Vancouver, British Columbia--(Newsfile Corp. - May 21, 2020) - MAX RESOURCE CORP. (TSXV: MXR) (OTC PINK: MXROF) (FSE: M1D2) ("Max" or the "Company") is pleased to report QEMSCAN and assay results of two bulk samples extracted from AM NORTH located within the CESAR stratabound copper-silver project in NE Colombia (Table 1-2, Fig. 1-2).
Two bulk samples #756 (46 kg) and #766 (39 kg), were extracted approximately 1.8-km apart, along the same mineralized horizon (AMN-1). Samples were submitted to ALS Global Metallurgy Laboratory; each sample was crushed to pass 6mesh. Single sub-sample was removed and submitted for head assays of Cu, Ag, Fe, S.
|Bulk sample||Bulk sample||Bulk sample||Bulk sample|
|30 kg||30 kg||40 kg||40 kg|
|QEMSCAN||10.5% copper||3.2% copper||ALS Global Metallurgical Lab. in Kamloops|
|Chemical||9.4% copper||79 g/t silver||3.5% copper||29 g/t silver||ALS Global Metallurgical Lab. in Kamloops|
Table 1. Head assay results
Assay results were obtained from chemical and QEMSCAN analyses correlate reasonably well with initial chip channel sampling. A sub-sample was also submitted from each sample for a QEMSCAN Bulk Mineral Analysis to provide mineral composition and copper deportment information.
|Percentage of Copper Bearing Mineral in Copper|
|Copper Bearing Silicate||17.1||9.5|
|Copper Bearing Iron Oxides||0.2||0.1|
|Pseudomalachite (Copper Phosphate)||0.1||0.0|
Table 2. QEMSCAN Bulk Mineral Analysis
The main minerals identified via QEMSCAN are copper oxides and chalcocite followed by copper bearing silicates and covellite. As expected, near surface oxidized facies copper minerals are more common, explaining the significant amount of malachite. The presence of chalcocite (80% copper by weight) in sample 766 indicates some sulphide copper mineral replacement of oxides at shallow depths.
The first AM North bulk sample (#756) was obtained in the vicinity of the initial 4m by 1m rock panel sample that assayed 24.8% copper + 230g/t silver and the second bulk sample (#766) was collected close to initial 1m rock chip channel sample that assayed 10.4% copper + 88g/t silver over 1m. The AM North horizon is currently approximately 1.8-km long and is open along-strike as well as down and up-dip.
"These bulk sample results from the newly discovered AM North horizon supports the Kupferschiefer model target grades of 1.6% copper + 57g/t silver. The next steps include significantly extending the CESAR 7-km accumulated horizon and expanding the footprint towards the Kupferschiefer type target," Max CEO, Brett Matich, commented.
"The considerable expertise of AGH, Fathom Geophysics and of one of the world's leading copper producers will be major contributors to the continued exploration of the CESAR project for a significant stratabound Copper-Silver system," Mr. Matich continued.
Max cautions investors that the presence of stratabound copper-silver mineralization at Kupferschiefer is not necessarily indicative of similar mineralization at Cesar.
To view an enhanced version of Figure 1, please visit:
To view an enhanced version of Figure 2, please visit:
CESAR Copper-Silver Project
The wholly-owned CESAR copper-silver project of Max is located 420-km north of Bogota, in northeast Colombia and lies within Jurassic sediments and volcaniclastics that extend the length of northern South America. These Jurassic rocks also host significant stratabound copper-silver mineralization in both Ecuador and Peru. CESAR lies along a historic 120 km copper-silver belt within a major oil and gas and coal-mining district. The region has excellent infrastructure, shipping ports, airports, townships, railways and roadways.
Early success includes:
- The AM North discovery, consisting of a 1.8-km horizon open along-strike, open down and up-dip; values of 24.8% copper + 230 g/t silver over a 4 metre by 1 metre rock chip panel and 1.8-km along strike to the east, returned 10.4% copper + 88 g/t silver over 1 metre interval;
- The AM South discovery, located 40 km SSW along the same mineralized trend, consists of open-ended mineralized horizons totaling over 5 km of strike, returned rock chip highlight values of 5.4% copper and 63 g/t silver from 0.1 to 25 metre intervals;
- Research program initiated with the University of Science and Technology ("AGH") of Krakow, Poland. AGH has a long history of cooperation with KGHM, the largest copper producer in Europe and the world's second largest silver producer (news release of April 21, 2020);
- Collaboration with the world's leading copper producer (news release of May 13, 2020);
- Geophysical study conducted by Fathom (news release of May 13, 2020);
- Max plans to release a further exploration update soon.
Bulk rock samples were securely transported to ALS Lab's sample preparation facility in Medellin, Colombia and from there directly shipped to ALS Global Metallurgy Laboratory in Kamloops. In Kamloops each sample was crushed to pass 6mesh, a single sub-sample was removed and submitted for head assays including Cu, Ag, Fe, and S followed by QEMSCAN Bulk Mineral Analysis.
ALS Labs is independent from Max. Max is not aware of any other factors that could materially affect the accuracy or reliability of the data referred to herein.
EBAY Palladium-Platinum Project
The EBAY palladium-platinum project, located 30 km SE of Matagami in the Abitibi Region of Quebec, Canada, is underlain by the Archean Bell River Complex, a layered mafic intrusion measuring 65 km by 15 km and 5 km thick. Max has entered into an Option Agreement pursuant to which the Company may acquire a 100% interest of EBAY (news release May, 12 2020).
Highlight exploration between 2000 to 2008: 4.9 g/t palladium-platinum from a 4 to 5-metre wide zone; 3 g/t palladium + 1.4 g/t platinum + 0.12 rhodium in 2005; 2.5 g/t palladium-platinum from a newly discovered 500-metre long zone in 2006; all consisting of blast pit grab sampling. The Company cautions investors that grab samples are selected samples and are not necessarily representative of mineralization.
EBAY drilling in 2006 intersected 1.90 g/t palladium-platinum over 3.0 metres from 80.5 metres to 83.5 metres. Further drilling discovered a new zone comprising 600 metres of strike, 120 metres deep, 6.7 metres to 31.1 metres wide, open in all directions, with highlight values of 2.52 g/t palladium-platinum. Subsequent aero-magnetic survey extended the target zone to 4.8 km of strike (news release March 25, 2020). Max is planning an exploration and drilling program.
Choco Platinum Gold Project
CHOCO gold-platinum Project (250 sq.km) is located 120-km SW of Medellin Colombia, within a district with historical production of 1.0Mozs of platinum and 1.5Mozs of gold (1906-1990) by Choco Pacific Mining. Compilation of historical records revealed the potential for related PGE's particularly palladium and rhodium. In addition, recent field work in 2019 by Max resulted in concentrate values of 114 g/t platinum and 341 g/t gold (news release April 16, 2019). Source: R.J. Fletcher and Associates (2011) Review of Gold and Platinum Exploration and Production in Choco Province Colombia Part 3. Private Report for Condo to Platinum NL.
About Max Resource Corp.
With its successful exploration and management team, Max Resource Corp. is advancing both its copper, silver and precious metals landholdings in the mineral-rich belts of Colombia, and its EBAY palladium-platinum landholdings in Quebec, Canada. Each of these belts has potential for the discovery of large-scale mineral deposits attractive to major partners.
Tim Henneberry, P Geo (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.
For more information visit: https://www.maxresource.com/
For additional information contact:
Max Resource Corp.
T: (604) 290-8100
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Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for Max Resources Corp. described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com
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