2020-12-02 06:06 ET - News Release
Mr. Brett Matich reports
MAX RESOURCE SIGNIFICANTLY EXPANDS THE HERRADURA COPPER-SILVER ZONE AT AM NORTH FROM 16 TO 29 SQ.KM, CESAR PROJECT, COLOMBIA
Max Resource Corp. has discovered a new zone at AM North of the company's 100-per-cent-owned Cesar project, located in northeastern Colombia.
Highlight rock chip channel results include:
- 7.2 per cent copper plus 55 grams per tonne silver over 2.0 metres;
- 5.9 per cent copper plus 56 g/t silver over 1.5 metres;
- 5.5 per cent copper plus 56 g/t silver over 1.0 metre;
- 3.4 per cent copper plus 63 g/t silver over 1.0 metre;
- 3.0 per cent copper plus 29 g/t silver over 3.0 metres.
Regional sampling identified the presence of several new outcrops of stratabound copper-silver mineralization, expanding the Herradura zone to over 5.7 kilometres along strike and over 5.1 km downdip. The zone remains open along both strike and dip as the new horizons are interpreted as strike and dip continuations of Herradura.
Max believes Cesar is very similar to the Kupferschiefer. Those deposits are Europe's largest copper source, which produced three million tonnes grading 1.49 per cent copper and 48.6 g/t silver in 2018 from a mineralized zone of 0.5- to 5.5-metre thickness. Kupferschiefer deposits also yielded 40 million ounces of silver in 2019, almost twice the production of the world's second-largest silver mine. Max cautions investors that the presence of copper-silver mineralization at Kupferschiefer is not necessarily indicative of similar mineralization at Cesar
In addition, a recent presentation by leading Kupferschiefer expert, Prof. Adam Piestrzynski, identified numerous similarities between Cesar and Kupferschiefer including: basin characteristics, lithology, mineralogy, deposit parameters, grades and origin of sulphur. A notable difference is the Kupferschiefer orebody starts at 500 metres below surface, whereas Max's Cesar copper-silver mineralization starts at surface.
"Regional exploration has not only expanded the Herradura zone from 16 to 29 square kilometres, but the zone still remains open along strike and downdip, demonstrating the significance and regional nature of the Cesar basin," said Max chief executive officer, Brett Matich.
"As part of the structural modelling program, we plan to study historical core from oil and gas drill holes that intersect the Jurassic stratigraphy," he continued.
"Cesar gives Max significant leverage to copper demand as prices have recently increased to $7,560 from February's $4,774 per ton. A recent research report from Jefferies Research LLC concluded: 'The copper market is heading into a multiyear period of deficits and high demand from deployment of renewable energy and electric vehicles. Secular demand driver in copper is electric passenger vehicles as the average EV is about four times as copper intensive as the average ICE automobile. Renewable power systems are at least five times more copper intensive than conventional power,'" he concluded.
The new discovery, 1.5 km to the south of the main Herradura horizon, is interpreted as the fault offset and down dropped, updip continuation of the main Herradura horizon. Additionally, new mineralized outcrops were mapped and sampled approximately 3.5 km downdip from the main Herradura discovery zone. Both areas need additional structural mapping to determine the significance of this new discovery.
The copper-silver mineralization at the Herradura zone is of stratabound, Kupferschiefer type. Mineralization is hosted in fine-grained sediments: sandstone and siltstone, mainly represented by chalcocite and copper oxides (malachite and azurite). Based on field observations and mineralogical studies, the surface copper oxides phase out at shallow depth to copper sulphide, mainly chalcocite.
AM NORTH: HERRADURA ZONE ASSAYS AND SAMPLE INTERVALS REPORTED GREATER THAN 1 PER CENT COPPER Sample Sample type Interval Copper Silver Average metres at per cent copper plus g/t silver (m) (%) (g/t) 425621 chip channel 2.0 7.2 65 2.0 m at 7.2% copper and 65 g/t silver 875658 chip channel 0.6 5.0 57 0.6 m at 5.0% copper and 57 g/t silver 875744 chip channel 0.3 12.9 171 0.8 m at 4.9% copper and 65 g/t silver 875745 chip channel 0.5 0.2 1 875739 chip channel 0.6 4.7 27 0.6 m at 4.7% copper and 27 g/t silver 875272 chip channel 0.5 4.7 43 0.5 m at 4.7% copper and 43 g/t silver 875344 panel 1.5 4.2 11 1.5 m at 4.2% copper and 11 g/t silver 425609 chip channel 1.0 3.4 63 1.0 m at 3.4% copper and 63 g/t silver 875734 chip channel 1.5 5.9 57 3.0 m at 3.0% copper and 29 g/t silver 875735 chip channel 0.5 0.3 2 875736 chip channel 1.0 0.2 2 875564 chip channel 0.6 3.0 4 0.6 m at 3.0% copper and 4 g/t silver 875557 chip channel 0.6 3.0 20 0.6 m at 2.97% copper and 20 g/t silver 425610 chip channel 1.0 2.9 44 1.0 m at 2.9% copper and 44 g/t silver 875347 chip channel 0.6 2.6 41 0.6 m at 2.6% copper and 41 g/t silver 875341 chip channel 0.8 2.4 8 0.8 m at 2.4% copper and 8 g/t silver 875723 chip channel 1.0 5.5 56 2.5 m at 2.3% copper and 23 g/t silver 875724 chip channel 0.5 0.2 1 875725 chip channel 1.0 0.1 0 875673 chip channel 1.0 2.9 27 1.5 m at 2.0% copper and 19 g/t silver 875674 chip channel 0.5 0.4 5 875290 chip channel 0.7 5.8 74 2.2 m at 1.9% copper and 25 g/t silver 875292 chip channel 0.5 0.2 3 875294 chip channel 1.0 0.1 1 875728 chip channel 0.8 2.9 18 1.5 m at 1.8% copper and 11 g/t silver 875731 chip channel 0.7 0.5 4 875663 chip channel 0.4 1.5 3 0.4 m at 1.5% copper and 3 g/t silver 875718 chip channel 0.5 2.79 15 0.95 m at 1.4% copper and 8 g/t silver 875719 chip channel 0.5 0.17 1 875683 chip channel 1.20 2.6 82 2.7 m at 1.3% copper and 40 g/t silver 875684 chip channel 0.5 0.3 7 875685 chip channel 1.0 0.4 6 875509 chip channel 1.5 1.3 10 1.5 m at 1.3% copper and 10 g/t silver 875297 chip channel 0.7 1.3 14 0.7 m at 1.3% copper and 14 g/t silver 875515 chip channel 1.5 1.3 13 1.5 m at 1.3% copper and 13 g/t silver 875749 chip channel 1.2 1.2 7 1.2 m at 1.17% copper and 7 g/t silver 875341 chip channel 0.8 2.4 8 2.3 m at 1% copper and 4 g/t silver 875342 chip channel 0.5 0.2 1 875343 chip channel 1.0 0.3 1 875815 chip channel 0.4 1.6 34 0.4 m at 1.6% copper and 34 g/t silver 425628 chip channel 1.5 1.6 17 1.5 m at 1.6% copper and 17 g/t silver 875574 chip channel 0.6 1.6 2 0.6 m at 1.6% copper and 2 g/t silver 875542 chip channel 0.5 1.5 14 0.5 m at 1.5% copper and 14 g/t silver 875749 chip channel 1.2 1.2 7 1.5 m at 0.9% copper and 5 g/t silver 875750 chip channel 0.5 0.1 1 875641 chip channel 1.0 0.1 1 2 m at 0.5% copper and 6 g/t silver 875642 chip channel 0.5 0.2 2 875643 chip channel 0.5 1.7 18 875678 chip channel 0.4 1.4 11 1.9 m at 0.4% copper and 3 g/t silver 875679 chip channel 0.5 0.1 1 875680 chip channel 1.0 0.2 2 875667 chip channel 0.5 0.1 1 2.5 m at 0.3% copper and 4 g/t silver 875668 chip channel 0.5 1.1 6 875669 chip channel 0.5 0.3 5 875670 chip channel 1.0 0.1 3
Quality assurance
Sample weights varied between 1.54 and 3.58 kilograms, averaging 2.7 kg. All samples were shipped to the ALS lab sample preparation facility in Medellin, Colombia. Sample pulps are sent to Vancouver, Canada, for analysis. All samples are analyzed using ALS procedure ME-MS41, a four-acid digestion with ICP (inductively coupled plasma) finish. Overlimit copper and silver are determined by ALS procedure OG-62, a four-acid digestion with an AAS (atomic absorption spectroscopy) finish. ALS Labs is independent from Max. Max is not aware of any other factors that could materially affect the accuracy or reliability of the data referred to herein.
Cesar copper-silver project -- Colombia
The Cesar project spans an area about 500 square kilometres in northeastern Colombia, covering a major part of a 200 km long sediment-hosted copper-silver belt. The Cesar region enjoys major infrastructure as result of oil and gas and mining operations, including Cerrejon, the largest coal mine in Latin America, jointly owned by global miners BHP Billiton, XStrata and Anglo American.
Max has entered into three non-exclusive confidentiality agreements regarding the Cesar project with: one of the world's leading copper producers, a global mining company and a mid-tier copper explorer.
The exploration priorities for the Cesar project are: regional geochemical sampling, structural modelling interpretation of seismic data, analysis of oil and gas drill cores, and expansion of landholdings.
Exploration activities on multiple fronts include:
- AM North forms an 11 km long zone of stratabound copper-silver mineralization, open along strike and downdip, containing a high-grade area with varying intervals grading 4.0 to 34.4 per cent copper plus 28 to 305 g/t silver (July 29, 2020).
- AM South occurs along the same mineralized trend, 40 km south-southwest of AM North, covering 16 quare kilometres, open laterally. Highlight values of 6.8 per cent copper and 168 g/t silver from 0.1- to 25-metre intervals suggest these horizons could be of significant size (Oct. 7, 2020).
- Cesar South, a newly acquired 340-square-kilometre property, hosts stratabound copper-silver over at least 15 km of strike with highlight grab sample values of 11.4 per cent copper plus 656 g/t silver.
- Fathom Geophysics is currently interpreting geophysical data financed by the company in collaboration with one of the world's leading copper producers.
- Continuing structural analysis and interpretation of seismic data are conducted by Ingenieria Geologica Universidad Nacional de Colombia (IGUN) in Medellin, in conjunction with the Max team.
RT gold property -- Peru
Max has the exclusive rights to acquire 100 per cent of the RT gold project, located within the Cajamarca metallogenic belt, 760 km northwest of Lima, Peru.
Two distinct mineralized systems occur within RT gold: the Cerro zone, a bulk-tonnage gold-bearing porphyry, and three km to the northwest, the Tablon zone, a gold-bearing massive sulphide.
Cerro zone
Cerro, hosts several known mineralized zones with anomalous concentrations of gold in rock and soils:
- Structures assay 0.1 to 62.9 g/t gold, hosted in wall rock returning gold values of 0.5 to 1.0 g/t gold.
- Soil geochemistry for gold in the Cerro zone has outlined a 2.0 km by 1.5 km gold anomaly, open in all directions grading from 0.1 to 4.0 g/t gold.
- Soil geochemistry for gold is coincident with IP (induced polarization) chargeability.
- The Cerro zone has never been drill tested.
Tablon zone
Tablon, is located three km northwest from the Cerro zone and hosts numerous gold-bearing sulphide bodies over 150 by 450 metres, within a larger 1.5 by 1.0 km zone. Highlights from 33 drill holes in 2001 include:
- 18.0 g/t gold over 16 metres from 35 metres;
- 13.0 g/t gold over 36 metres from 33 metres;
- 8.8 g/t gold over 25 metres from 13 metres;
- 5.3 g/t gold over 17 metres from 12 metres;
- 5.1 g/t gold over 20 metres from two metres.
Intervals are core lengths not true widths, which are unknown at this time.
The Max in-country team plans to conduct a verification program and initiate drill permitting.
About Max Resource Corp.
With its successful exploration and management team, Max Resource is advancing both its stratabound Kupferschiefer-type Cesar copper-silver project in Colombia and its newly acquired RT gold, gold porphyry and massive sulphide project in Peru. Both projects have potential for the discovery of large-scale mineral deposits attractive to major partners.
Tim Henneberry, PGeo (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.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.