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Max Resource Corp (3)
Symbol MAX
Shares Issued 161,884,325
Close 2022-08-22 C$ 0.305
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Max receives fifth URU concession contract for Cesar

2022-08-23 11:55 ET - News Release

Mr. Brett Matich reports


Max Resource Corp. has been awarded a key mining concession contract for a total of five for the URU district, now covering a total of 74 square kilometres, located along the Cesar North 90-kilometre-long copper-silver belt, within the Cesar project, northeastern Colombia.

Since late 2021, Max's wholly owned Cesar project was awarded a total of 20 concessions covering 188 square km.

"The five strategic URU concessions provide secure tenure of the 20 km long URU district, including the URU-C and URU-CE copper-silver discoveries," commented Max chief executive officer Brett Matich.

"Max's drill site preparation is on schedule for mobilization of the diamond core drill rig late next month. This will initiate the first-ever drilling program targeting copper-silver mineralization on its URU mining concessions," he continued.

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

Mining concession contract process

Max completed all the approval requirements, which include a detailed social management plan, followed by a public hearing with the local community. Each mining concession contract has an initial term of 30 years and extension for a further 30 years for a total duration of 60 years.

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 expand over 188 square km.

Max is pro-active, with the corporate goal of transitioning 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 an 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 includes the URU-C and URU-CE discoveries, highlights of seven metres of 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.

Recent results of a high-resolution ground induced polarization (IP) survey indicate that the defined surface mineralization of URU-C and URU-CE appears to continue both along strike and at least 200 m vertically. Max is preparing drill sites to mobilize the diamond core drill rig late September, initiating the first-ever drilling program targeting copper-silver mineralization on its URU mining concessions.

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.

The safety of Max's people and the communities where it operates is most important. The company conducts exploration in a manner which supports protection of ecosystems through responsible environmental stewardship.

We seek Safe Harbor.

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