Max Resource Establishes Subsidiary for Palladium, Platinum, Rhodium Resource Assets
Vancouver, British Columbia--(Newsfile Corp. - February 25, 2020) - MAX RESOURCE CORP. (TSXV: MXR) (OTC Pink: MXROF) (FSE: M1D2) (“Max” or the “Company”) reports the establishment of a wholly-owned subsidiary named “PGE Americas Metals Corp.” whereby the Company has transferred all of its rights in the PGE Choco Project. This is the first step towards building a portfolio of PGE assets with a targeted focus on palladium, platinum and rhodium in order to capitalize on real world technology metal deficits. The corporate intent is to unlock this value in both, an accelerated and timely manner.
PGE Choco Project - Platinum Group Elements
The wholly owned PGE Choco project is located 120 km SW of Medellin Colombia, within an historical PGE region, recorded production of one million ounces of platinum (1906-1990) by Choco Pacific Mining. Compilation of historical records revealed the potential of related PGE’s, particularly palladium and rhodium. In addition, recent field work by Max resulted in highlight concentrate values of 114 g/t platinum from a field program in 2019 (refer to news release April 16, 2019). Colombia was the world’s main source of platinum until 1820 and was world’s largest producer between 1917 and 1923. Source: R.J. Fletcher and Associates (2011) Review of Gold and Platinum Exploration and Production in Choco Province Colombia Part 3. Private Report for Condo to Platinum NL.
“Current demand for palladium, platinum and rhodium outstrips supply and increasingly stringent environmental regulations are forcing auto makers to use more of these metals. We are adopting a sum of the parts strategy in creating a PGE metals subsidiary and consequently compounding shareholder value,“ commented Brett Matich, CEO of Max.
“Max’s CESAR Phase II exploration program is in full swing and we eagerly await the very first initial assay results from AM North located on trend, 35 km north of the AM South discovery,” he continued.
CESAR Copper and Silver Project
The wholly owned CESAR Project is located in north east Colombia within Jurassic sediments and volcaniclastics that run through the length of northern South America, hosting significant stratabound copper-silver mineralization in also Ecuador and Peru.
CESAR lies along a historic 120 km copper-belt within an oil-gas and coal mining district, the region has significant infrastructure, oil-gas and coal operations, ports, townships, railways and roadways.
First pass exploration at CESAR commenced in mid-November 2019, success to date;
- Highlight grades of 5.4% copper and 116g/t silver spread over 15 sq. km;
- The “AM South” copper and silver discovery extends to 5 km on strike, open in all directions with indications of significant lateral continuity;
- “AM North” is located 35 km north of “AM South” and follows the same mineralized trend;
- Phase II Program well underway
Max’s exploration strategy is to unlock the potential of the CESAR district as the world’s up and coming copper and silver producing region.
North Choco Gold and Copper Project
North Choco consists of wholly-owned mineral applications (150 sq. km), located approximately 80 km SW of Medellin, Colombia. The NW Gold-Copper Discovery (refer to October 29, 2019 news release) outcrop reported 1 meter of 49.8 g/t gold and 4.3% copper, which continues under cover in both directions. Future work will focus on mapping and sampling along strike to extend the zone and on locating additional parallel zones. Max is assessing opportunities.
About Max Resource Corp.
Max is a mineral exploration company with an experienced and successful management team focused on advancing the development of its copper, silver and precious metals landholdings in the rich mineral belts of Colombia, with significant potential for the discovery of large-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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