Max raising $3.0 million for newly acquired Colombia gold-silver project
Max Resources Corp. [MAX-TSXV, MXROF-OTC Pink, M1D2-FSE] has arranged a non-brokered private placement that is expected to raise $3.0 million to fund exploration at the company’s newly acquired Mora gold-silver project in Colombia.
Max recently appointed Sergio Cocunubo as Head Geologist, reuniting him with Technical Advisor Dr. Chris Grainger and Community Relations specialist John Henao, all key members of the Collective Mining Ltd. [CNL-TSXV] and the Continental Gold team that developed the Buritica gold silver deposit, which was sold to Zijin Mining for US$1.4 billion. These three experts will lead the exploration and development of the Mora project.
The company said the private placement will consist of up to 30 million units priced at 10 cents per unit, each of which will consist of one common share and one half of one transferable warrant. Each whole warrant will entitle the holder to purchase one additional common share for two years at a price of 17.5 cents per share.
In August, 2025, through its Colombia unit, Max struck a deal to acquire a 100% of the common shares of Inversiones Villamora S.A.S., a Colombian company that owns 100% of mining concession KK6-0831 (the Mora Property). The property covers 40 historic workings, five active gold-silver mines, a series of polymetallic structures 2,500 metres by 1,000 metres, adjacent to Aris Mining Corp.’s [ARIS-TSX, ARMN-NYSE] 9.2 million ounce Marmato mine and Collective Mining’s Guayabales Project abuts to the north.
Proven and probable reserves at Marmato stand at 31.3 million tonnes of grade 3.2 g/t gold for 3.2 million ounces. Measured and indicated resources are estimated at 6.0 million ounces. On top of that is an inferred resource of 2.8 million ounces.
“I am excited to be heading the exploration and development of the Mora property, where there has been primitive to limited exploration to date,’’ said Cocunubo. “The Marmato-gold-silver-type potential is confirmed by the extensive series of exposed “polymetallic” veins together with numerous historic and artisanal underground mines,’’ he said.
Max’s wholly-owned Sierra Azul copper-silver project lies along the Colombian portion of the world’s largest producing copper belt (Andean belt). This region has oil and gas export operations and Glencore’s Cerrejon, the largest coal mine in South America and the basis for much of the critical infrastructure in the Cesar basin.
Max has an earn-in agreement with a unit of Freeport McMoran Inc. [FCX-NYSE] relating to the Sierra Azul project. Under the terms of the earn in deal, Freeport has been granted a two-stage option to acquire up to an 80% ownership interest in Sierra Azul by funding cumulative expenditures of $50 million and cash payments totalling $1.55 million. Max is the operator of the initial US$4.8 million 2025 exploration program for Sierra Azul, funded by Freeport.
On Friday, Max shares fell 3.8% or $0.005 to 12.5 cents. The shares trade in a 52-week range of 15 cents and $0.035.