Max Resource Announces LWIR Survey Identifies 6 km by 3 km Key Alteration Anomaly at North Choco
Vancouver, September 19, 2019 - Max Resource Corp. ("Max" or the "Company") (TSXV: MXR) (OTC PINK: MXROF) (FSE: M1D1) is pleased to report the interpretation of the Long Wave InfraRed (LWIR) survey, conducted earlier this year over the area surrounding the recently announced 3 km by 1 km gold "Discovery Zone", has identified a 6 km long by 3 km wide alunite alteration anomaly at North Choco, which is located 80 km SW of Medellin, Colombia (refer Figure 1).
The Alunite Anomaly is adjacent to the south of the Discovery Zone and collectively covers an area of 9 km north-south and up to 3 km west-east. The strong Alunite Anomaly together with the previously announced multi-stream gold discoveries further support the presence of potentially economic porphyry-style gold mineralization.
"The LWIR and gold geochemistry results continue to strengthen our belief in the presence of significant porphyry gold system at North Choco," Max CEO, Brett Matich, stated. "We are currently employing the same exploration strategy at the NW and NE zones to systematically evaluate the North Choco land package that has generally been inaccessible to mineral exploration in the past," he continued.
It's important to note that AngloGold Ashanti's 2005 Quebradona gold discovery, IAMGold's 2010 Caramanta gold discovery and the Marmato gold deposit are all in a similar geological environment and are located 12 km north-east, 6 km west and 20 km south. Quebradona and Caramanta were both discovered by similar stream sediment sampling programs to the one presently being conducted by Max:
- Quebradona 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;
- Caramanta hosts five porphyry centres and has recorded several drill intersections in excess of 1 g/t gold, including a highlight value of 460.6m at 1.4g/t gold equivalent. Source "Technical Report on the Caramanta Project, Department of Antioquia, Republic of Colombia by O'Prey, 2014 for Solvista Gold Corporation;
- Marmato hosts a 2017 measured and indicated mineral resource of 41.2 million tonnes at 2.9 g/t gold and 17 g/t silver. Source "NI 43-101 Technical Report Updated Mineral Resource Estimate Marmato Project, Colombia 20-November-2017 by Parson et al, for Gran Colombia Gold Corp.
Max cautions investors that results from adjacent and nearby properties are not necessarily representative of the mineralization hosted 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 historic NW gold anomaly is 5 km long by 4 km wide and the historic NE gold anomaly is 6 km long by 5 km wide (see August 14 News Release). Upon completion of this first pass exploration program, the team will return to the Discovery Zone and Alunite Anomaly to conduct the second phase exploration program.
To view an enhanced version of Figure 1, please visit:
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.
Choco Gold-Platinum Project
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. Source: 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.)
Max's technical team is reviewing the LWIR survey in advance of an exploration program planned for October-November 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.
North Choco Gold Project
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 (NYSE: AU) and Continental Gold (TSX: CNL) and includes 14 historic gold mines and 4 historic gold anomalies collectively covering 80 sq. km.
Copper Sedimentary Northeast Colombia
Max has completed a sampling program on a stratabound hosted copper-silver property located on the western flank of Serrania de Perija in northeastern Colombia. Max will release assay results once received.
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.
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
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