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Max Resource Corp (3)
Symbol MAX
Shares Issued 161,884,325
Close 2022-08-08 C$ 0.38
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Max Resource identifies URU concession drill targets

2022-08-09 12:06 ET - News Release

Mr. Brett Matich reports


Max Resource Corp. has released initial results of the high-resolution ground induced polarization (IP) survey. The IP chargeability correlates with the two URU-Central copper-silver-rich discoveries and extends at least 200 metres below surface. The IP data are to be integrated into a detailed geological and structural three-dimensional model for the upcoming drill program.

The first URU-Central discovery, URU-C, returned chip channel widths of nine m at 7 per cent copper plus 115 grams per tonne silver (new results) and 16.8 m at 8.3 per cent copper plus 146 g/t silver at the lower levels of the prospect. The upper level (over 190 m vertically above) is over 290 m along strike and returned 4.9 per cent copper plus 41 g/t silver along a 52 m ridgeline, true width yet to be determined (new results).

The second discovery, URU-CE, is located 750 m to the east of URU-C, consisting of substantial-sized outcrops with visible copper mineralization over 15 m wide, trending south-southwest for over 250 m of strike, open in all directions.

The company's wholly owned URU-Central forms part of the 20-kilometre-long URU district, located along the southern portion of the Cesar North 90-kilometre-long copper-silver belt.

"The initial IP survey has achieved the objectives of defining the vertical dimensions of the primary chalcocite-bearing mineralized body at the two URU-Central discoveries. Max is preparing drill sites and planning to mobilize the diamond core drill rig late next month, initiating the first-ever drilling program targeting copper-silver mineralization on its URU mining concessions," commented Max chief executive officer Brett Matich.

"Concurrently, Max continues its regional exploration programs along the 90 km long Cesar copper-silver belt, utilizing its approximately $20-million treasury," he concluded.

Initial results show the primary chalcocite mineralization extends from surface and displays a clearly defined chargeability contrast with the known unmineralized barren wall rocks. The IP results indicate that the defined surface mineralization appears to continue both along strike and at least 200 m vertically at the two parallel discoveries (URU-C and URU-CE).

The high-resolution IP survey generates three-dimensional chargeability and resistivity data to vertical depths of 200 m. The initial continuing four line km survey was conducted over four lines spaced at 100 m and with IP stations every 50 m and confirmed strong correlation between surface copper-silver-rich rock geochemistry and IP chargeability zones.

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 kilometres.

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

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

Max is focusing on three major copper-silver districts 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 district with highlight values of 34.4 per cent copper and 305 grams per tonne silver;
  • The Conejo district, averages 4.9 per cent copper (2-per-cent cut-off) over 3.7 km;
  • The 20 km long URU district returned seven m 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 copper-silver mineralization in the Cesar basin to be analogous to both the Central African copper belt (CACB) in the south and the Kupferschiefer deposits in Poland of the Cesar copper-silver belt. 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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