Max Resource Corp. [MXR-TSXV; MAXROF-OTC; M1D1-FSE] shares were active Wednesday June 5 after the company said an initial sampling program has identified anomalous gold and copper on its North Choco property near Medellin, Colombia.
This gold copper zone has been identified within an area of approximately 5 km by 7.5 km and is open in all directions, the company said in a press release.
After trading up to a day high of 12.5 cents, Max shares eased 8.70% or $0.001 to 10.5 cents, Wednesday on volume of almost 1.2 million. The 52-week range is 11.5 cents and 50 cents.
The company said a total of 74 rock chip samples were taken in the area with gold values ranging from five to 80,000 ppb (80 g/t) gold and copper values ranging from 14.5 ppm (1.82%) copper. Average grades were 537 ppb gold and 640 ppm copper. Medians were 25 ppb gold and 171 ppm copper.
Sample widths of the individual chip samples ranged from 0.125 to 1.00 metres with the majority in the 0.30 to 0.40 metre range. Assay results are pending on a further 88 samples, the company said.
Max is acquiring the North Choco Property through the pending acquisition of Anagueda Mining Pty. Ltd. In a May 8, 2019 press release, Max said it has entered into a binding letter of intent with Australian Stock Exchange-listed Noble Metals Ltd. [NMM-ASX] and Buena Fortuna Mining Co. Pty. Under the deal, Max has been granted the option to acquire up to 100% of their interest in Andagueda, which holds an exploration and mining agreement with the Tahami Indigenous Reservation of Alto Andagueda for the North Choco Project.
Through Andagueda’s historic agreement, North Choco encompasses Tahami’s 500 km2 land area and includes exploration and development of economic mineral resources on: Indigenous Communities Mining Zone 8-1704, covering 6535.7 hectares and Mining Concession BAE-112 covering 720 hectares.
North Choco is located 47 km southwest of AngloGold Ashanti Ltd.’s [AU-NYSE; AGG-ASX; ANG-JSE] Nuevo Chaquiro porphyry copper discovery. It hosts an inferred resource of 604 million tonnes at 0.65% copper and 0.32 g/t gold, including contained metal content of 3.95 million tonnes of copper and 6.13 million ounces of gold.
Max is a Canadian exploration company with a focus on exploration of mineral assets in Colombia. The North Choco property significantly expands Max’s Choco landholdings from 2,140 to 2,640 km2, with North Choco contiguous to properties held by AngoGold Ashanti and Continental Gold Inc. [CNL-TSX; CGOF-OTCQX].
The Choco Department is the leading producer of precious metals in Colombia. Small-scale operations in the municipality of Novita and the surrounding communities of Condoto, Tado and Sipi produced 15,317 ounces of platinum and 278,702 ounces of gold in 2011.
Along with Stillwater, U.S.A., Choco is the world’s only significant primary platinum-producing district outside South Africa, Russia and Zimbabwe. Choco was the world’s sixth largest source of platinum in 2012, according to the U.S. Geological Survey.
“Our exploration campaign continues to produce excellent results,” said Max CEO Brett Matich. “We have already identified a large area of anomalous gold copper mineralization and will now focus on expanding mineralization foot print, with further assay results pending,” he said.