Max Resource Increases Cesar Copper-Silver Project Ownership to 100%
Vancouver, British Columbia--(Newsfile Corp. - November 15, 2019) - MAX RESOURCE CORP. (TSXV: MXR) (OTC PINK: MXROF) (FSE: M1D1) ("Max" or the "Company") is pleased to report the Company has executed an agreement increasing the ownership of its Cesar Copper-Silver project ("Cesar") in Colombia to 100%. The Vendor has agreed to retain a share of profits from production, on existing and any future Cesar mineral applications staked by Max.
The Cesar Copper-Silver project lies within the Andean Copper Belt which runs north and south along the west side of South America and is the most prolific copper producing region in the world. Cesar represents a type of sedimentary hosted copper mineralization which is typically flat lying, near surface and is known to be extensive in Africa, Poland and Colombia. These types of deposits are generally higher grade than copper porphyry deposits.
Historically, the Cesar project area has been explored from a local context, but never in a broader picture. Initial field work by the Company in September has confirmed the widespread historic copper-silver occurrences are more than coincidence and copper mineralization of a significantly larger scale may very well be lurking in the area.
The second phase of exploration has now commenced with the aim of establishing the potential strike, recording dip and width of the mineralization and investigation from a more regional perspective.
"We have been working very closely with our in-country partners strategizing consolidation of land holdings that cover the sedimentary hosted copper-silver priority zones," Max CEO, Brett Matich, stated.
"The initial sampling program conducted in the summer resulted in locating high-grade copper and silver mineralization spread over an area measuring 9 sq. km, from outcrops with up to 4.2% copper and up to 116 g/t silver. These significant exploration results have reinforced our belief the Cesar Project area hosts significant undiscovered copper deposits and our exploration could lead to future discoveries for the Company," he continued.
Cesar Copper-Silver Project
The wholly owned Cesar Copper-Silver project is located approximately 420 km north of Bogota, within the northern Andean Copper Belt in northeastern Colombia. The town of Barrancas, 70 km to the north by paved road, provides local infrastructure, including a municipal airport, and has a population of 37,000. Tidewater, at the Puerto Bolivar shipping terminal, lies 180 km to the northeast.
First pass exploration (see November 6, 2019 news releases) identified 18 distinct copper occurrences within an area of 9 sq. km, open in all directions. Grab sample assays ranged from 0.3% to 4.2% copper with 34 of the 43 assaying in excess of 1% copper, 15 of the 43 assaying in excess of 2% copper, and 4 of the 43 samples assaying in excess of 3% copper. Silver also appears to be an important constituent with values ranging from 1 to 116 grams per tonne. The company cautions investors that grab samples are selected samples and are not necessarily representative of mineralization hosted on the property.
Max recently appointed Mr. Piotr Lutynski, M.Sc., P. Eng., to the Company's Advisory Board and as Head Geologist. His expertise in sediment-hosted copper-silver mineralization, specifically with the most well-known deposit of this type, Kupferschiefer in Poland, will be invaluable. Kupferschiefer will form the basis of the Cesar geological model. The Cesar Copper-Silver project has a similar mechanism for mineralization, host rock and very likely stratigraphy and is a very similar exploration target.
Phase two of the exploration program is now underway and will run through to mid-December.
Profit Share on Production
The 15% Profit Share on Production ("PSP") is calculated on revenues after deducting any related costs including, but not limited to, exploration, feasibility studies, infrastructure expenses, environmental and social expenditures, project financing expenses, taxes and reclamation. Max will have the first right of refusal to purchase any portions of this PSP that the Vendor may which to sell.
About Max Resource Corp.
Max is a mineral exploration company with an experienced and successful management team focused on advancing the development of its landholdings in the rich mineral belts of Colombia, with significant potential for the discovery of important-scale mineral deposits that can attract major partners.
Tim Henneberry, P Geo (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
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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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