Max Resource Reports Initial Results of University of Science and Technology Petrographic Study of the CESAR Sediment Hosted Copper-Silver Project, NE Colombia
Vancouver, May 26, 2020 - Max Resource Corp. (TSXV: MXR) (OTC Pink: MXROF) (FSE: M1D2) ("Max" or the "Company") is pleased to report the initial petrographic results from the on-going study conducted by the University of Science and Technology ("AGH"), Department of Economic Geology, Krakow, Poland on the sediment- hosted copper-silver mineralization of the CESAR project, 420-km north of Bogota, in NE Colombia (Figure 3).
Petrographic analysis of two selected samples (#612 & #618) from the "AM South Cu-Ag Stratabound Target Area" (Figure 4) confirms the presence of native copper, chalcocite, and malachite hosted in siltstone and sandstone, and also discovered the presence of covellite, previously not known. Samples examined were rock materials collected from the CESAR stratabound copper-silver horizons and shipped to AGH for mineralogical and geochemical studies.
These petrographic descriptions confirm the earlier petrographic report obtained from Vancouver Petrographics (news release of January 29, 2020), in addition to add covellite to the mineral suite. It is anticipated the near surface copper oxides will transition to the richer copper minerals chalcocite (80% copper by weight) and covellite at depth.
"The petrographic study elucidated the relationships of the various copper minerals further reinforcing the similarity to Kupferschiefer mineralogy and to the stratigraphic control on mineralization," Max CEO Brett Matich stated.
"The considerable expertise of AGH and of one of the world's leading copper producers will be major contributors to the continued exploration of the CESAR project for a substantial stratabound copper-silver system," he continued.
Max cautions the investors that the presence of stratabound copper-silver mineralization at Kupferschiefer is not necessarily indicative of similar mineralization at Cesar.
Figure 1. Cu-met- native copper, htm-hematite (#618)
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Figure 2. cc - chalcocite, cov - covellite, htm - hematite (#612)
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Figure 3. CESAR location map. Figure 4. AM South sample locations
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CESAR Copper-Silver Project
The wholly-owned CESAR copper-silver project lies 420-km north of Bogota, in northeast Colombia and lies within Jurassic sediments and volcaniclastics that extend the length of northern South America. Similar significant stratabound copper-silver mineralization is also found in both Ecuador and Peru in these Jurassic rocks. CESAR lies along a historic 120 km copper-silver belt within a major oil and gas and coal-mining sedimentary basin. The region has excellent infrastructure, shipping ports, airports, townships, railways and roadways.
Early milestones for the CESAR Project include:
- The AM North discovery, consisting of a 1.8-km horizon open both along-strike, open down and up-dip; returned values of 24.8% copper + 230 g/t silver over a 4 metre by 1 metre rock chip panel. Sampling 1.8-km along strike to the east, returned 10.4% copper + 88 g/t silver over a 1 metre interval;
- The AM South discovery, located 40 km SSW from AM North and along the same mineralized trend, consists of open-ended mineralized horizons totaling over 5 km of strike, that returned rock chip highlight values of 5.4% copper and 63 g/t silver from 0.1 to 25 metre intervals;
- Initiating a research program 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);
- Completing a geophysical study conducted by Fathom (news release of May 13, 2020.
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 of May, 12 2020).
Highlight exploration of ballast pit sampling between 2000 to 2008 returned: 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. 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 of 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 and precious metals landholdings in 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.
Tim McNulty
E: info@maxresource.com - T: (604) 290-8100
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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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