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Max Resource Corp (3)
Symbol MXR
Shares Issued 98,084,401
Close 2021-11-24 C$ 0.21
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Max receives three URU concession contracts for Cesar

2021-11-24 09:40 ET - News Release

Mr. Brett Matich reports

MAX RESOURCE RECEIVES THREE ADDITIONAL MINING CONCESSION CONTRACTS FOR URU, CESAR PROJECT IN NE COLOMBIA

Max Resource Corp. has been granted three key mining concession contracts for a total of four for the URU zone, located along the Cesar North 90-kilometre-long copper-silver belt, within its wholly owned Cesar project, northeastern Colombia.

The four Mining concession contracts are contiguous and collectively cover an expanse of 70 square kilometres. To date, the URU copper-silver mineralization is identified over 48 square kilometres.

URU remains open in all directions and has recorded highlight values of 14.8 per cent copper and 132 grams per tonne silver, from sampling that included 13 samples in excess of 3 per cent copper, 69 samples in excess of 1 per cent copper and 14 samples in excess of 15 g/t silver. Sample widths range from 0.5 metre to 25 metres.

Next steps for URU:

  • Infill mapping and sampling of the entire 70 square kilometres;
  • Ground geophysical surveys to zero in on drill targets;
  • Environmental and socio-economic surveys for drill permitting;
  • Phase one drilling of the delineated targets.

"These four strategic mining concession contracts provide secure tenure of the URU zone and immediately forge the way for more advanced work programs, surveys and drill permitting," commented Max chief executive officer Brett Matich.

"Achieving this critical milestone expedites Max's first drill program at URU, being a significant event in the Cesar basin since the discovery of Cerrejon, the largest coal mine in South America and the basis for much of the critical infrastructure in the Cesar basin," he continued.

"Max's exploration focus aligns directly with the Agencia Nacional de Minera's strategy of copper exploitation and future development of the Cesar basin," he concluded.

Mining concession contract process

Max has completed all the requirements, which include a detailed social management plan, followed by a public hearing with the local community. Each mining concession contract has an initial term of 30 years and extension for a further 30 years for a total duration of 60 years.

Geologically, Max interprets the URU 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 m 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 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 provides access to 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 kilometres, highlight values of 34.4 per cent copper and 305 g/t silver. Intervals range 0.5 to 25 m;
  • Max's Conejo discovery (March, 2021) now spans over 3.7 km of strike and open in all directions. To date, 13 rock samples returned values greater than 8 per cent copper; 53 returned values greater than 5 per cent copper; 93 returned values 2 per cent copper and above; 36 returned values greater than 20 g/t silver. Widths range from 0.5 to 20 m. Highlight values of 12.5 per cent copper and 126 g/t silver:
    • 12.5 per cent copper and 84 g/t silver over five m by five m;
    • 10.5 per cent copper and 50 g/t silver over three m by two m;
    • 10.4 per cent copper and 95 g/t silver over five m by five m;
    • 10.2 per cent copper and 62 g/t silver over five m by five m;
    • 10 per cent copper and 80 g/t silver over five m by five m;
    • 9.9 per cent copper and 50 g/t silver over widths of two m;
    • 9.3 per cent copper and 126 g/t silver over widths of two m;
  • The URU discovery (April, 2021) 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 14.8 per cent copper and 132 g/t silver. Widths range from one to 10 m:
    • 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 one m;
    • 5.6 per cent copper and 87 g/t silver outcrop over one m by one m;
    • 4.3 per cent copper and eight g/t silver outcrop over widths of 10 m;
    • 3.9 per cent copper and seven g/t silver outcrop over widths of 10 m;
    • 3.6 per cent copper and 12 g/t silver outcrop over widths of 10 m;
    • 3 per cent copper and six g/t silver outcrop over widths of 10 m;
    • 3 per cent copper and 37 g/t silver outcrop over widths of 10 m;
    • Recently granted four contagious mining concession contracts covering 70 square kilometres of the URU target zone (Nov. 24, 2021, NR);
  • The SP target is located within the mid portion of the Cesar North 90-km-long copper-silver belt, reconnaissance sampling over 25 m averaged 4.8 per cent copper and 51 g/t silver considered to be significant (Sept. 7, 2021, NR);
  • Next steps:
    • Continue the regional exploration programs;
    • Infill mapping and sampling of the entire 70 square kilometres (mining concessions contract area);
    • Ground geophysical surveys to zero in on drill targets;
    • Environmental and socio-economic surveys for drill permitting;
    • Phase one drilling of the delineated targets.

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.

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