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Max Resource Corp (2)
Symbol MXR
Shares Issued 54,884,864
Close 2019-02-13 C$ 0.36
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Max Resource expects Choco sampling results next week

2019-02-14 11:11 ET - News Release

Mr. Brett Matich reports


Max Resource Corp. expects to receive the initial sampling analysis results some time next week for the company's 1,757-square-kilometre gold-bearing conglomerate Choco gold-bearing conglomerate project, located 100 kilometres southwest of Medellin, Colombia.

The Max technical team has determined the best way to obtain the grade of the gold-bearing conglomerates is to actually crush the conglomerate and then process the material to physically recover the free gold from the sample, rather than just assay the samples.

Brett Matich, Max's president and chief executive officer, commented: "We are all eagerly awaiting next week's initial sampling results. Our sampling methodology allows the company to calculate gold recovery, which is far more beneficial than simply determining the gold contained within the samples by conventional assay." Mr. Matich continued, "Our exploration program is in full force, with the objective of expanding the current 36-square-kilometre exploration area."

Sample analysis methodology

Max is currently processing the samples at the CIMEX Mineral Institute at the Medellin Mines Faculty of the National University of Colombia (CIMEX).

Step-by-step procedure:

  1. A random 50-kilogram sample is taken from each 2,000-kilogram bulk sample of hard-rock gold-bearing conglomerate and sent to CIMEX.
  2. The 50-kilogram sample is dried and weighed.
  3. The entire 50-kilogram sample is crushed to two millimetres and sieved, producing a plus-two-millimetre fraction and a minus-two-millimetre fraction, with each fraction weighed individually.
  4. The plus-two-millimetre fraction is set aside to later recover any free gold; a sampling protocol is currently being determined.
  5. The minus-two-millimetre fraction is concentrated down to 75 to 150 grams of material.
  6. The minus-two-millimetre tailings are set aside to later recover any free gold; a sampling protocol is currently being determined.
  7. The free gold is separated from the minus-two-millimetre concentrate.
  8. The minus-two-millimetre concentrate tailings are set aside for later testing; a sampling protocol is currently being determined.
  9. The free gold is collected, dried and weighed.

The grams per tonne of free gold of the minus-two-millimetre concentrate are calculated and will be released as initial sample results.

The final calculation of free grams per tonne of the 50-kilogram sample will combine the total weight of the free gold separated from the minus-two-millimetre fraction (the initial sample result) with the weight of the free gold separated from plus-two-millimetre fraction conglomerate, the minus-two-millimetre tailings and the minus-two-millimetre concentrate tailings. The sampling protocol for these fractions is currently being determined. The final sample results to be released at a later date.

Investors are cautioned to remember Max will be reporting values of free raw gold recovered, not fine troy ounces. Compania Minera del Choco Pacifico determined the fineness (or purity) of the free gold from the Choco region averaged 880 to 920 out of 1,000.

The Choco gold-bearing conglomerate project

Max has 100-per-cent ownership of 82 and 50 per cent of seven mineral licence applications totalling over 1,757 square kilometres located within Choco department approximately 100 kilometres southwest of the city of Medellin, Colombia.

Compania Minera del Choco Pacifico produced 1.5 million ounces of surface gold and 1.0 million ounces of surface platinum from the Choco district between 1906 and 1990, largely limited to an average depth of eight metres or less.

Max's Choco precious metals project covers or is adjacent to much of Choco Pacific's historic exploration and production areas. Choco Pacific's historic reports indicate the hard-rock conglomerates underlying the surface production areas are gold-bearing, extensive, shallow and generally flat lying with thicknesses from a few metres to 20 metres.

Max cautions investors it has yet to verify the historic information.

Corporate update

Further to the company's news release dated Feb. 11, 2019, the company has scheduled a special meeting of shareholders to approve the company's acquisition of the Novita project. The meeting is scheduled for 11 a.m. PST on April 2, 2019. Shareholders as of record date of Feb. 22, 2019, will be eligible to vote at the meeting.

Data purchase agreement

In addition, the company announces that it is proceeding with fulfilling its obligations on an agreement entered into on March 15, 2018, with Newrange Gold Corp., whereby the company has agreed to pay $20,000 (U.S.) and issue 100,000 common shares in exchange for certain digital and hard-copy data, including historic and work completed and in the possession of Newrange, on the Cerro de Cobre mineral claims and the surrounding area, located in Colombia. The agreement is subject to TSX Venture Exchange approval. Shares issued pursuant to the agreement will be subject to a hold period expiring four months and one day from issuance.

About Max Resource Corp.

Max Resource's focus is to explore and consolidate gold and platinum group mineral assets in the richly endowed Choco mineral district of Colombia and to explore the Gachala sedimentary copper-hosted mineral belt of Colombia.

Tim Henneberry, PGeo (British Columbia), a member of the Max Resource advisory board, is the qualified person who has reviewed and approved the technical content of this news release on behalf of the company.

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