95Mt Cu) deposit is located 45 km and 35 km respectively, east of the east boundary of the NW and NE anomalies. Max cautions investors that results from nearby properties are not necessarily representative of the mineralization hosted at North Choco;
- Max consultants are currently reviewing data from a recent cloud-stitched Longwave InfraRed (LWIR) survey over the NW and NE gold anomalies prior to commencing next week's on-ground exploration program;
- Our team has now completed its exploration program over one of the gold-copper porphyry targets, taking 71 samples over a 20 sq. km area and is awaiting assay results; (refer to the figure on page 2)
The location of the two gold anomalies is taken from the INGEOMINAS Map "Mapa De Anomalies Geoquimicas De Colombia". Max is currently sourcing the historic exploration data for the two gold anomalies. Max has yet to verify this historic exploration information. The Neuvo Chaquiro inferred resource was disclosed in "Discovery and Geology of the Nuevo Chaquiro Cu-Au (Ag-Mo) Porphyry Deposit" by N. Winer, VP Greenfields Colombia, AngloGold Ashanti and undated.
"The North Choco property expansion now encompasses twelve historic gold mines and historic gold anomalies that are collectively spread over an area of 130 sq. km significantly expanding our gold exploration portfolio," Max CEO, Brett Matich, stated. "Max's field team plans to commence the exploration program on the NW and NE anomalies as early as next week"
To view an enhanced version of Figure 1, please visit:
To view an enhanced version of Figure 2, please visit:
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. The historic production figures from R.J. Fletcher & Associates' (2011) review of gold and platinum exploration and production in Choco Province, Colombia, Part 3, a private report for Condoto Platinum Ltd.
The Max technical team continues to review and interpret the Condoto Platinum exploration data (2011 through 2014) including El Tambito where a previous 2013 program led to the discovery of a 9.8-metre wide gold-bearing shear zone which was the first documented shear-hosted bedrock in Choco. In addition, the team is currently reviewing the recently completed long-wave infrared survey completed over the entire South Choco land package. Historic exploration data comes from 2013 exploration program undertaken by ASX listed Condoto Platinum Ltd. disclosed on its 09-11-2013 news release.
North Choco Gold-Copper (1,250 sq. km) is located 80km SW of Medellin, is contiguous to properties held by AngloGold Ashanti (NYSE: AU) and Continental Gold (TSX: CNL), 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.
What is LWIR
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 allow 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. The North Choco Gold-Copper project lies adjacent to the Choco Gold-Platinum project. 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:
Neither 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.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46928