20:45:21 EST Tue 27 Feb 2024
Enter Symbol
or Name

Max Resource Corp (3)
Symbol MAX
Shares Issued 161,884,325
Close 2022-09-27 C$ 0.28
Market Cap C$ 45,327,611
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Max Resource samples 19.4 m of 1.3% Cu at Cesar

2022-09-28 11:03 ET - News Release

Mr. Brett Matich reports


Max Resource Corp.'s ground-based IP (induced polarization) and TMI (total magnetic intensity) anomalies correlated well with surface geochemical targets and successfully defined new drill targets at URU Central (URU-C and URU-CE). Mobilization of the drill rig is fully under way and continuous channel sampling at URU-CE returned 19.4 metres at 1.3 per cent copper plus 2.5 grams per tonne silver to be drill tested.

The 20-kilometre-long URU district is located on the southern portion of the company's wholly owned 90 km long Cesar copper-silver project in northeastern Colombia.

The 14 line km induced polarization and ground magnetometer (TMI) survey consisted of seven lines spaced at 100 m and with IP stations every 50 m. At URU-C and URU-CE, the IP chargeability and TMI anomalies correlate with surface copper-silver mineralization, indicating the extent of the mineralized zone to over 500 m northeast, and dips to the east. Also, an extended 20 line km TMI survey is under way testing the northern extensions of the TMI anomalies.

Mobilization under way: Mobilization of the drill rig and related equipment nears completion; drilling will commence on or before Oct. 11, 2022. The modular rig will run HTW or NTW diamond core and is capable of drilling to depths of 400 m.

Drilling imminent: The first ever 2,000 m program (eight holes from five pads) will drill test the main mineralized zones of URU-C and URU-CE. A second phase will immediately follow and continue through to year-end.

URU-C, pad 1: Two drill holes (P-URU1 and P-URU2) will test the down-dip continuation of surface rock channel sampling, where results of nine m at 7 per cent copper plus 115 g/t silver and 16.8 m at 8.3 per cent copper plus 146 g/t were obtained. The third hole (P-URU3) will test a blind target supported by a strong magnetic high and IP chargeability high at a depth of 100 m.

URU-C, pads 2 and 3: P-URU4 and P-URU5 are located 290 m along strike and 190 m vertically above pad 1. These holes will test the down-dip continuation of the surface channel sampled ridge of 52 m at 4.9 per cent copper plus 41 g/t silver.

URC-CE, pads 4 and 5: These pads will be located 373 m vertically above and 750 m east of pad 1. Two drill holes (P-URU6 and P-URU7) from pad 4 will test the surface channel sampled zone of 19.4 m at 1.3 per cent copper plus 2.5 g/t silver to depths of approximately 200 m. Drill hole P-URU8 (pad 5) will test an IP chargeability-high target at a depth of 100 m.

Initial drill results: Max anticipates mineralized intervals will be released in short order, as the chalcocite copper mineralization is distinctly visual as veinlets, stockworks and breccias.

"The main objective of this initial drilling program at URU is to confirm the down-dip continuation of the copper-silver mineralization for both the URU-C and URU-CE discoveries. Follow-up drilling will target mineralization along strike and further down dip. To gauge the enormity of the URU district, Max's drilling is currently targeting a significant one km of strike of the URU 20 km long surface copper-silver mineralization," commented Max chief executive officer Brett Matich.

"Bloomberg New Energy Finance (NEF) estimates that in 20 years, the world's copper miners must double the amount of global production -- from the current 21 million tonnes annually to 40 million tonnes -- just to match the demand for a 30-per-cent penetration rate of electric vehicles," he continued.

"Max is fully funded, with approximately $20-million in the treasury, allowing the company to continue exploring and expanding the copper-silver mineralization further into the Cesar basin, while at the same time zeroing in with focused follow-up exploration and drilling on significant discoveries," he concluded.

Quality assurance/quality control

Max adheres to a strict QA/QC program for core handling, sampling, sample transportation and analyses. Drill core samples will be securely transported to the company's core facility in Valledupar, Colombia. Samples will be sawn in half, labelled, placed in sealed, securitized bags and shipped directly to ALS Laboratories for prep in Medellin, Colombia, and subsequent assaying in ALS Lima, Peru.

QA/QC control procedures include the systematic insertion of duplicate, blank and certified reference materials (CRM) at regular intervals into the sampling stream. Geochemistry analyses will consist of four-acid/inductively coupled plasma mass spectrometry (ME-MS61) with overlimit values subsequently analyzed using the four-acid/inductively coupled plasma atomic emission spectroscopy (ME-OG62) technique.

In addition, all drill holes are surveyed for deviation via north-seeking gyro surveys. The deviation surveys provide accurate data about the true inclination and azimuth of the drill hole. Obtaining an accurate survey of the drill holes will result in a better contextual understanding of the drill samples, and a more robust 3-D geological model. Max is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy of the data referred to herein.

Ground magnetometry results

Max has completed its first ground TMI survey over the same grid as the IP survey at the URU-C and URU-CE area. Results have delivered an extremely strong correlation with known mineralization.

The upper level is located 290 m along strike and 190 m vertically above the base level and returned 4.9 per cent copper plus 41 g/t silver along a 52 m ridgeline; true width is yet to be determined. This northeast-trending axis of the magnetic anomaly extends approximately 900 m, well beyond the sampling to date.

All four magnetic highs appear to be connected with moderate intensity features. The ground TMI survey has been a resounding success with excellent correlation to mineralization and appears to be a cost-effective tool. As such the TMI survey has been approved for significant expansion for over five km along trend to the northeast.

Induced polarization results

The high-resolution IP survey has now provided coverage over an 800 m north-south area, covering the URU-C and URU-CE discoveries. The IP chargeability data have demonstrated significant correlation with mineralized outcrops although with modest chargeability values. This could be explained by the presence of massive chalcocite as demonstrated in continuous channel sampling, which would be extremely conductive but not very chargeable accounting for the modest chargeability.

Having said that, the trend of chargeability matches with the known zones and correlates extremely well with the TMI survey and particularly well with the one km east-west magnetic trend discussed above. The IP data also provide the 3-D view with depths over 200 m, assisting in refining the drill targets.

Next exploration steps

Based on geophysical interpretation and already-identified mineralized outcrops along the assumed northern extension from URU-C and URU-CE the company has extended the ground TMI survey by over 20 line km. Representative rock and soil sampling will be carried out along all IP and TMI lines and along the northern extensions of the TMI survey.

In addition, regional exploration will consist of interpretation and modelling of historic seismic data, MTI geophysical survey, and geochemical sampling as the company continues to work toward expanding zones further into the Cesar basin.

Cesar copper-silver project summary

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 21 mining concessions collectively expanse 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 90-kilometre-long Cesar belt, with the objective of expanding the zones and defining drill targets. The next step is an inaugural drilling program at URU-C and URU-CE:

  • The 32 km long AM district with highlight values of 34.4 per cent copper and 305 g/t 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, highlight channel sampling of:
    • Seven m at 8.5 per cent copper plus 143 g/t silver;
    • 16.8 m at 8.3 per cent copper plus 146 g/t silver;
    • 52 m at 4.9 per cent copper plus 41 g/t silver;
    • 19.4 m at 1.3 per cent copper plus 2.5 g/t silver.
  • Regional exploration continues along the 90-kilometre-long Cesar copper belt.

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 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 from 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. Max conducts exploration in a manner which supports protection of ecosystems through responsible environmental stewardship.

We seek Safe Harbor.

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