Max Resource Corp. Outlines Gold Copper Zone at North Choco
TSX VENTURE: MXR
Vancouver, British Columbia--(Newsfile Corp. - June 5, 2019) - MAX RESOURCE CORP. (TSXV: MXR) (OTC Pink: MXROF) (FSE: M1D1) ("Max" or the "Company") is pleased to report further results from its initial sampling program at North Choco Gold-Copper have identified anomalous gold and copper at surface within an area approximately 5 km by 7.5 km and open in all directions. Max is acquiring the North Choco Property, located 80 km SW of Medellin, Colombia, through the pending acquisition of Andagueda Mining Pty. Ltd. (see news release of May 8, 2019).
- A total of 74 rock chip samples were taken in the area with gold values ranging from 5 to 80,000 ppb (80 g/t) gold and copper values ranging from 14.5 ppm to 18,200 ppm (1.82%) copper;
- Average grades were 537 ppb gold and 640 ppm Copper, medians were 25 ppb Au and 171 ppm Cu;
- Sample widths of the individual chip samples ranged from 0.125 to 1.00 metres with the majority in the 0.30 to 0.40 metre range;
- Copper minerals included: chalcopyrite, chalcocite and occasional bornite;
- Assay results are pending on a further 88 samples.
"Our exploration campaign continues to produce excellent results" Max CEO, Brett Matich, stated. "We have already identified a large area of anomalous gold copper mineralization and will now focus on expanding mineralization foot print, with further assay results pending," he continued.
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 4 million tons of copper and 6 million ounces of gold. This is one of five known porphyry centres within a 15 sq. km area. The Nuevo Chaquiro Resource is disclosed in the AngloGold presentation "Discovery and Geology of the Nuevo Chaquiro Cu-Au (Ag-Mo) Porphyry Deposit". Max cautions investors results from adjacent and nearby properties are not necessarily representative of the mineralization hosted at North Choco.
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 Gold-Copper 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 and the second phase exploration program will commence soon. 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 were subsequently analyzed utilizing ASS41B over range 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-Platinum project, located 100km 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 North Choco Copper-Gold project lies adjacent to the Choco Gold-Platinum project. The company's Gachala copper project is located 60km 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
Neither 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
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