Max Resource Commences Airborne Geophysical Survey at CESAR
Vancouver B.C., August 31, 2023 – MAX RESOURCE CORP. (“Max” or the “Company”) (TSX.V: MAX; OTC: MXROF; Frankfurt: M1D2) is pleased to report that it has commenced a high-resolution airborne magnetic and radiometric survey over the entire AM District, the northern most area of its 100% owned Cesar Copper-Silver Project located in Northeastern Colombia.
The fixed-wing 4,000-line-km survey will collect data along 125m spaced flight lines at a nominal height of 100m. Flight lines are oriented east-west and covering more than 400 km2 of highly prospective ground within the Cesar Project (refer to Figure 1). Survey results will be used to assist in developing and refining drill targets by mapping the lithologies and the geological structures that control mineralization. Stratiform copper-silver mineralization at AM is observed where geological faults intersect sedimentary units that are permeable and contain organic material.
Figure 1: 2023 Airborne Magnetic & Radio Metric Survey over the AM district, Cesar Copper-Silver Project
Image showing airborne survey Lines, AM District Area of Interest and Rock Geochemistry Results
“This is the first extensive high-resolution airborne survey conducted in the Cesar basin and it will be an important dataset as we continue to advance the Cesar Copper-Silver Project. The data will allow the Company to pinpoint areas with the greatest potential for significant accumulation of copper silver minerals by identifying where the permissive lithologies have had the greatest amount of structural preparation,” commented Max VP Exploration, Bruce Counts.
“Max will review the data as it is collected and complete preliminary interpretations that can be followed-up in the field,” he concluded.
Background
The Cesar Copper Silver Project comprises of three districts: AM, Conejo and URU. Collectively the three contiguous districts stretch over 90-km in NNE/SSW direction (refer to Figure 2).
Figure 2: Location of the Cesar Copper Silver Project, NE Colombia
Image showing location of 3 exploration districts of the Cesar Copper-Silver Project
This region provides access to major infrastructure resulting from oil & gas and mining operations, including Cerrejón, the largest coal mine in South America, held by global miner Glencore. Max’s twenty mining concessions collectively span over 188-km².
In 2022, Max executed a 2-year co-operation agreement with Endeavour Silver Corp. (TSX: EDR, NYSE: EXK), which assists to expand its 100% owned landholdings, Endeavour will hold an underlying 0.5% NSR.
AM District
Starting in the far north of the Jurassic basin, classic stacked red bed outcrops with extensive lateral continuity have been rock sampled over many kilometres within the AM District. Highlight values of 34.4% copper and 305 g/t silver have been documented in the sedimentary red bed sequences. The Company confirmed that stratiform mineralization continues at depth with two scout drill holes completed earlier this year (Max News Release dated April 4, 2023). In addition, Colombian field crews continue to discover and sample new mineralized outcrops including at the recently identified AM-7 target (Max News Release dated May 25, 2023 and Max News Release dated June 22, 2023).
Conejo District
Midway south, the Conejo District is the most recent to be recognized and is characterized by structurally controlled mineralization hosted in intermediate and felsic volcanic rocks. Numerous mineralized outcrops have been discovered over a distance of 3.7-km at the primary target in the district with surface samples averaging 4.9% copper (2% cut-off). No drilling has been conducted at Conejo, but it has emerged as an area of focus for the Company.
URU District
Mineralization within the URU District is hosted in intermediate volcanic rocks and is structurally controlled, similar to deposits in the Central African Copper Belt. At URU-C, a 9.0m of 7.0% copper and 115 g/t silver surface discovery was confirmed at depth by drill hole URU-12, which intersected 10.6m of 3.4% copper and 48 g/t silver. At the URU-CE target, 750m to the east, 19.0m of 1.3% copper discovered in outcrop was confirmed by drill hole URU-9, which intersected a broad zone of copper oxide returning 33.0m of 0.3% copper from 4.0m, including 16.5m of 0.5% copper (Max News Release date January 24, 2023).
CESAR Target Evaluation
Max has identified and is evaluating 21 targets along the Cesar 90-km-long belt for potential drill testing. The Company is focused on expanding, refining, and prioritizing these targets in preparation for a drill program. Initial efforts have been concentrated on those targets with the greatest size potential with work that includes the following field activities:
- Systematic chip and channel sampling of the mineralized outcrops.
- Detailed geological and structural mapping of each showing.
- Trenching where possible to expose additional mineralization.
- Target scale prospecting and soil sampling.
- Ground geophysical surveys.
Regional Exploration
Max has demonstrated that the Cesar basin is fertile for copper-silver mineralization over a large area; however, only a fraction of the basin has been explored. As a result, Max has dedicated on of its geological teams to regional exploration with the goal of discovering additional copper-silver prospects over 1,000 sq-km.
Qualified Person
The Company's disclosure of a technical or scientific nature in this news release was reviewed and approved by Tim Henneberry, PGeo (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. (TSXV: MAX) is a mineral exploration company advancing the newly discovered district-scale Cesar copper-silver project. The wholly owned Cesar project sits along the Colombian portion of the world’s largest producing copper belt (Andean belt), with world class infrastructure and the presence of global majors (Glencore and Chevron).
In addition, Max controls the RT Gold project (100% earn-in) in Peru, encompassing a bulk tonnage primary gold porphyry zone, and 3-km to the NW, a gold bearing massive sulphide zone. Historic drilling in 2001, returned values ranging 3.1 to 118.1 g/t gold over core lengths ranging from 2.2 to 36.0-metres.
Max is proactive, with the corporate goal of transitioning the Cesar basin towards the mining of copper, the key metal for Colombia’s transition to clean energy. The safety of our people and the communities where we operate is most important. We conduct exploration in a manner which supports protection of ecosystems through responsible environmental stewardship.
Source: NI 43:101 Geological Report RT Gold Project for Max Resource Corp. by Luis Rodrigo Peralta, Mar. 8, 2023. NI 43:101 Geological Report Rio Tabaconas Gold Project for Golden Alliance Resources Corp. by George Sivertz, Oct.3, 2011.
For more information visit: https://www.maxresource.com/
For additional information contact:
Tim McNulty
E: info@maxresource.com
T: (604) 290-8100
Rahim Lakha
E. rahim@bluesailcapital.com
Brett Matich T: (604) 484 1230
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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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