| ||Wed Jul 20, 2005|
Airborne Geophysical Survey Completed on The Macinnis Lake Uranium Project
| ||MAX Resource Corp. is pleased to announce that Airborne Time Domain EM and Magnetic surveys have been completed on the Company's MacInnis Lake Uranium Project in the Northwest Territories. Exploration is being conducted in search of uranium deposits with emphasis on unconformity related deposits such as those discovered in the Athabasca Basin of Saskatchewan. The uranium deposits in the Athabasca basin are associated with graphitic fracture and breccia filings and disseminations in elongate or tabular zones hosted by sedimentary to metasedimentary rocks, at or near the contact of a major continental unconformity, which display themselves as good to strong conductors.|
The airborne survey was conducted by Fugro Airborne Surveys over the southern portion of the grid using Fugro's MEGATEM and in the northern ~60% with their GEOTEM system. The surveys covered a total of approximately 951 line kilometers along east-west oriented lines, with 200 meter spacings. Mr. Jan Klein, M.Sc., P. Eng., P. Geo., consulting geophysicist, is currently reviewing and compiling all of the data generated from the geophysical survey. Results from the survey will be combined with archived historical drill results to assist the company in its drill targeting during subsequent surface exploration planned for this summer.
Mr. Clancy Wendt, P.Geo., is MAX's Qualified Person for the MacInnis Lake uranium project. Mr. Wendt stated "the preliminary data we have received confirms the presence of conductors that correspond to the numerous high-grade uranium showings that were previously recorded on the MacInnis Lake property. Previous drilling at MacInnis Lake did not exceed 150 meters and we are encouraged by the potential at depth delineated by the Megatem surveys conducted by Fugro, as the world-class uranium deposits in Saskatchewan's Athabasca Basin were encountered at depths of from 50 to 600 meters.
Mr. Wendt has prior experience in uranium exploration with such notable uranium companies as Phillips Uranium, Teton Exploration and Cerro Corporation. He has conducted all phases of uranium exploration, from conceptual targeting to drilling and evaluation, with extensive experience in the Wyoming, New Mexico, Utah and South Dakota uranium fields.
The MacInnis Lake uranium claim block consists of 26,184.64 acres located in the Nonacho Basin 150 km northeast of Fort Smith, Northwest Territories and 145 miles northwest of Athabasca Lake, Saskatchewan. The MacInnis Lake Uranium project is considered to be an Unconformity-associated uranium deposit type. Unconformity-related uranium deposits can be extremely high grade and can average up to 10%+ U308; this is the same type of setting for the majority of the uranium deposits in the Athabasca Basin.
The MacInnis Lake claim block is known to have widespread surface uranium mineralization, and contains 28 high grade uranium outcrops, some of which were drilled between 1954 and 1988. All uranium exploration and drilling datasets from the MacInnis Lake project have been archived and recorded by the Geological Survey of Canada and include;
- the Dussault, which has an inferred resource of 37,000 tons grading 0.17% U308 (the occurrence appears to be open down dip and along strike) and values of 0.84% U308 intersected over 2 feet and high-grade samples to 28%
- the Ace, with a drill indicated resource of 30,000 - 50,000 tons grading 0.18% U308 .
- the Cole, with numerous trenches with U308 values reported as high as 3.16%, 5.13% and 20%; and
- the KULT, which has a surface showing 300m x 500m wide with uranium and copper mineralization that returned grades up to 3.5% Copper and 3.3% U308
None of these historic resource estimates conform to modern 43-101 standards and will need to be confirmed and appropriate confirmation drilling completed. The historic resource estimates are for historical reference only and, because MAX did not perform the resource estimates, MAX does not infer or assert that the resource estimates were performed under current NI 43-101 guidelines, or that the historical uranium resource estimates are reliable or accurate.
All historically archived drill data, on which the above estimates are based, is available from the Northwest Territories Geoscience office of Research and Information. A National Instrument 43-101 compliant report on the property has been prepared on behalf of Alberta Star Development Corp. (TSX-V:ASX; OTC BB: ASXSF) and is now accessible on SEDAR.
The world average grade from producing uranium mines is 0.15% U308. The current spot price for uranium is $29.50 US per pound
MAX has entered into an option agreement with Alberta Star whereby MAX can earn a 50% interest in the MacInnis Lake Uranium Project by making additional cash payments of $15,000 and incurring exploration expenditures totaling $2 Million over a five year period. Alberta Star will be the operator of the project.
About MAX Resource Corp.
MAX Resource Corp. is a Canadian mineral exploration company that identifies, acquires and finances advanced stage exploration projects in the Americas. MAX is currently focused on the discovery of uranium and precious metals in the far North, with interests in properties in Alaska and the Northwest Territories.
On behalf of the Board of Directors of
MAX Resource Corp.
Tel: (604) 642-0115
THE CONTENTS OF THIS NEWS RELEASE HAVE NEITHER BEEN APPROVED NOR DISAPPROVED BY THE TSX VENTURE EXCHANGE.
This News Release includes certain "forward looking statements". Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause MAX's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.
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