Vancouver B.C., October 29, 2019 – MAX RESOURCE CORP. (“Max” or the “Company”) (TSX.V: MXR; OTC: MXROF; Frankfurt: M1D1) is pleased to report a high-grade gold-copper discovery within its 100% owned North Choco Gold project (“North Choco”). Continuous rock chip sample collected over 1m sample interval at the new NW Gold-Copper Discovery returned 49.8 g/t gold and 4.3 % copper, with the mineralized zone continuing under the cover in both directions. The mineralization appears to be structurally controlled within granodiorite to quartz monzonite and is coincident with a Long Wave InfraRed (LWIR) anomaly (refer to Figure 1).
Max was drawn to the blind NW Gold-Copper Discovery area by the historic work of Ingeominas in combination with the recently completed LWIR survey. The regional silt sampling program completed in September and October highlighted creeks draining the discovery area in the opposite direction returning values of 28 ppb gold and 338 ppm copper and 11 ppb gold and 200 ppm copper respectively.
The NW Gold Discovery lies on the southeast contact of an LWIR Alunite anomaly. Soil sampling completed across the Alunite anomaly in the discovery area returned elevated gold and copper values and led to the discovery of the high-grade zone. Once readerly accessible, future work will focus on mapping and sampling along strike to extend the zone and on locating additional parallel zones.
The wholly owned North Choco Gold project is located approximately 80 km SW of Medellin, the area is to be reduced to approximately 400 sq. km of mineral applications covering four prospective areas, including 10 historic gold mines and the NW Gold-Copper Discovery. It’s important to note that AngloGold Ashanti’s 2005 Quebradona gold-copper discovery and IAMGold’s 2010 Caramanta gold-copper discovery are both in a similar geological environment to the NW Gold-Copper Discovery area, located 12 km NE and 6 km W respectively (refer to Figure 2);
Max cautions investors that results from adjacent and nearby properties are not necessarily representative of the mineralization hosted at North Choco.
“Considering the NW Gold-Copper Discovery is open at both ends and the LWIR anomaly together with the elevated gold-copper soil values show potential continuation under cover and the potential at depth, we believe there could be sizable amounts of both gold and copper,” Max CEO, Brett Matich, stated.
“We plan to return to North Choco once accessibility becomes more readerly available; our immediate attention will focus on the Cesar property area, a prolific copper-silver belt with ready field accessibility. The Cesar Copper-Silver project meets Max’s strategy of identifying opportunities that represent significant potential for Tier 1 mineral discoveries in Colombia. Max’s increased copper exposure, bodes well with increasing copper deficits, as the price has increased over 4% this month.” He continued.
Cesar Copper-Silver Property
Cesar Copper-Silver property is located approximately 420 km north of Bogota in NE Colombia. Max’s first field program achieved early success in identifying 12 distinct outcrops spread over 9 sq. km indicating the mineralization is open in all directions; significant highlight grab sample copper assays of up to 4.15% and associated highlight silver assays of up to 116 g/t were obtained (see September 24, 2019 News Release). Max cautions investors selected grab samples are selected samples and are not necessarily representative of mineralization hosted on the property.
Copper and silver assay results are pending from 6 additional locations.
The Max Technical Team is currently compiling and interpreting recently released historic data, oil/gas drill holes, seismic data and interpreting the recent (LWIR) survey conducted by Max, prior to commencing the November-December exploration programs.
Choco Gold Project
The wholly owned Choco Gold project, located approximately 120 km SW of Medellín Colombia, is currently being reduced to approximately 350 sq. km. of mineral applications. These cover or are adjacent to historic production of 605,110 ounces of gold by Choco Pacific Mining (1906 to 1990), and encompass the conglomerate gold discovery, including the most recent alluvial concentrate results of sample 001 grading 340.84 g/t gold and 111.03 g/t platinum and sample 002 grading 222.06 g/t gold and 113.83 g/t platinum (see April 16, 2019 News Release).
Sample 001 consisted of 26.8 kg of material subsequently panned to a concentrate of 57.99 g which was subsequently assayed and reported. The numbers for sample 002 were 22.8 kg and 39.39 g respectively. Furthermore, Max has commenced discussions with a potential partner with the prerequisite expertise to assist with the gold bearing conglomerates.
What is Long Wave InfraRed (LWIR)
LWIR analysis, through proprietary processing of Aster satellite data, has the ability to map or identify, through reflectance spectroscopy against a set of known standards, mineral distribution over large areas covered by vegetation and shallow cover. The ground-penetrating nature of infrared radiation in the long-wave bands allows viewing of mineral spectra in the first 30 to 60 centimetres of the earth's surface through dense vegetation. Anomaly maps are then generated for a suite of the 16 most abundant minerals within the area of the survey.
About Max Resource Corp.
Max is a mineral exploration company with an experienced and successful management team focused on advancing the development of its landholdings in the rich mineral belts of Colombia, which have significant potential for the discovery of important-scale mineral deposits that can attract major partners.
Tim Henneberry, P Geo (British Columbia), a member of the Max Resource Advisory Board, is the Qualified Person who has reviewed and approved the technical content of this news release on behalf of the Company.
For more information visit: https://www.maxresource.com/
For additional information contact:
Max Resource Corp.
T: (604) 290-8100
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Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to the completion of the Consolidation, the issuance of the Debentures, and delays or uncertainties with regulatory approvals, including that of the Exchange. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. There are no assurances that the commercialization plans for Max Resources Corp. described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which filings are available at www.sedar.com
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