Max Resource Corp. Announces Significant Gold Discovery Zone at North Choco
TSX VENTURE: MXR
Vancouver, British Columbia--(Newsfile Corp. - September 5, 2019) - MAX RESOURCE CORP. (TSXV: MXR) (OTC Pink: MXROF) (FSE: M1D1) ("Max" or the "Company") is pleased to report stream sediment sampling at North Choco conducted in July-August has returned highlight values in excess of 800 ppb gold and has discovered a new gold exploration target (the "Discovery Zone") covering an area of over 3 km by 1 km and open-ended. The source of gold could be indicative of the presence of potentially economic porphyry-style gold mineralization. This area of the Company's North Choco Gold Project ("North Choco") is located approximately 80 km SW of Medellin Colombia (see Figure 2). It has not been accessible to exploration for over a decade and has no known history of mineral exploration.
The Discovery Zone is characterised by anomalous stream sediments in several neighbouring creeks running from 143 ppb to 834 ppb gold (see Figure 1) and is coincident with the presence of government mapped granodiorite intrusives. Additionally, the exploration program identified an anomaly grading 658 ppb gold approximately 12 km NEE of the Discovery Zone also underlined by granodiorite.
In advance of the next exploration phase, Max is currently interpreting results of a Long Wave InfraRed (LWIR) survey over the area of the Discovery Zone, conducted earlier this year to assist in targeting the granodiorite intrusive as a potential source of mineralization and expanding the Discovery Zone.
It's important to note that AngloGold Ashanti's Nuevo Chaquiro gold deposit is located 40 km NE of the new Discovery Zone in a similar geological environment. The Nuevo Chaquiro deposit was discovered by a stream sediment sampling program returning gold values of up to 398 ppb over 2.5 km by 2 km and now hosts a 2014 inferred mineral resource of 604 million tons grading 0.65% copper, 0.32 g/t gold, 4.4 g/t silver and 116 ppm molybdenum representing an inferred 6.1Moz gold & 3.95Mt copper. Source "Discovery and Geology of the Nuevo Chaquiro Cu-Au (Ag-Mo) Porphyry Deposit" by N. Winer, VP Greenfields Colombia, AngloGold Ashanti and undated.
Max cautions investors that results from adjacent and nearby properties are not necessarily representative of the mineralization hosted at North Choco.
As part of the systematic evaluation at North Choco, Max is currently conducting a first phase exploration program 30 km north of the Discovery Zone within an area where two historic INGEOMINAS gold anomalies were recorded; the 5 km long by 4 km wide historic NW gold anomaly and the 6 km long by 5 km wide historic NE gold anomaly (see August 14 News Release). Upon completion of this first pass exploration program, the team will return to the Discovery Zone area to follow up the exploration results reported today.
"We are extremely pleased to have generated such a significant anomalous gold discovery on the first program," Max CEO, Brett Matich, stated. "We eagerly anticipate similar results as we systematically evaluate the North Choco land package that has generally been inaccessible to mineral exploration in the past," he continued.
Choco Gold-Platinum Project Update
Max's technical team is reviewing a LWIR survey in advance of an exploration program planned for October in the area where a 2013 exploration by Australian Securities Exchange-listed Condoto Platinum Ltd. led to the discovery of a 9.8-metre shear zone grading 63g/t gold, the first documented shear-hosted bedrock gold in Choco (see July 11 news release).
Furthermore, Max has entered preliminary discussions with a potential partner with the prerequisite expertise to assist with the gold bearing conglomerates. The Company will provide further conglomerate updates as they come to hand.
What is 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.
North Choco Gold and Choco Gold-Platinum Projects
North Choco is located approximately 80 km SW of Medellin and covering a total area of approximately 1,250 sq. km and includes exclusive rights to exploration and exploitation over a 500 sq. km area. The Project is contiguous to properties held by AngloGold Ashanti and Continental Gold and includes 14 historic gold mines and 4 historic gold anomalies collectively covering 80 sq. km.
Choco Gold covers approximately 2,140 sq. km and lies south and adjacent to North Choco. The Project includes exclusive rights to exploration and exploitation over a 1,000 sq. km area. and encompasses or is adjacent to historic production of 1.5Mozs gold and 1.0Mozs platinum by Choco Pacific Mining Company (1906 - 1990) and includes 33 historic gold mines and 4 historic platinum mines.
All Max sample assay results have been securely transported to ALS Lab's sample preparation facility in Medellin, Columbia. Sample pulps are sent to Lima, Peru for analysis. Gold content is determined by fire assay of a 30-gram charge with other elements including copper content determined by four-acid digestion with ICP finish. ALS Labs is independent from Max.
Max is not aware of any other factors that could materially affect the accuracy or reliability of the data referred to herein.
The Company is currently assessing Colombian mineral asset opportunities as part of its strategy to attract strategic partnerships. The Company is not proceeding with the second tranche of the financing (see July 9 news release).
About Max Resource Corp.
Max is a mineral exploration company with an experienced and successful management team focused on the development and expansion of its landholdings in the rich mineral belts of Colombia. The Companies projects have recently been assessible to modern exploration and represent significant potential for the discovery of multiple and important-scale gold and copper deposits that can attract major partners.
Max works closely with local governments, indigenous groups and other project stakeholders in order to advance its mineral properties responsibly, and to do so in a manner that contributes to sustainable community and economic development.
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
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