The Cesar Project comprises three continuous districts spanning 120-km in an NNE/SSW direction. 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 twenty mining concessions collectively span over 188-km².
On May 30, 2024, the Company received Exchange approval for an EIA with Freeport-McMoRan Inc. for two-stage option to acquire up to an 80% ownership interest in the Cesar Project by funding cumulative expenditures of C$50 million and making cash payments to Max of C$1.55 million.
The current work program in the basin to date consists of stream sediment sampling, soil sampling, rock sampling, surface mapping, extension of the ground magnetics and an Induced Polarization (IP) program. This work program is intended to identify and prioritize drill targets.
Max has completed a 10,000-line-km airborne magnetic and radiometric survey covering 1,150 sq-km over all 3 Districts (AM, Conejo and URU). The data is currently under review with the objective of advancing the Cesar basin model and identifying priority targets.
On May 16, 2024, the Company announced an LOI with terms of purchasing 100% of the Florália hematite iron ore property located 120-km east of the city of Belo Horizonte in the State of Minas Gerais, Brazil.