Max Resource Outcrop Assays Return up to 4.15% Copper and 116 g/t Silver from Grab Samples
Vancouver, British Columbia--(Newsfile Corp. - September 24, 2019) - MAX RESOURCE CORP. (TSXV: MXR) (OTC Pink: MXROF) (FSE: M1D1) ("Max" or the "Company") is pleased to report significant copper assays of up to 4.15% and associated silver assays up to 116g/t from outcrops at the Company's Cesar Copper property, located approximately 420 km north of Bogota, within the Jurassic La Quinta Formation of north-east Colombia (refer Figure 2 and Cesar Copper Property section).
Highlights from the first pass exploration field program include;
- A total of 12 distinct outcrops identified within an area of 9 square kilometres open in all directions (refer to Figure 1 and Figure 3);
- Two grab samples taken from each location reported grades ranging from 0.28% to 4.15% copper with 16 of the 24 samples assaying in excess of 1% copper and three of the assay values exceeding 3% copper (refer to the Table below);
- Silver also appears to be an important constituent with values ranging from 4 to 116 grams per tonne;
- The Company is still awaiting assay results from 6 additional locations (refer to Figure 1).
The Company cautions investors that grab samples are selected samples and are not necessarily representative of mineralization hosted on the property.
Max wishes to make investors aware stratabound copper deposits of Jurassic through Cretaceous age are found within volcano-sedimentary sequences throughout the Andean Cordillera of South America and, significant stratabound copper deposits include; Raul, Condestable and Cobriza in central Peru; Punta del Cobre, Candelaria, Talcuna, Guayacan, El Soldado and Lo Aquirre in Chile; and Seboruco and Cerro Mono in Venezuela: More importantly, the prospective Jurassic rock trends of the La Quinta Formation of north-east Colombia. (refer to Figure 2).
Source: Explanatory Notes for the Mineral Resources Map of the Circum-Pacific Region, Southeast Quadrant, by Corvalan et al, 1996. To Accompany United States Geological Survey Map CP-44.
Max cautions investors mineralization on the above-named projects is not necessarily indicative of similar mineralization on the Cesar Property.
"Cesar Copper falls inline with Max's strategy of identifying opportunities that represent significant potential for Tier 1 copper and gold discoveries in Colombia, one of the last exploration frontiers," Max CEO, Brett Matich, stated.
"We believe this 300-kilometre-long Jurassic copper belt represents a significant exploration target with under explored copper occurrences documented throughout its length, despite limited outcrop exposure." He continued.
To view an enhanced version of Figure 1, 2, and 3, please visit:
|Sample||Type||Copper (%)||Silver (g/t)||Sample||Type||Copper (%)||Silver (g/t)|
North Choco Gold Project
North Choco is located approximately 80 km SW of Medellin and covering a total area of approximately 1,250 sq. km and includes exclusive rights to exploration and exploitation over a 500 sq. km area. The Project is contiguous to properties held by AngloGold Ashanti (NYSE: AU) and Continental Gold (TSX: CNL) and includes 14 historic gold mines and 4 historic gold anomalies collectively covering 80 sq. km. It's important to note that AngloGold Ashanti's 2005 Quebradona gold discovery, IAMGold's 2010 Caramanta gold discovery and the Marmato gold deposit are all in a similar geological environment and are located 12 km north-east, 6 km east and 20 km southeast.
On-going exploration programs are systematically evaluating the North Choco land package that has generally been inaccessible to mineral exploration for over a decade. Early success includes multi-stream gold discoveries together with identification of a strong anomaly 6 km long and 3 km wide further support the presence of potentially economic porphyry-style gold mineralization.
Choco Gold-Platinum Project
Choco Gold covers approximately 2,140 sq. km and lies south and adjacent to North Choco. The Project includes exclusive rights to exploration and exploitation over a 1,000 sq. km area. and encompasses or is adjacent to historic production of 1.5Mozs gold and 1.0Mozs platinum by Choco Pacific Mining Company (1906 - 1990) and includes 33 historic gold mines and 4 historic platinum mines. Source: R.J. Fletcher and Associates (2011) Review of Gold and Platinum Exploration and Production in Choco Province Colombia Part 3. Private Report for Condoto Platinum Ltd.)
Max's technical team is reviewing the LWIR survey in advance of an exploration program planned for October-November in the area where a 2013 exploration by Australian Securities Exchange-listed Condoto Platinum Ltd. led to the discovery of a 9.8-metre shear zone grading 63g/t gold, the first documented shear-hosted bedrock gold in Choco (see July 11 News Release).
Furthermore, Max has entered preliminary discussions with a potential partner with the prerequisite expertise to assist with the gold bearing conglomerates. The Company will provide further conglomerate updates as they come to hand.
Cesar Copper Property
The Company's recently jointly staked (50/50) Cesar Copper property covers an area of approximately 2,000ha, is located approximately 420 km north of Bogota north-east Colombia. The property is within the prospective Jurassic rock trends of the La Quinta Formation; a similar geological environment to the stratabound copper deposits in Chile and Peru. Max is evaluating this 300 km belt with the aim of expanding its copper property holdings. The Company also reports the Gachala Copper transaction (see news release dated February 20, 2019) will not be proceeding.
The 24 samples were taken by the property vendor and to ALS Lab's sample preparation facility in Medellin, Columbia. Sample pulps are sent to Lima, Peru for analysis. All samples were analyzed using ALS procedure ME-MS41, a four-acid digestion with ICP finished. Over limit copper and silver were determined by ALS procedure OG-62, a four-acid digestion with an AAS finish. ALS Labs is independent from Max.
Max is not aware of any other factors that could materially affect the accuracy or reliability of the data referred to herein.
About Max Resource Corp.
Max is a mineral exploration company with an experienced and successful management team focused on the development and expansion of its landholdings in the rich mineral belts of Colombia. The Companies projects have recently been assessible to modern exploration and represent significant potential for the discovery of multiple and important-scale gold and copper deposits that can attract major partners.
Max works closely with local governments, indigenous groups and other project stakeholders in order to advance its mineral properties responsibly, and to do so in a manner that contributes to sustainable community and economic development.
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
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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