MAX Resource Corp. Identifies 4km Cobalt Anomaly - Gachala Copper in Colombia
4-km-long cobalt anomaly on the western side of the new license applications.
Applications are contiguous to historic sampling which identified a 25-km strike length of copper enrichment with grades ranging from 0.6% to 13% copper.
The Colombian Geological Survey has identified a 4-kilometre-long cobalt anomaly on the western side of the two new license applications. The Company's in country geologist is currently researching the Colombian databases for details on the cobalt. This metal is of extreme interest to the Company as cobalt is one of the key accessory metals for sedimentary copper deposits.
A Colombian exploration team, lead by Mr. Carlos Gaviria will commence surface survey exploration programs next week to locate and identify bedrock copper mineralization and follow up the cobalt anomaly to identify targets for trenching and diamond drilling throughout the 7 license applications. Further ground will be added to the Gachala land package as exploration results warrant.
MXR's 100% owned Gachala license applications now total 13,277 hectares and cover an aggregate total of 39-line kilometres of the 250km by 120km belt of Devonian through Cretaceous age rocks in a geological setting conducive to hosting sedimentary copper deposits, believed to be analogous to the Zambian Copper Belt of Africa. (Source: Rodriguez and Warden (1993). Overview of some Colombian gold deposits and their development potential. Mineralium Deposita Volume 28, pages 47-57). The Gachala mineralization appears to be localized at the contact between the Devonian-Permian red beds overlying Cretaceous reducing black shales, one of the settings typical of these copper deposits.
The two new license applications are contiguous to the three of the earlier license applications southwest of the Cano Negro area, where historic sampling has identified a 25-kilometre strike length of copper enrichment with grades ranging from 0.6% to 13% copper. (Source: C. Rodriguez and A.J.Warden. 1993 Overview of Some Colombian Gold Deposits and Their Development Potential. Mineralium Deposita Volume 28, pages 47-57.) The Cano Negro area appears to lie on the eastern limb of the 32 kilometre "Anticlinal Montecristo".
Brett Matich, MXR Chief Executive Officer, commented: "MXR is building its project area and continues to identify sedimentary copper/cobalt hosted mineralization within the Gachala region."
Figure 1: Gachala Project Area map
To view an enhanced version of the Gachala Project Area map, please visit:
About Max Resource Corp.
Max Resource Corp., a Canadian-based exploration company, is focussed on identifying advanced exploration projects which are located within the under-explored northern section of the richly endowed Andean Copper Belt of Colombia. The Company is currently reviewing a number of exploration opportunities in Colombia, both in base and precious metals.
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.
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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 Acquisition 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 guarantees 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.