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Max Resource Corp (3)
Symbol MXR
Shares Issued 87,621,191
Close 2021-04-07 C$ 0.23
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Max Resource finds URU zone at Cesar North

2021-04-08 02:43 ET - News Release

Mr. Brett Matich reports


Max Resource Corp. has newly discovered a second copper zone, the URU zone, located 30 kilometres south of the recently discovered Conejo high-grade copper-silver zone, at Cesar North, within the wholly owned Cesar copper-silver project in northeastern Colombia.

The URU copper zone lies along the southern portion of the 60-kilometre-long Cesar North target area. It appears to be of significant size since currently collected samples indicated the presence of copper mineralization extending over 3.7 kilometres and open in all directions. Over 125 rock samples have been collected and sent to ALS for assays. Results are expected early next month.

The surface mineralization at the URU zone occurs as stockwork of crosscutting fractures or as disseminated mineralization hosted in igneous rock. Observed minerals include: chalcocite, native copper, cuprite and copper oxides. Epidote is also common and appears to be associated with copper mineralization.

"The discovery of new copper mineralization at the URU zone is a significant addition to the stratabound copper-silver mineralization at Cesar North as the company's in-country team extends activities further into unexplored areas of Max's Cesar project," commented Max chief executive officer Brett Matich.

"Over the last 18 months, the Max team has identified copper-silver mineralization over 38 kilometres of combined strike length at Cesar North, demonstrating a district-scale sediment-hosted copper-silver system," he continued.

"Cesar provides Max shareholders significant exposure to copper, a strategic energy metal and a key metal for the world's transition to electric vehicles (EV) and clean energy," he concluded.

Max interprets the sediment-hosted stratabound copper-silver mineralization in the Cesar basin to be analogous to the Kupferschiefer basin in Poland. The Kupferschiefer deposits, Europe's largest copper source, produced three million tonnes of copper in 2018 and 40 million ounces of silver in 2019 from an orebody 0.5 to 5.5 metres thick, grading 1.49 per cent copper and 48.6 grams per tonne silver. This silver yield is almost twice the production of the world's second-largest silver mine.

Source: World Silver Survey 2020 and Kupferschiefer deposits and prospects in southwest Poland, Sept. 27, 2019. Max cautions investors that the presence of copper-silver mineralization at Kupferschiefer is not necessarily indicative of similar mineralization at Cesar.

Cesar copper-silver project in Colombia

The Cesar project in northeastern Colombia covers a significant portion of the 200-kilometre-long Cesar basin and has now been demonstrated to contain widespread highly prospective copper-silver mineralization.

This region enjoys major infrastructure as a result of oil and gas and mining operations, including Cerrejon, the largest coal mine in Latin America, jointly owned by global miners BHP Billiton, Xstrata and Anglo American.

Due to the district-scale copper-silver prospectivity of the Cesar basin, Max has initiated a multifaceted exploration program for 2021:

  • Advanced drill core analysis and modelling: continuing interpretation of seismic sections and analysis of historical drill holes, all being integrated into structural modelling of the Cesar basin, in collaboration with Ingenieria Geologica Universidad Nacional de Colombia (IGUN) in Medellin;
  • Geochemical and mineralogical: geochemical and mineralogy research programs by the University of Science and Technology (AGH) of Krakow, Poland; AGH brings its extensive knowledge of KGHM's world-renowned Kupferschiefer sediment-hosted copper-silver deposits in Poland to the Cesar project;
  • Geophysics: Fathom Geophysics is interpreting regional airborne magnetic and radiometric data, financed by the company, in collaboration with one of the world's leading copper producers;
  • Proprietary field exploration and techniques: Max's exploration teams continue to explore copper-silver stratabound targets at Cesar:
    • Cesar North 60-kilometre target area:
      • The AMS discovery in late 2019 and, on trend 40 km north, the AMN discovery: Max identified stratabound copper-silver mineralization collectively spanning over 35 square kilometres, with highlight values of 0.1 to 34.4 per cent copper and five to 305 g/t silver over continuous intervals ranging 0.1 to 25.0 metres; the Max team has now expanded the Cesar North target zone to over 50 km of strike;
      • In March, 2021, Max reported the Conejo discovery, consisting of near-surface high-grade copper-silver mineralization that spans over 1.6 km by 0.6 km and is open in all directions; 22 rock panel samples returned values above 5 per cent copper from panels varying from five metres by five metres to one metre by one metre; over all, 66 rock panel samples returned significant values over 1 per cent copper; Max cautions investors that rock panel sampling can be selective and is not necessarily representative of the mineralization (March 24, 2021, news release);
      • The Max in-country field team identifies the URU zone, located 30 km south of the recently discovered Conejo high-grade copper-silver zone; collected samples indicated the presence of copper mineralization extending over 3.7 kilometres and open in all directions; assays are pending; field exploration continues on both the Conejo and URU zones;
    • Cesar West: Max has initiated a first-pass field program to identify copper-silver mineralization along the new Cesar West 180-kilometre-long target zone.

Qualified person

The company's disclosure of a technical or scientific nature in this news release has been 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 an energy and precious metal exploration company, engaged in advancing both its district-scale Cesar copper-silver project in Colombia and the newly acquired RT gold project in Peru. Both projects have potential for the discovery of large-scale mineral deposits, both the sediment-hosted copper-silver type in Colombia and high-grade gold porphyry and massive sulphide in Peru.

Max Resource was recognized as a top-10-ranked company in the mining sector on the TSX Venture 50 for 2021, achieving a market capitalization increase of 1,992 per cent and a share price increase of 282 per cent in 2020.

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