The North Choco Gold-Copper project covers 950 sq. km and is contiguous to properties held by AngloGold Ashanti (NYSE: AU) and Continental Gold (TSX: CNL) and includes rights to exploration and exploitation over a 72.5 km2 mining area. The project is located 80 km SW of Medellin, Colombia and encompasses twelve historic gold mines and four gold anomalies that are collectively spread over an area of 80 km2. Historic government surveys suggest the North Choco Gold-Copper project has excellent potential for porphyry copper.
Max is acquiring North Choco through the pending acquisition of Andagueda Mining Pty. Ltd. (see news release of May 8, 2019). The mining agreement with the Tahami Indigenous Reservation of Alto Andagueda encompasses 500 sq. km of the Reservation’s land area and includes exploration and development of economic mineral resources on Indigenous Communities Mining Zone 8-1704 covering 6,535 hectares and Mining Concession BAE-112 covering 720 hectares.
The geology of the North Choco Gold-Copper project consists of Cretaceous mudstones to sandstone in the east and Palecone to Eocene basalts, breccias, agglomerates and tuffs in the west. These units are intruded by the monzonites and tonalites of the Miocene Farallones batholith. Presently known mineralization, largely quartz veins, is hosted in the basalts and the intrusive, with historic exploration confined to the 720.6-hectare mining lease.
The newly added and adjacent south area (380 km2) enxompasses 11 historic gold mines and 3 historic gold anomalies including:
The adjacent eastern area (70 km2) contains 1 historic gold mine and 2 historic gold anomalies:
AngloGold's Nuevo Chaquiro deposit is located on trend and 47km NE of North Choco Gold-Copper and was a blind discovery resulting from identification porphyry style alteration and mineralization during follow up of a regional stream sediment sampling survey. The discovery was the result of a systematic stream sediment geochemistry survey initiated in 2004. Follow up of a modest localized gold anomaly led to identification of the "Discovery Outcrop" in 2005. In 2014 AngloGold reported an initial inferred resource of 604Mt at 0.65% copper and 0.32g/t gold for contained metal content of 3.95Mt of copper and 6.13Moz of gold. This is one of five known porphyry centres concentrated within a 15 sq. km area.
Max cautions investors that results from nearby properties are not necessarily representative of the mineralization hosted at North Choco. Max further cautions investors mineralization on the Nuevo Chaquiro property is not necessarily indicative of similar mineralization at North Choco.
In 2005, AngloGold Ashanti conducted a site visit targeting the copper porphyry potential of North Choco Gold-Copper, which resulted in the identification of pyrite, chalcopyrite, galena, sphalerite and arsenopyrite, in a matrix of quartz and calcite from historic gold mines and copper porphyry prospects. However, AngloGold was unable to follow up the anomalies because of land access restrictions.
Andagueda conducted a reconnaissance visit of the North Choco property in January 2019, concentrating on the historic gold mines taking 14 samples, including the following channel samples:
Mina Morrón (identified on Map 2) has been explored and mined since the late 1800’s, with production periods in 1929-1930 and 1948-1968.
Max’s first exploration objective was to confirm the anomalous zones discovered by AngloGold by chip sampling the rich gold tunnels which confirmed gold and copper including 155g/t gold, 2.8% copper and 551pmm cobalt over 0.4m (see news release of May 30, 2019). The Company also discovered an area of mineralized granodiorite assay results including 80.44 g/t gold, 1.82% copper and 264ppm cobalt over 0.3m (see news release of June 12, 2019). Further assay results identified a significant newly discovered 37.5 sq. km of anomalous copper which is open in all directions (see news release June 5, 2019). Assays are pending from sampling a second area located 20 km south of the 37.5 sq. km anomalous copper zone. Highlights of the program include:
|Sample ID||Gold (gram/ton)||Copper (ppm)||Cobalt (ppm)||Location||Description||Width (metres)|
|19000188||155.27||>10,000||551||Morron||Vein zone with pyrite, chalcopyrite, galena||0.4|
|19000189||27.15||1,369||368||Morron||Vein zone with pyrite, chalcopyrite, galena||0.4|
|19000187||18.23||>10,000||513||Morron||Vein zone with pyrite, chalcopyrite, galena||0.4|
|19000185||8.52||>10,000||142||Morron||Vein zone with pyrite, chalcopyrite, galena||0.4|
|19000194||4.52||6,780||194||QMW||Granodiorite with pyrite & chalcopyrite||0.25|
|19000197||3.92||69||26||Bocamina||Granodiorite with pyrite & chalcopyrite||0.4|
|19000298||2.94||137||69||California||Basalt diorite, contact zone||0.3|
Max consultants are currently reviewing data from a recent cloud-stitched Longwave InfraRed (LWIR) survey which covered both the south and eastern properties, including the 4 anomalous gold zones. After completing the preliminary exploration phase, exploration will focus on a wide stream sediment sampling and prospecting program with the assistance of members of the greater TAHAMI community. The community members will be able to guide the Max geologists to outcrop and mineralization locations handed down generation to generation. The methodology of the program will be similar to the effective program utilized by AngloGold Ashanti that lead to the Nuevo Chaquiro discovery.