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Max Resource Corp (3)
Symbol MXR
Shares Issued 98,084,401
Close 2021-11-02 C$ 0.19
Recent Sedar Documents

Max Resource samples up to 12.5% Cu at Cesar North

2021-11-03 06:44 ET - News Release

Mr. Brett Matich reports

MAX RESOURCE REPORTS 3.7-KM HIGH-GRADE COPPER-SILVER ZONE AT CONEJO, NORTHEASTERN COLOMBIA

Max Resource Corp. has released high-grade assay results at Conejo, located along the Cesar North 90-kilometre-long copper-silver belt, within the wholly owned Cesar project in northeastern Colombia:

  • The Conejo high-grade zone now extends over 3.7 kilometres with average grade of 4.9 per cent copper using 2-per-cent cut-off.
  • To date, 13 rock samples returned values greater than 8.0 per cent copper; 53 returned values greater than 5.0 per cent copper; 93 returned values of 2.0 per cent copper and above; 36 returned values greater than 20 grams per tonne silver over widths ranging from 0.5 to 20.0 metres. Highlight values of 12.5 per cent copper and 126 g/t silver.
  • In addition, composite results include 7.5 per cent copper and 86 g/t silver over widths of 6.0 m (878814 to 878816); 5.2 per cent copper and 46 g/t silver over widths of 10.0 m (878820 to 878824) and 3.2 per cent copper and 32 g/t silver over widths of 10.0 m (878804 to 878808).

Highlights:

  • 9.9 per cent copper and 50 g/t silver over widths of 2.0 m chip channel (878823);
  • 9.3 per cent copper and 126 g/t silver over widths of 2.0 m chip channel (878814);
  • 7.5 per cent copper and 93 g/t silver over widths of 2.0 m chip channel (878839);
  • 7.3 per cent copper and 100 g/t silver over widths of 2.0 m chip channel (878816);
  • 7.0 per cent copper and 56 g/t silver over widths of 2.0 m chip channel (878751).

Highlights 2021:

  • 12.5 per cent copper and 84 g/t silver over 5.0 m by 5.0 m panel (878335);
  • 10.5 per cent copper and 50 g/t silver over 3.0 m by 2.0 m panel (878603);
  • 10.4 per cent copper and 95 g/t silver over 5.0 m by 5.0 m panel (878338);
  • 10.2 per cent copper and 62 g/t silver over 5.0 m by 5.0 m panel (878334);
  • 10.0 per cent copper and 80 g/t silver over 5.0 m by 5.0 m panel (878363);
  • 8.6 per cent copper and 89 g/t silver over 5.0 m by 5.0 m panel (878336);
  • 8.4 per cent copper and 60 g/t silver over 5.0 m by 5.0 m panel (878337).

The Conejo mineralization is hosted in a stockwork within igneous host rock and is associated with the presence of epidote. Observed minerals include: chalcocite, native copper, cuprite and copper oxides.

"The presence of high-grade copper in both the stratabound horizon and within the igneous hosted stockwork cutting the copper horizon suggest Conejo to be a significant stand-alone copper target capable of hosting a substantial copper deposit," commented Max chief executive officer Brett Matich.

"In addition, the Max technical team has commenced a targeted exploration program over the 48-square-kilometre Uru zone, located 30 km south of Conejo," he continued.

"In 20 years, BloombergNEF says copper miners need to double the amount of global copper production, just to meet the demand for a 30-per-cent penetration rate of electric vehicles from the current 20 million tonnes a year to 40 million tonnes. Max shareholders are well positioned to take advantage, with significant potential for district-scale discoveries throughout the Cesar basin," he concluded.

                ROCK ASSAYS GREATER THAN 2.0% COPPER COLLECTED 
                       FROM THE 3.7 KM HIGH-GRADE ZONE

Copper            Silver           Width         Sample type       Sample No.
(%)                (g/t)             (m)

9.9                   50             2.0        chip channel           878823
9.3                  126             2.0        chip channel           878814
7.5                   93             2.0        chip channel           878839
7.4                   75             1.2        chip channel           878830
7.3                  100             2.0        chip channel           878816
7.0                   56             2.0        chip channel           878751
6.9                   29             2.0        chip channel           878821
6.6                   66             1.2        chip channel           878801
6.5                   49             1.2        chip channel           878810
5.7                   32             2.0        chip channel           878815
5.6                   57             2.0        chip channel           876804
5.3                   66             2.0        chip channel           878836
4.7                   52             1.2        chip channel           876836
4.3                   46             1.6        chip channel           878831
4.0                   43             1.0        chip channel           878818
3.5                   44             0.6        chip channel           878826
3.5                   30             0.5        chip channel           876840
3.4                   66             2.0        chip channel           878820
3.4                   54             2.0        chip channel           878822
3.4                   54             1.5        chip channel           878757
3.4                   28             0.5        chip channel           876171
3.1                   38             2.0        chip channel           876806
3.1                   35             1.5        chip channel           876809
2.9                   27             2.0        chip channel           876807
2.6                   36             2.0        chip channel           876805
2.6                   28             1.7        chip channel           876834
2.5                   23             5.0        chip channel           878807
2.4                   18             0.5        chip channel           876839
2.3                   23             3.0        chip channel           878804
2.3                   10             2.0        chip channel           878824
2.1                   16             2.0        chip channel           878809
12.5                  84       5.0 x 5.0               panel           878335
10.7                  52       1.0 x 1.0               panel           878389
10.5                  50       3.0 x 2.0               panel           878603
10.4                  95       5.0 x 5.0               panel           878338
10.2                  62       5.0 x 5.0               panel           878334
10.0                  80       5.0 x 5.0               panel           878363
9.5                  120       1.0 x 1.0               panel           878390
9.0                   67       1.0 x 1.0               panel           878391
8.8                   66       1.0 x 1.0               panel           878386
8.6                   89       5.0 x 5.0               panel           878336
8.4                   60       5.0 x 5.0               panel           878337
7.9                   21       5.0 x 5.0               panel           878368
7.7                   84       5.0 x 5.0               panel           878373
7.4                   47       5.0 x 5.0               panel           878333
7.3                   80       3.0 x 3.0               panel           878394
7.0                   45       5.0 x 5.0               panel           878352
6.0                   29       5.0 x 5.0               panel           878356
5.8                   16       5.0 x 5.0               panel           878348
5.5                   84       1.0 x 1.0               panel           878388
5.5                   64       1.0 x 1.0               panel           878393
5.3                   19       5.0 x 5.0               panel           878349
5.0                   54       1.0 x 1.0               panel           878604
4.9                   36       5.0 x 5.0               panel           878625
4.9                   11       5.0 x 5.0               panel           878347
4.7                   32       5.0 x 5.0               panel           878362
4.6                   29       5.0 x 5.0               panel           878351
4.5                   21       5.0 x 5.0               panel           878620
4.4                   26       5.0 x 5.0               panel           878614
4.2                   41       1.0 x 1.0               panel           878387
4.1                   16       5.0 x 5.0               panel           878381
3.9                   31       5.0 x 5.0               panel           878353
3.8                   18       5.0 x 5.0               panel           878617
3.8                  4.6       1.0 x 0.5               panel           878602
3.6                   15       5.0 x 5.0               panel           878619
3.5                   19       3.0 x 3.0               panel           878359
3.5                   19       5.0 x 5.0               panel           878364
3.4                   17       3.0 x 3.0               panel           878358
3.3                    5            15.0      representative           876847
3.3                    8       5.0 x 5.0               panel           878427
3.3                   29       3.0 x 3.0               panel           878360
3.1                   15       5.0 x 5.0               panel           878621
3.0                   23       1.0 x 1.0               panel           878469
3.0                   45       1.0 x 1.0               panel           878496
2.9                   23       1.0 x 1.0               panel           878605
2.8                   13            20.0      representative           876823
2.7                    8       5.0 x 5.0               panel           878346
2.7                   20       5.0 x 5.0               panel           878361
2.6                   30       5.0 x 5.0               panel           878606
2.6                   29       5.0 x 5.0               panel           878607
2.5                   21       5.0 x 5.0               panel           878610
2.5                   15       5.0 x 5.0               panel           878354
2.4                    3       5.0 x 5.0               panel           878382
2.4                   13       5.0 x 5.0               panel           878345
2.4                   14       5.0 x 5.0               panel           878000
2.3                   13       1.0 x 1.0               panel           878460
2.3                    3       5.0 x 5.0               panel           878424
2.1                    6       1.0 x 1.0               panel           878601
2.1                    6       1.0 x 1.0               panel           878461
2.0                    6       5.0 x 5.0               panel           878419
2.0                   21       5.0 x 5.0               panel           878379
2.0                   13       5.0 x 5.0               panel           878628
2.0                    5       1.0 x 1.0               panel           878551

Max cautions investors that panel and representative grab sampling can be 
selective and may not be representative of mineralization at Cesar.

Max interprets the Conejo sediment-hosted stratabound copper-silver mineralization in the Cesar basin to be analogous to both the Central African Copper Belt (CACB). 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 copper deposits in Congo.

Quality assurance

All Cesar rock chip samples are shipped to ALS's sample preparation facility in Medellin, Colombia. Sample pulps are then sent to Lima, Peru, for analysis. All samples are analyzed using ALS procedure ME-MS41, a four-acid digestion with inductively coupled plasma finished. Overlimit copper and silver are determined by ALS procedure OG-62, a four-acid digestion with an atomic absorption spectroscopy finish. ALS is independent from Max.

Max uses standard chip and channel sampling where possible, but also relies on composite grab sampling. Max considers composite grab samples to be representative but cautions investors that individual grab samples can be selective and may not be representative of continuous mineralization at Cesar.

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.

Cesar copper-silver project in Colombia -- overview

Cesar lies along the copper-silver-rich 200-kilometre-long Cesar basin in northeastern Colombia. This region enjoys major infrastructure resulting from oil and gas and mining operations, including Cerrejon, the largest coal mine in Latin America, now held by global miner Glencore.

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

  • Advanced drill core analysis and modelling: Continuing interpretation of seismic sections and analysis of historical drill holes are all being integrated into the company's structural modelling of the Cesar basin, in collaboration with Ingenieria Geologica Universidad Nacional de Colombia (IGUN) in Medellin (Jan. 7, 2021, news release).
  • 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.
  • Geophysical: Fathom Geophysics is interpreting seismic data, financed by the company in collaboration with one of the world's leading copper producers.
  • Proprietary field exploration and techniques: Max's in-country exploration teams continue to target new copper-silver stratabound mineralized zones.

Cesar North 90-kilometre-long-copper-silver zone:

  • In 2020, Max identified the AMS (previously named AM South) zone and the AMN (previously named AM North) zone 40 km north, collectively spanning over 45 square kilometres. Highlight values of 0.5 to 34.4 per cent copper and five to 305 g/t silver over outcrop intervals ranging from 0.1 to 25.0 metres.
  • In March, 2021, Max announced the Conejo discovery, now spanning 3.7 km of strike and open in all directions. To date, 13 rock samples returned values greater than 8.0 per cent copper; 53 returned values greater than 5.0 per cent copper; 93 returned values 2.0 per cent copper and above; 36 returned values greater than 20 g/t silver over widths ranging from 0.5 to 20.0 m. Highlight values are 12.5 per cent copper and 126 g/t silver (Nov. 3, 2021, news release):
    • 12.5 per cent copper plus 84 g/t silver over 5.0 m by 5.0 m;
    • 10.5 per cent copper plus 50 g/t silver over 3.0 m by 2.0 m;
    • 10.4 per cent copper plus 95 g/t silver over 5.0 m by 5.0 m;
    • 10.2 per cent copper plus 62 g/t silver over 5.0 m by 5.0 m;
    • 10.0 per cent copper plus 80 g/t silver over 5.0 m by 5.0 m;
    • 9.9 per cent copper and 50 g/t silver over widths of 2.0 m;
    • 9.3 per cent copper and 126 g/t silver over widths of 2.0 m.
  • The 2021 Uru discovery is located 30 km south of Conejo, now expanded to 48 square kilometres and open in all directions. Uru appears to have major-scale potential; highlight values of 0.5 to 14.8 per cent copper and five to 132 g/t silver. Widths range 1.0 to 10.0 m (Oct. 7, 2021, news release):
    • 14.8 per cent copper and 132 g/t silver outcrop over 1.5 m by 0.8 m;
    • 6.5 per cent copper and six g/t silver outcrop over widths of 1.0 m;
    • 5.6 per cent copper and 87 g/t silver outcrop over 1.0 m by 1.0 m;
    • 4.3 per cent copper and eight g/t silver outcrop over widths of 10.0 m;
    • 3.9 per cent copper and seven g/t silver outcrop over widths of 10.0 m;
    • 3.6 per cent copper and 12 g/t silver outcrop over widths of 10.0 m;
    • 3.0 per cent copper and six g/t silver outcrop over widths of 10.0 m;
    • 3.0 per cent copper and 37 g/t silver outcrop over widths of 10.0 m.
  • By late April, 2021, at Cesar North 90 km belt Max had identified five copper discoveries: Uru, Conejo, SP, AMN and AMS.
  • The new SP target reconnaissance composite grab sampling over a 25.0 m outcrop averaging 4.8 per cent copper and 51 g/t silver is considered very significant (Sept. 7, 2021, news release).
  • Exploration continues on the Conejo and Uru zones.
  • In addition, Max has initiated the process of mineral claim approval.

About Max Resource Corp.

Max Resource is an energy and precious metals exploration company engaged in advancing both the newly discovered global-scale Cesar copper-silver project (100 per cent owned) in Colombia and the newly acquired RT gold project (100-per-cent earn-in) in Peru. Both projects have potential for the discovery of large-scale mineral deposits, both stratabound-type copper-silver in Colombia and high-grade gold porphyry and massive sulphide in Peru.

We seek Safe Harbor.

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