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Max Resource Corp (2)
Symbol C : MXR
Shares Issued 61,095,564
Close 2019-02-27 C$ 0.445
Recent Sedar Documents

Max Resource releases Choco LWIR survey results

2019-02-27 11:24 ET - News Release

Mr. Brett Matich reports

MAX RESOURCE ANNOUNCES LWIR CORRELATES WITH GOLD BEARING CORRELATES AT CHOCO

Max Resource Corp. has released the results of a "cloud-stitched" long-wave infrared (LWIR) survey over a 1,000-square-kilometre area within the company's 1,757-square-kilometre Choco gold-bearing conglomerate project, located 100 kilometres southwest of Medellin, Colombia.

Highlights:

  • The LWIR results appear to suggest a strong correlation between the gold-bearing conglomerate trial pits and outcrop sample sites and LWIR anomalies.
  • The LWIR survey area encompasses the previously reported 36-square-kilometre, gold-bearing zone and covers, or is adjacent to, historic production (1906 to 1990) of 742,308 ounces of gold and 769,049 ounces of platinum, and the 2006 ANM drill hole that identified conglomerates units down to 500 metres.
  • The LWIR identified anomalous zones interpreted to be conglomerates, which continue farther to the northeast and southwest.

Brett Matich, Max Resource's president and chief executive officer, commented: "The LWIR has yielded responses throughout the 1,000-square-kilometre survey area similar to responses over the 36-square-kilometre area of our concentrated exploration efforts to date. The LWIR survey has also further increased our level of confidence in a possible link between overlying Choco Pacific production and underlying gold-bearing conglomerates."

LWIR survey

Max Resource conducted the cloud-stitched long-wave infrared survey to investigate a potential correlation between conglomerate outcropping and areas of historic production. Historically, satellite imagery has been hindered because of year-round cloud cover. This survey sourced multiple bands through the gaps in the clouds over a 20-year period and stitched the imagery together.

LWIR analysis, through proprietary processing of Aster satellite data, has the ability to map or identify, through reflectance spectroscopy against a set of known standards, mineral distribution over extremely large areas covered by vegetation and shallow cover. The ground-penetrating nature of infrared radiation in the long-wave bands allows viewing of mineral spectra in the first 30 to 60 centimetres of the earth's surface through dense vegetation.

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 one 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 gold project covers, or is adjacent to, much of Choco Pacific's historic exploration and production areas, in addition to an ANM hole drilled for hydrocarbons in the northern end of the current 1,000-square-kilometre exploration area, which appears to have intersected zones of conglomerates through the top 500 metres, according to the summary of drill log for hole Choco-1-ST-P. None of the conglomerate was sampled for gold, as the target was deeper hydrocarbons.

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

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.

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.

We seek Safe Harbor.

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