Vancouver B.C., February 14, 2019 – MAX RESOURCE CORP. (“MAX” or the “Company”) (TSX.V: MXR; OTC: MXROF; Frankfurt: M1D) is pleased to announce it is receiving the initial sampling analysis results sometime next week for the Company’s 1,757 sq. km gold bearing conglomerate “Choco Gold Bearing Conglomerate Project”, located 100km SW of Medellin, Colombia.
The MAX technical team have determined the best way to obtain the grade of the gold bearing conglomerates is to actually crush the conglomerate and then process the material to physically recover the free gold from the sample, rather than just assay the samples (refer to the diagram and the “Sampling Analysis Methodology” section listed below).
Brett Matich, Max’s President and CEO, commented: “We are all eagerly awaiting next week’s initial sampling results. Our sampling methodology allows the Company to calculate gold recovery, which is far more beneficial than simply determining the gold contained within the samples by conventional assay” Mr. Matich continued: “Our exploration program is in full force with the objective of expanding the current 36 sq. km exploration area”
Sample Analysis Methodology
The preceding sample methodology sheet explains the sampling protocol. MAX is currently processing the samples at the CIMEX Mineral Institute at the Medellin Mines Faculty of the National University of Colombia (“CIMEX”).
Step by step procedure:
1 - A random 50kg sample is taken from each 2000kg bulk sample of hard rock gold bearing conglomerate and sent to CIMEX;
2 - The 50kg sample is dried and weighed;
3 - The entire 50kg sample is crushed to 2mm and sieved, producing a +2mm fraction and a -2mm fraction, with each fraction weighed individually;
4 - The +2mm fraction is set aside to later recover any free gold; a sampling protocol is currently being determined;
5 - The -2mm fraction is concentrated down to 75 to 150 grams of material;
6 - The -2mm tailings are set aside to later recover any free gold; a sampling protocol is currently being determined;
7 - The free gold is separated from the -2mm concentrate;
8 - The -2mm concentrate tailings are set aside for later testing; a sampling protocol is currently being determined;
9 - The free gold is collected, dried and weighed.
The grams per tonne free gold of the -2mm concentrate is calculated and will be released as initial sample results;
The final calculation of free grams per tonne of the 50kg sample will combine the total weight of the free gold separated from the -2mm fraction (the initial sample result) with the weight of the free gold separated from +2mm fraction conglomerate, the -2mm tailings and the -2mm concentrate tailings. The sampling protocol for these fractions is currently being determined. The final sample results to be released at a later date.
Investors are cautioned to remember MAX will be reporting values of free raw gold recovered, not fine troy ounces. Compania Minera del Choco Pacifico determined the fineness (or purity) of the free gold from the Choco region averaged 880 to 920 out of 1000.
The Choco Gold Bearing Conglomerate Project
MAX has 100% ownership of 82 and 50% of 7 mineral license applications, totaling over 1,757 sq. km located within Choco Department approximately 100km SW of the city of Medellin, Colombia.
Compania Minera del Choco Pacifico (“Choco Pacific”) produced 1.5 million ounces of surface gold and 1.0 million ounces of surface platinum from the “Choco District” between 1906 to 1990, largely limited to an average depth of 8 meters or less.
MAX’s Choco Precious Metals Project covers or is adjacent to much of Choco Pacific’s historic exploration and production areas. Choco Pacific historic reports indicate the hard rock conglomerates underlying the surface production areas are gold-bearing, extensive, shallow and generally flat lying with thicknesses from a few metres to 20 metres.
Source: R.J. Fletcher and Associates (2011) Review of Gold and Platinum Exploration and Production in Choco Province Colombia Part 3. Private Report for Condoto Platinum Ltd.)
MAX cautions investors it has yet to verify the historic information.
Further to the Company’s news release dated February 11, 2019, the Company has scheduled a special meeting of shareholders (the “Meeting”) to approve the Company’s acquisition of the Novita Project. The Meeting is scheduled for 11am PST on April 2, 2019. Shareholders as of record date of February 22, 2019 will be eligible to vote at the Meeting.
Data Purchase Agreement
In addition, the Company announces that it is proceeding with fulfilling its obligations on an agreement entered into on March 15, 2018 (the “Agreement”) with Newrange Gold Corp. (“Newrange”), whereas the Company has agreed to pay US $20,000 and issue 100,000 common shares in exchange for certain digital and hard copy data, including historic and work completed and in the possession of Newrange, on the Cerro de Cobre mineral claims and the surrounding area, located in Colombia. The Agreement is subject to TSX Venture Exchange approval. Shares issued pursuant to the Agreement will be subject to a hold period expiring four months and one day from issuance.
About Max Resource Corp.
Max Resource Corp.’s focus is to explore and consolidate gold and platinum group mineral assets in the richly endowed Choco mineral district of Colombia and to explore the Gachala sedimentary copper hosted mineral belt of Colombia.
ON BEHALF OF THE BOARD OF MAX RESOURCE CORP.
Brett Matich, CEO and President
Tim Henneberry, P. Geo (British Columbia), a member of the Max Resource Corp. Advisory Board, is the qualified person who has reviewed and approved the technical content of this news release on behalf of the Company.
For further information, please visit the Company’s website at www.maxresource.com or the Company’s profile at www.SEDAR.com
If you would like to be added to Max Resources’ news distribution list, please send your email address to email@example.com
For more information contact:
Tel: (+1) 604 365-1522
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain statements that may be deemed as “forward-looking statements” within the meaning of applicable Canadian securities laws. All statements in this release, other than statements of historical facts, are forward-looking statements, including, without limitation, statements pertaining to completion of the Transaction and any approvals required in connection with the Acquisition. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guaranteeing of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include: changes in market conditions, unsuccessful exploration results, changes in the price of commodities (particularly copper), unanticipated changes in key management personnel and general social, economic or geo-political conditions. Mining exploration and development is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward-looking statements. The Company does not undertake to update any forward–looking statement that may be from time to time by the Company or on its behalf, except in accordance with applicable securities laws. We seek safe harbor.Back to Past News