Max Resource Reports a Fifth New Copper Zone at CESAR North, NE Colombia
Vancouver B.C., April 29, 2021 – MAX RESOURCE CORP. (“Max” or the “Company”) (TSX.V: MXR; OTC: MXROF; Frankfurt: M1D2) is pleased to report a fifth new copper zone, the “SP Zone”, located 8-km north-east of the CONEJO copper-silver discovery, at CESAR North within the wholly-owned CESAR copper-silver project in North Eastern Colombia.
SP is the latest copper zone located along the CESAR North 80-kilometre continuous copper belt (refer to Figure 1).
SP Copper Zone
The new SP zone, lies along the mid portion of the 80-kilometre CESAR North belt, and at first pass, lines up well with the four previous copper discoveries (URU, CONEJO, AMN and AMS). SP, currently represented by mineralized float, is presently being followed up with mapping and geochemical sampling to locate the source of mineralization. Collected soil and rock samples will be sent to ALS for analysis, with results expected in June.
URU Copper Discovery Update
In early April, Max reported the URU zone discovery (refer to April 8, 2021 NR), lying along the southern portion of the CESAR North belt. The presence of copper mineralization extends over 3.7-kilometres, and is open in all directions. Over 125 samples were collected and sent to ALS for analysis. Results are expected early May.
CONEJO Copper-Silver Discovery Update
In March 2021, Max reported the CONEJO discovery (March 24, 2021 NR), spanning over 1.6 by 0.6-km and open in all directions. Twenty-two rock panel samples returned values in excess of 5% copper, highlight values of 12.5% copper and 120 g/t silver from panels varying from 5m by 5m to 1m by 1m. Max cautions investors that rock panel sampling can be selective and are not necessarily representative of the mineralization. The Max field team are currently rock chip sampling and mapping the copper bearing rock to determine potential volume and average copper-silver values.
AMN Copper-Silver Discovery
Reported in March 2020, the AMN (previously named AM North) discovery zone, outcrops along 1.8-kilometres, including a high-grade zone, with highlight values of 34.4% copper and 230 g/t silver (refer to March 4, 2020 NR). AMN has now expanded to a zone of 29-km² of Kupferschiefer-type copper-silver mineralization (refer to December 2, 2020 NR).
AMS Copper-Silver Discovery
Reported in January 2020, located 40-km south of AMN, the AMS (previously named AM South) zone was the very first CESAR stratabound copper-silver discovery (refer to January 21, 2020 NR). The AMS zone has now expanded to 16-km² of Kupferschiefer-type copper-silver mineralization, and is still open along strike and down dip, with highlights of 5.8% copper and 106 g/t silver from 0.1 to 25-metre intervals (refer to October 7, 2020 NR).
“Over an 18-month period, Max extended the CESAR North zone to over 80-kilometres in length. Initial assay results for URU and SP are pending, but considering a CESAR target copper grade of 1%, with highlight values of 5.8 to 34.4% copper and 106 to 205 g/t silver from CONEJO, AMS and AMN, the overall district-size-scale potential for the CESAR basin has clearly been demonstrated,” commented Max CEO, Brett Matich.
“Currently US $9,898 a tonne, the copper price is approaching the all time high of US $10,170 a tonne, and combined with projected upcoming copper deficits, CESAR’s large-scale prospectively makes Max an extremely attractive opportunity for copper exposure,” he concluded.
Figure 1. CESAR Project, the new SP Zone (white square), located along the 80-kilometre-long CESAR North copper belt. The previous discoveries are shown in individual colours.
Max interprets the sediment-hosted stratabound copper-silver mineralization in the Cesar Basin to be analogous to the Kupferschiefer Basin in Poland. The Kupferschiefer deposits, Europe’s largest copper source, produced 3MT of copper in 2018 and 40 million ounces of silver in 2019 from an orebody 0.5 to 5.5-metres thick, grading 1.49% copper and 48.6 g/t silver. This silver yield is almost twice the production of the world’s second largest silver mine.
Source: World Silver Survey 2020 and Kupferschiefer Deposits & Prospects in SW Poland, September 27, 2019. Max cautions investors that the presence of copper-silver mineralization at Kupferschiefer is not necessarily indicative of similar mineralization at CESAR.
CESAR COPPER-SILVER PROJECT IN COLOMBIA OVERVIEW
The CESAR project in North Eastern Colombia now covers a significant portion of the 200-km long Cesar Basin, and has now been demonstrated to contain widespread highly prospective copper-silver mineralization.
This region enjoys major infrastructure as a result of oil & gas and mining operations, including Cerrejon, the largest coal mine in Latin America, jointly owned by global miners BHP Billiton, Xstrata and Anglo American (refer to Figure 1).
Due to the district-scale copper-silver prospectively of the Cesar Basin, Max has implemented a multiple faceted exploration program for 2021:
Advanced Drill Core Analysis and Modelling: ongoing interpretation of seismic sections and analysis of historical drill holes, all being integrated into our structural modelling of the Cesar Basin, in collaboration with Ingeniería Geológica Universidad Nacional de Colombia (“IGUN”) in Medellín (January 7, 2021 NR);
Geochemical and Mineralogical: geochemical and mineralogy research programs by the University of Science and Technology (“AGH”) of Krakow, Poland. AGH bring their extensive knowledge of KGHM’s world renowned Kupferschiefer sediment-hosted copper-silver deposits in Poland to the CESAR project;
Geophysics: Fathom Geophysics is interpreting regional airborne magnetic and radiometric data, funded by the Company in collaboration with one of the world's leading copper producers;
Proprietary Field Exploration & Techniques: Max’s exploration teams continue to explore copper-silver stratabound targets at CESAR;
- CESAR North 80-kilometre-long-belt:
- Max’s AMS discovery in late 2019, and on trend 40-km north, AMN discovery (please refer to Figure 2), identified stratabound copper-silver mineralization collectively spanning over 45 sq. km, with highlight values of 0.1 to 34.4% copper and 5 to 305 g/t silver over intervals ranging 0.1 to 25.0-metres;
- In March 2021, Max reported the CONEJO discovery, consisting of near surface high-grade copper-silver mineralization, spanning an area of 1.6 by 0.6-km and open in all directions. Twenty-two rock panel samples returned values above 5% copper from panels varying from 5m by 5m to 1m by 1m. Overall, sixty-six rock panel samples returned significant values over 1% copper (March 24, 2021 NR). Highlight assays greater than 9% copper and 50 g/t silver:
- 12.5% copper + 83.5 g/t silver over 5-metre by 5-metre
- 10.7% copper + 51.6 g/t silver over 1-metre by 1-metre
- 10.5% copper + 50.1 g/t silver over 3-metre by 2-metre
- 10.4% copper + 95 g/t silver over 5-metre by 5-metre
- 10.2% copper + 62 g/t silver over 5-metre by 5-metre
- 10.0% copper + 80 g/t silver over 5-metre by 5-metre
- 9.5% copper + 120 g/t silver over 1-metre by 1-metre
- The Max field team are currently rock chip sampling and mapping the copper bearing rock to determine potential volume and average copper-silver values of the CONEJO zone;
- Assay results are pending for the newly discovered URU zone, and SP target zone;
- CESAR West: Max has initiated a first pass field program to identify copper-silver mineralization along the new CESAR West 180-kilometre-long target zone.
QUALIFIED PERSON
The Company’s disclosure of a technical or scientific nature in this news release has been reviewed and approved by Tim Henneberry, P Geo (British Columbia), a member of the Max Resource Advisory Board, who serves as a qualified person under the definition of National Instrument 43:101.
ABOUT MAX RESOURCE CORP.
Max Resource Corp. is an Energy and Precious Metals exploration company, engaged in advancing both its district-scale CESAR copper-silver project in Colombia and the newly acquired RT Gold project in Peru. Both projects have potential for the discovery of large-scale mineral deposits; both sediment-hosted copper-silver-type in Colombia; high-grade gold porphyry and massive sulfide in Peru.
Max Resource was recognized as a Top 10 Ranked Company in the Mining Sector on the TSX Venture 50™ for 2021, achieving a market cap increase of 1,992% and a share price increase of 282% in 2020.
For more information visit: https://www.maxresource.com/
For more information visit: www.tsx.com/venture50
TSX Venture 50™ for 2021 video: MAX Resource Corp. (TSXV: MXR) - 2021 TSX Venture 50 - YouTube
For additional information contact:
Max Resource Corp.
Tim McNulty
E: info@maxresource.com
T: (604) 290-8100
*The Venture 50 ranking is provided by TSX Venture Exchange Inc. (“TSXV”) for information purposes only. Neither TMX Group Limited nor any of its affiliated companies guarantees the completeness of this information, and are not responsible for any errors or omissions in or any use of, or reliance on, this information. The Venture 50 program is not an invitation to purchase securities listed on TSX Venture Exchange. TSXV and its affiliates do not endorse or recommend any of the referenced securities or issuers, and this information should not be construed as providing any trading, legal, accounting, tax, investment, business, financial or other advice and should not be relied on for such purposes”
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
Back to Past News