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Max Resource Corp (3)
Symbol MAX
Shares Issued 161,884,325
Close 2022-06-27 C$ 0.47
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Max receives 11 Cesar mining concession contracts

2022-06-27 11:18 ET - News Release

Mr. Brett Matich reports


Max Resource Corp. has been awarded 11 additional mining concession contracts for the 20-kilometre-long Uru zone, located along the southern portion of the Cesar North 90-kilometre-long copper-silver belt, within its wholly owned Cesar project, northeastern Colombia.

The concessions at Uru now cover 99 square kilometres and Max's Cesar project concessions now collectively total an aggregate of over 212 square km.

Each concession has an initial term of 30 years and extension for a further 30 years for a total duration of 60 years.

"The 212 square km of Mining Concession Contracts are wholly owned and provide secure tenure for development of Max's Cesar project for the years ahead. This achievement will add additional targets for Max's first drill program at Uru, the most significant event in the Cesar basin since the discovery of Cerrejon, the largest coal mine in South America and the basis for much of the critical infrastructure in the Cesar basin," commented Max chief executive officer Brett Matich.

"Max Resource's environmental survey has been accepted by the National Mining Agency of Colombia and approval to drill is expected in the coming weeks. Max is currently conducting fieldwork and ground geophysical surveys to expand the Uru drilling target area. Max's exploration focus aligns directly with Colombia's National Mining Agency strategy of transitioning from fossil fuels to copper exploration and future development of the Cesar basin. Furthermore, Max is fully funded with over $21-million in the treasury," he concluded.

Cesar copper-silver project

Cesar lies along the copper-silver-rich 200-kilometre-long Cesar basin in northeastern Colombia. This region provides access to major infrastructure resulting from oil and gas and mining operations, including Cerrejon, the largest coal mine in South America, held by global miner Glencore. Max's mining concessions collectively expanse over 212 square km.

Max is pro-active in the goal of moving the Cesar basin toward the mining of copper, the key metal for the Colombia's transition to clean energy.

Recently a co-operation agreement was executed with Endeavour Silver Corp., which assists Max to significantly expand its 100-per-cent-owned landholdings at Cesar. Endeavour will hold the underlying 0.5-per-cent net smelter return.

Max is focusing on three major copper-silver zones individually located along the Cesar 90-kilometre-long belt, with the objective of expanding the zones and defining drill targets:

  • The 32 km long AM zone with highlight values of 34.4 per cent copper and 305 grams per tonne silver;
  • Conejo zone, averages 4.9 per cent copper (2-per-cent cut-off) over 3.7 km;
  • 20 km long Uru zone returned seven metres at 8.5 per cent copper plus 143 g/t silver and 16.8 m at 8.3 per cent copper plus 146 g/t silver.

Geologically, Max interprets the sediment-hosted stratiform copper-silver mineralization in the Cesar basin to be analogous to both the Central African copper belt (CACB) to the south and the Kupferschiefer deposits in Poland to the north. Almost 50 per cent of the copper known to exist in sediment-hosted deposits is contained in the CACB, including Ivanhoe Mines Ltd.'s 95-billion-pound Kamoa-Kakula discovery in the Congo.

Kupferschiefer, the world's largest silver producer and Europe's largest copper source, is a mining orebody ranging from 0.5 to 5.5 m thick at depths of 500 m, grading 1.49 per cent copper and 48.6 g/t silver. The silver yield is almost twice the production of the world's second-largest silver mine.

Qualified person

The company's disclosure of a technical or scientific nature in this news release was reviewed and approved by Tim Henneberry, PGeo (British Columbia), a member of the Max Resource advisory board, who serves as a qualified person under the definition of National Instrument 43-101.

About Max Resource Corp.

Max Resource is a mineral exploration company advancing the newly discovered district-scale Cesar copper-silver project. The wholly owned Cesar project sits along the Colombian portion of the world's largest producing copper belt (Andean belt), with world-class infrastructure and the presence of global majors (Glencore and Chevron).

In addition, Max controls the RT gold project (100-per-cent earn-in) in Peru, encompassing a bulk tonnage primary gold porphyry zone, and three km to the northwest, a gold-bearing massive sulphide zone. Historic drilling in 2001 returned values ranging 3.1 to 118.1 g/t gold over core lengths ranging from 2.2 to 36 metres.

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