Max Resource Corp. Samples 155g/t Gold over 0.4m at North Choco
TSX VENTURE: MXR
Vancouver, British Columbia--(Newsfile Corp. - May 23, 2019) - MAX RESOURCE CORP. (TSXV: MXR) (OTC Pink: MXROF) (FSE: M1D1) ("Max" or the "Company") is pleased to report the first assays from its 10-week exploration program now underway at the North Choco copper gold project, located 80 km SW of Medellin, Colombia. Max is acquiring the North Choco Property through the planned acquisition of Andagueda Mining Pty. Ltd. (see our news release of May 8, 2019). Assay highlights include:
- Seven of 23 chip samples returned grades ranging from 155.27g/t gold to 2.94g/t gold;
- Three of the 7 samples returned values of >10,000 ppm copper, in excess of the upper detection limit, and will need to be reanalyzed to determine the final grade;
- The chip samples were taken over various widths from 4 locations within a 400 metre by 700 metre exploration area centred on the historic gold mines;
- Max is three weeks into the 10-week North Choco exploration program and further results will be released after receipt and interpretation.
"We are very pleased with this first round of assays from our intensive exploration campaign. The assay results are delivering significant grades of gold and we expect the copper re-assay results very soon," Max CEO, Brett Matich, stated. "Our strategy is to expand our exploration efforts in all directions within the 500 sq. km land package," he continued.
Details for the seven samples can be found in the accompanying table.
|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|
North Choco Gold-Copper and Choco Gold-Platinum
North Choco Gold-Copper (500 sq. km) is located 80 km SW of Medellin and is contiguous to properties held by AngloGold Ashanti and Continental Gold and includes rights to exploration and exploitation over a 72.5 sq. km Mining Area.
North Choco is 47 km SW of AngloGold's 2005 Nuevo Chaquiro copper porphyry discovery, hosting an Inferred Resource of 604Mt at 0.65% copper and 0.32g/t gold with a contained metal content of 4Mt of copper and 6Moz of gold. This is one of five known porphyry centres within a 15 sq. km area.
Max cautions investors mineralization on the Nuevo Chaquiro property is not necessarily indicative of similar mineralization on North Choco. The Nuevo Chaquiro Resource is disclosed in the AngloGold presentation "Discovery and Geology of the Nuevo Chaquiro Cu-Au (Ag-Mo) Porphyry Deposit".
AngloGold Ashanti examined the North Choco area for porphyry copper in 2005, locating porphyry copper prospects and anomalies. AngloGold was unable to follow up and the area has sat idle until Andagueda Mining completed its historic agreement earlier this year.
Max's Choco Gold-Platinum Property (2.140 sq. km) is located adjacent to and SW of North Choco and covers or is adjacent to historic production of 1.5Mozs gold and 1.0Mozs platinum. Free gold was observed from hard-rock conglomerates taken from surface in February of 2019. A follow up Long Wave InfraRed (LWIR) survey identified multiple conglomerate zones spread over a 1,000 sq. km area. Test work is continuing on accessing the fine gold within the conglomerates.
Source for Choco: 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.)
All rock chip samples were shipped from site and delivered by Company personnel to the SGS Colombia S.A.S laboratory in Medellin, Colombia, an ISO/IEC 17025:2005 accredited facility.
All rock samples were analyzed utilizing SGS's ICM40B procedure, a four-acid digestion of a one half-gram sample with an ICP finish, with a copper upper limit of 10000 ppm (1%). All rock samples were also analyzed utilizing SGS's FAG303 procedure, a 30-gram gold fire assay with a gravimetric finish. Over limit copper values are subsequently analyzed utilizing GO ICP13B AES package with an upper limit of 30% copper. Certified blank samples from CDN Resource Laboratories Ltd. were inserted into the sample stream at regular intervals. No irregularities were noted.
About Max Resource Corp.
Max is a mineral exploration company focused on the development and acquisition of prospective projects in the rich mineral belts of Colombia. The company has established significant exploration infrastructure and local community support for the Choco gold and platinum project, located 100 kilometres south of Medellin, which covers, or is adjacent to, historic production of 1.5 million ounces of gold and one million ounces of platinum. The company's Gachala copper project is located 60 kilometres east of Bogota. The company is led by a seasoned management team with a record of significant discovery and exploration success.
Tim Henneberry, PGeo (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
For Max Resource's French inquiries:
Remy Scalabrini, Maricom Inc.
T: (888) 585-MARI
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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 delays or uncertainties with regulatory approvals, including that of the TSXV. 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