Vancouver B.C., May 12, 2020 – MAX RESOURCE CORP. (“Max” or the “Company”) (TSX.V: MXR; OTC: MXROF; Frankfurt: M1D2) is pleased to announce that it has entered into an Option Agreement (the “Agreement”) pursuant to which the Company may acquire a 100% interest in the EBAY Palladium-Platinum Property, Quebec (the (“Property”).
In consideration of the right to acquire a 100% interest in the Property, the Company must make cash payments and share issuances to the Vendors and must complete Property expenditures as follows:
(i) Issue 2,950,000 common shares of Max within seven days of TSX Venture Exchange (“Exchange”) approval of the Agreement;
(ii) On or before May 11, 2021, make a cash payment of $25,000 to the Vendors, issue common shares of Max having market value of $75,000, and complete $200,000 of exploration expenditures;
(iii) On or before May 11, 2022, make a cash payment of $25,000 to the Vendors, issue common shares of Max having market value of $75,000 and complete an additional $600,000 of exploration expenditures; and,
(iv) On or before May 11, 2023, make a cash payment of $75,000 to the Vendors, issue common shares of Max having market value of $225,000, and complete an additional $900,000 of expenditures.
Upon acquisition of 100%, interest in the Project, the Company will grant a 2.0% net smelter royalty (the "Royalty”) to the Vendor. The Company has the right to purchase one-half of the Royalty for $1,000,000.
The number of common shares of Max to be issued in connection with payments on or before each anniversary of the Agreement above is to be equal to the consideration value divided by the volume weighted average price of Max shares over the 30-day period prior to the share issuance (“30-day VWAP”).
The Agreement is subject to acceptance and approval by the Exchange. All shares issued pursuant to the Agreement shall be subject to a four-month and one-day hold period.
EBAY Palladium-Platinum Project
The EBAY Palladium 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.
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 500m 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 3.0m from 80.5m to 83.5m. Further drilling discovered a new zone comprising 600m of strike, 120m deep, 6.7m to 31.1m 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.
CESAR Copper-Silver Project
Wholly-owned CESAR project in north east Colombia 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-gas and coal mining district. The region has excellent infrastructure, shipping ports, airports, townships, railways and roadways.
Early success includes:
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 rich mineral belts of Colombia, and it’s 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.
For more information visit: https://www.maxresource.com/
For additional information contact:
Max Resource Corp.
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.comBack to Past News