Exploring Critical Metals in South America
About Max Resource
Max Resource Corp. (TSXV: MAX) is a mineral exploration company exploring the world’s next sediment-hosted copper district in Colombia and DSO iron ore within the Iron Quadrangle in Brazil, hosting some of the largest DSO mines in the world.
Florália Hematite Geological Target:50 to 70mt at 55-61% Fe*
Florália Hematite/Itabirite Geological Target: 120 to 170mt at 53 to 55% Fe*
*Hematite mineralization tonnage potential estimation is based on in situ high-grade outcrops and interpreted and modelled magnetic anomalies. Density value used for the estimate is 2.8t/m³. Hematite sample grades range between 55-61%Fe. Itabirite mineralization tonnage potential estimation is based on in situ itabirite outcrop interpreted and modelled magnetic anomalies. Density value used for the estimate is 2.5t/m3. Itabirite sample grades range between 51-55%Fe. The 58 channel samples were collected for chemical analysis from in situ outcrops in previously mined slopes of industrial materials. Channel samples weighed in average 14 kg. Chemical analysis was performed at ALS Laboratories. Metal Oxides are determined using XRF analysis. Fusion disks are made with pulped samples and the addition of a borate-based flux. Max did not insert standards or blanks in the assay stream and is relying on ALS's lab QA/QC.
Colombia
Sierra Azul Copper-Silver
The Sierra Azul (formerly Cesar) copper-silver project consists of 20 mining concessions spanning over 188 km2 and comprises three continuous districts spanning 120-km NNE/SSW. Colombia’s Cesar basin lies along the northern portion of the Andean copper belt, the world's largest producing copper belt. 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 is exploring the world's next sedimentary-hosted copper district along a 120-km copper-silver target zone, where three significant discoveries zones have been made: AM, Conejo and URU.
View Project Page
On May 30, 2024, the Company received exchange approval for an earn-in agreement with Freeport-McMoRan Inc. for a two-stage option to acquire up to an 80% ownership interest in the project by funding cumulative expenditures of C$50 million and making cash payments to Max of C$1.55 million. 2024 exploration at Sierra Azul is fully funded by Freeport-McMoRan Inc. and includes:
- Geophysical, mapping and geochemistry to identify multiple drill targets and build the model of the 200 x 20-km Cesar Copper-Silver basin
- Analyzing 10,000-line-km high-resolution magnetic / radiometric survey
- 28 priority targets identified to date
Brazil
Florália Hematite Iron Ore
The Florália Hematite project is located 70-km east of the city of Belo Horizonte, Minas Gerais, Brazil’s largest iron ore and steel producing State. In addition, iron ore buyers lie within 20-km of Florália, providing a local ready market requiring minimal transportation, upon successful exploration and development.
Max’s technical team has reviewed new drone magnetics and channel sampling data and has significantly expanded the Florália hematite geological target from 8 to 12 million tons at 58% Fe to 50 to 70 million tonnes at 55% to 61% Fe, with an additional itabirite geological target of 130 to 170 million tonnes at 51% to 55% Fe.
*Max cautions investors the Florália Hematite potential quantity and grade of the iron ore is conceptual in nature, and further cautions there has been insufficient exploration to define a mineral resource, and Max is uncertain if further exploration will result in the target being delineated as a mineral resource. In 2023, Gold miner Jaguar Mining (TSX: JAG) conducted mapping consisting of 41 channel samples collected over 151m of accumulated length. Using a density of 2.71 g/cm3 resulted in definition of an estimated geological target of: 2,971,233 to 4,496,333 m3 or 8,052,041 to 12,184,160t at average of 58% Fe. The source of the exploration information on the Florália Property is “Depósito Florália Oportunidade para minerrio de ferro by Jaguar Mining Inc. The document is undated.