Max Resource samples 2.6% copper, 58 g/t silver over 15 metres at Cesar project, Colombia
Max Resource Corp. [TSXV-MAX; OTC-MXROF; FSE-M1D2] reported high-grade assay results from continuous rock-chip channel sampling collected at the recently discovered AM-08 target, located in the AM district of its wholly owned Cesar copper-silver project in northeastern Colombia.
AM-08 Highlights: Continuous chip channel sampling across the width of the structurally controlled mineralization at the primary outcrop has returned values of: 2.6% copper and 58 g/t silver over 15.0 metres, including, 3.5% copper + 77 g/t silver over 10.0 metres, including, 8.1% copper + 172 g/t silver over 1.0 metre.
In addition, continuous chip channel sampling across mineralized outcrops at several locations west of the primary occurrence has returned values of 2.5% copper + 48 g/t silver over 2.0 metres; 1.8% copper + 18 g/t silver over 1.8 metres and 1.1% copper + 16 g/t silver over 5.3 metres.
Located approximately 7 km northwest from AM-08, AM-07) was discovered by prospecting.
“The assay results from four outcrops at AM-08 are exceptional and make this a top-priority target for Max. The high-grade results along with the combination of structural and stratiform mineralization provides the company with the potential for significant deposits,” commented Brett Matich, CEO of Max.
“Field crews will now focus on expanding the stratiform mineralization at the AM District, along strike and on identifying other locations where the stratiform and structural mineralization intersect to create wider zones,” he concluded.
Max also reported that further that it has closed its acquisition of all the issued and outstanding shares of Bay Street Mineral Corp., an arm’s-length Canadian corporation. Max has obtained TSXV approval for this acquisition.
In consideration for the acquisition of Bay Street, Max issued the sole shareholder of Bay Street a total of 14,000,000 common shares in the capital of Max. The shares are subject to escrow and shall be released over 36 months commencing on the closing date of the acquisition.
Bay Street holds an underlying 3% net smelter royalty, over 19 mining concessions covering 184-km2 and 31 mining concession applications covering 796-km2 of the company’s wholly-owned Cesar Copper Silver Project. Through its acquisition of Bay Street, the company has re-acquired interest to the Royalty.
The Cesar Copper Silver Project comprises of three districts: AM, Conejo and URU. Collectively the three contiguous districts stretch over 120-km in NNE/SSW direction.
This region provides access to major infrastructure from oil & gas and mining operations, includes Cerrejon, the largest coal mine in South America, held by global miner Glencore. Max’s 20 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.
Conejo DistrictMidway 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 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.
Max has identified and is evaluating 27 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.
Systematic chip and channel sampling of the mineralized outcrops and detailed geological and structural mapping of each showing will be carried out. Target scale prospecting, soil sampling and Airborne Magnetic/Radiometric Surveys will be conducted.
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 km2.
In addition, Max controls the RT Gold property (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.