06:05:51 EST Fri 03 Feb 2023
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Max Resource Corp (3)
Symbol MAX
Shares Issued 161,884,325
Close 2022-11-16 C$ 0.305
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Max identifies visible chalcocite, malachite at Cesar

2022-11-17 10:59 ET - News Release

Mr. Brett Matich reports

MAX RESOURCE PROVIDES UPDATE ON ITS MAIDEN DRILL PROGRAM IN THE URU DISTRICT, CESAR COPPER-SILVER PROJECT IN NE COLOMBIA

Max Resource Corp. has provided an update on its inaugural drilling program at URU-C and URU-C located within the 20-kilometre-long URU district.

Eight holes from four drill pads for a total of 1,421 metres of drilling have been completed to date on the URU-C zone. Drill hole lengths ranged from 53 m to 382 m. Max is pleased to report that visible chalcocite and malachite have been observed in the URU-C diamond core. Assays are pending and due early December.

The drill rig is now moving to the URU-CE zone, located 750 m east of URU-C, with diamond drilling expected to continue through to mid-December, 2022.

"We are pleased that the drill core has evidenced visible chalcocite and malachite mineralization, and we look forward to receiving assay results," commented Max chief executive officer Brett Matich.

"Max's focus for this initial drill program is to identify the URU-C and URU-CE structurally controlled copper-silver mineralization at depth. We will then follow up on multiple stratiform copper-silver targets more typically found in the Cesar basin," he continued.

"Max maintains a robust treasury and plans to continue drilling through much of 2023 as the company works toward significant copper discoveries which are in high demand with the world's projected copper shortfall," he concluded.

The Cesar copper-silver project 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 Colombia's transition to clean energy.

The company has granted an aggregate of four million performance share units (PSUs) to offices and directors of the company. The PSUs are governed by the company's omnibus equity incentive compensation plan, approved by the shareholders at the company's annual general meeting held on Oct. 11, 2022.

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 grams per tonne 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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