Vancouver, British Columbia--(Newsfile Corp. - June 13, 2022) - MAX RESOURCE CORP. (TSXV: MAX) (OTC Pink: MXROF) (FSE: M1D2) ("Max" or the "Company") is pleased to report a newly discovered +15m thick copper-silver outcrop, located 750m east and on trend of the URU Discovery. The URU Discovery forms part of the 20-kilometre-long URU zone, which lies along the southern portion of the Company's wholly owned Cesar copper-silver project in northeastern Colombia (refer Figure 1).
The new chalcocite bearing outcrop exposure was chip channel sampled over 1.0m increments and assays are pending. Field crews are following-up along the new 750m mineralized trend. It appears, the URU discovery and the new outcrop represent the same copper-silver mineralized structure that dips to the south and extends east-west (refer to Figures 2, 3 and 4).
The URU Discovery now extends NNE over 290m and 750m East, with a combined vertical elevation of 322m. At the URU Discovery, chip channel sampling returned the following assays: at the base level in the valley bottom assays returned 7.0m @ 8.5% copper + 143 g/t silver (true thickness); 6.0m higher in elevation assays returned 16.8m @ 8.3% copper + 146 g/t silver (true thickness); and 190m above the valley bottom and 290m NNE from the base level assays returned 48.0m at 5.3% copper + 44 g/t silver (along a ridge). The newly discovered mineralized outcrop located 750m east from the URU Discovery is +15m thick where assays are pending (refer to Figure 2 and Drone Video).
In addition, Max has commenced a ground Induced Polarisation and magnetic survey over the URU Discovery zone. This survey will form part of drill planning and targeting of high-grade copper-silver mineralization (refer to Figure 5).
"The objective of the field work and the geophysical survey is to expand the URU Discovery footprint and prepare for drilling, which will be conducted by Kluane Drilling of Colombia, as we have now finalized the contract," commented Max CEO, Brett Matich.
"Max is cashed up with over $21 million in the treasury and $8 million in-the-money warrants and stock options. Ongoing regional exploration continues along the Cesar 90-kilometre copper silver belt," he concluded.
Figure 1. CESAR 90-km copper-silver belt
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Figure 2. New URU outcrop 750m east of URU Discovery (Click the play icon to view URU Discovery drone video)
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Figure 3. New +15m thick outcrop, channel assays pending
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Figure 4. New URU Discovery outcrop
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Figure 5. URU ground geophysical survey lines
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Cesar Copper Silver Project
CESAR lies along the copper-silver rich 200-kilometre-long Cesar Basin in northeastern Colombia. 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 mining concessions cover an area in excess of 180-km².
Max has a co-operation agreement with Endeavour Silver Corp., which assists Max to significantly expand its 100% owned landholdings at CESAR, Endeavour will hold underlying 0.5% NSR (refer to March 21, 2022, NR).
Max is focusing on three major copper-silver zones individually located along the CESAR 90-kilometre-long belt, with the objective of expanding the zones and defining drill targets:
- The 32-km long AM zone with highlight values of 34.4% copper and 305 g/t silver
- Conejo zone, averages 4.9% copper (2% cut-off) over 3.7-km
- 20-km long URU zone returned 7.0m @ 8.5% copper + 143 g/t silver and 16.8m @ 8.3% copper + 146 g/t silver
Quality Assurance
All CESAR rock chip samples are shipped to ALS Lab's sample preparation facility in Medellin, Colombia. Sample pulps are then sent to Lima, Peru, for analysis. All samples are analyzed using ALS procedure ME-MS41, a four-acid digestion with inductively coupled plasma finished. Over-limit copper and silver are determined by ALS procedure OG-62, a four-acid digestion with an atomic absorption spectroscopy finish. ALS Labs is independent from Max.
Qualified Person
The Company's disclosure of a technical or scientific nature in this news release was 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. (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).
Max is proactive in the goal of moving the Cesar basin towards the mining of copper, the key metal for the world's transition to clean energy.
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.
Source: 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
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
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