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Max Resource Corp (3)
Symbol MXR
Shares Issued 98,084,401
Close 2021-11-17 C$ 0.205
Recent Sedar Documents

Max receives URU concession contract for Cesar

2021-11-17 07:20 ET - News Release

Mr. Brett Matich reports

MAX RESOURCE RECEIVES FIRST MINING CONCESSION CONTRACT FOR ITS CESAR PROJECT IN NORTH EASTERN COLOMBIA

Max Resource Corp. has received its first mining concession contract for the URU zone, located along the Cesar North 90-kilometre-long copper-silver belt, within the wholly owned Cesar copper-silver project in northeastern Colombia.

"Receipt of this initial mining concession contract is a key step in obtaining drill permits and developing a plan for the very first drilling program on the URU copper-silver zone," commented Max chief executive officer Brett Matich.

"The Max technical team is now working in the field to identify drill targets over the approved mining concession contract and continue to expand the 48-square-kilometre URU zone, located along the southern portion of the 90-kilometre-long Cesar North copper-silver belt," he concluded.

The Colombian mining concession contract process includes, amongst other requirements, a detailed social management plan, followed by a public hearing with the local community. The public hearing for the mining concession contract (501537) took place on Sept. 2, 2021, followed by the issue of the contract. Mining concession contracts have an initial term of 30 years and include an extension for a further 30 years for a total duration of 60 years.

Today at 3 p.m. EST at the Colombian Gold Symposium (CGS2021) in Medellin, Max's technical consultant, Dr. Christian Grainger, will present the Cesar copper-silver project; this presentation can be viewed by livestream. The CGS2021 conference is a leading, in-person regional event focused on gold and copper exploration and development, as the world transitions to clean electrification and decarbonization.

For live stream viewing of the CGS2021 please go on-line.

Max interprets the sediment-hosted stratiform copper-silver mineralization in the Cesar basin to be analogous to both the Central African copper belt (CACB) and the Kupferschiefer deposits in Poland. 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 discovery in the Congo.

Kupferschiefer, the world's largest silver producer and Europe's largest copper source, is a mining orebody ranging from 0.5 to 5.5 metres thick at depths of 500 m, grading 1.49 per cent copper and 48.6 g/t silver. The silver yield is almost twice the production of the world's second-largest silver mine.

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 (QP) under the definition of National Instrument 43-101.

Cesar copper-silver project in Colombia -- overview

Cesar lies along the copper-silver-rich 180-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.

Cesar North 90-kilometre-long copper-silver belt

  • In 2020, Max discovered both the copper-silver-rich AMS (previously named AM South) zone and the AMN (previously named AM North) zone 40 km north, collectively spanning over 45 square km. Highlight values of 34.4 per cent copper and 305 g/t silver. Intervals range from 0.5 to 25.0 m.
  • 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. Widths range from 0.5 to 20.0 m. Highlight values of 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 spans over 48 square km and open in all directions. URU appears to have major-scale potential. Highlight values of 14.8 per cent copper and 132 g/t silver. Widths range from 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.

First mining concession contract (Nov. 24, 2021, NR)

  • 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 significant (Sept. 7, 2021, NR).

Next steps

  • Regional exploration along the 90-kilometre-long Cesar North copper-silver belt. In addition, the Max technical team is now working in the field to identify drill targets over the approved mining concession contract and continue to expand the 48 square km URU zone.

About Max Resource Corp.

Max Resource is a copper and precious metals exploration company, engaged in advancing both the newly discovered district-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 stratiform-type copper-silver in Colombia and high-grade gold porphyry and massive sulphide in Peru.

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

We seek Safe Harbor.

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