Overview
Sierra Azul (formerly CESAR) is a district-scale copper-silver project spanning 120-km along the 200-km-long Cesar Basin in the mining region of northeastern Colombia. This region provides access to major infrastructure resulting from oil & gas and mining operations, including Cerrejón, the largest coal mine in Latin America, held by global miner Glencore. Max’s mining concessions cover an area in excess of 180-km².
Freeport-McMoRan
On May 30, 2024, Max received exchange approval for an earn-in agreement with Freeport-McMoRan Inc. for a two-stage option to acquire up to an 80% ownership interest in the Sierra Azul Project by funding cumulative expenditures of C$50 million and making cash payments to Max of C$1.55 million.
2024 exploration at Sierra Azul is fully funded by Freeport-McMoRan Inc. and includes:
Drill Target Development Focused exploration to prepare selected targets for drilling
Regional Exploration Systematic reconnaissance exploration covering the project to identify new target areas for follow-up
Exploration Targets
Exploration is currently focused on three districts at Sierra-Azul:
AM District (2020) - 100% owned
- 20-km long red-bed style copper system
- Identified 14 targets (AM-01 to AM-14)
- Highlight samples: 34.4% copper and 305 g/t silver
- Approved Concessions cover 114-km²
Conejo District (2021) – 100% owned
- High-grade copper-silver, 40km south of AM
- Spans 3.7 kms, samples over 3.7 km averaging 4.9% copper (2% cutoff)
- Open in all directions
URU District (2021) – 100% owned
- Located 30km south of Conejo
- Identified 12 targets (URU-01 to URU-12)
- Highlight samples of 14.8% copper and 132 g/t silver
- Approved mining concessions cover 74-km²
- 2,200 meters of drilling in 2022
AM DISTRICT
AM-13 DISCOVERY
Results from 10 mineralized outcrops from the Cedro Valley include:
- 1.8% Copper & 7.2 g/t Silver over 48.0m (AM13_CS08, continuous saw-cut channel)
- Including 3.4% Copper & 14.0 g/t Silver over 15.0m
- and 3.5% Copper and 15.7 g/t Silver over 5.0m
- 1.0% Copper & 5.7 g/t Silver over 26.0m (AM13_CS01, continuous chip channel)
- 1.1% Copper & 4.3 g/t Silver over 9.0m (AM13_CS04, continuous chip channel)
Classification and size potential
- In addition, Max has identified a 44.0m wide mineralized outcrop in the Mapurito valley, 1.2-km northeast and along strike from the Cedro Valley discovery
- AM-13 hosts Manto-style mineralization and alteration, similar to deposits in the Tocopilla – Taltal region of northern Chile, a mineralized corridor that extends well over 100-km and hosts several economic deposits including Mantos Blancos (500mt at 1.18% Copper and 12 g/t Silver)
MANTOS BLANCOS TARGET
Primary copper minerals observed at Mantos Blancos include native copper and chalcocite (80% copper by weight). These minerals indicate the depositional environment was sulphur poor, thus leading to the precipitation of these high-grade copper minerals
Future exploration at AM-13 will look to establish the continuity of mineralization between the Cedro valley and Mapurito valley outcrops with detailed mapping, soil sampling and ground geophysical surveys.
CONEJO DISTRICT
CON-02 Priority Target
- Mineralization is hosted in volcanic and sedimentary rocks and is structurally controlled
- Primary copper mineral is chalcocite with lesser amounts of bornite and chalcopyrite
- Mineralization observed filling fractures as well as disseminated in host rocks
- Highlight assays include: 6.0m @ 1.1% copper
URU District
- 12 holes over 2,244m at the URU-C and URU-CE targets located 750m apart
- All 12 holes intersected mineralized zones
- 6 intersected significant copper-silver mineralization
URU-C Highlights
- URU-12 intersected 3.4% copper and 48 g/t silver over 10.6m, including 18.5% Cu + 292 g/t silver over 0.8m
URU-CE Highlights
- URU-9 intersected a broad zone of Copper Oxide returning 33.0m of 0.3% copper, including 16.5m of 0.5% copper
- The broad associated alteration zone implies the potential for a bulk tonnage system
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