Max Resource Provides Update on its Maiden Drill Program in the URU District, CESAR Copper-Silver Project in NE Colombia
Vancouver, November 17, 2022 - Max Resource Corp. (TSXV: MAX) (OTC Pink: MXROF) (FSE: M1D2) ("Max" or the "Company") is pleased to provide an update on its inaugural drilling program at URU-C and URU-C located within the 20-km-long URU District (refer to Figures 2 and 3).
Eight holes from four drill pads for a total of 1,421m of drilling have been completed to date on the URU-C zone. Drill hole lengths ranged from 53m to 382m. Max is pleased to report that visible chalcocite and malachite have been observed in the URU-C diamond core. Assays are pending and due early December (refer to Figures 1 through to 6).
The drill rig is now moving to the URU-CE zone, located 750m east of URU-C, with diamond drilling expected to continue through to mid-December, 2022.
"We are pleased that the drill core has evidenced visible chalcocite and malachite mineralization, and we look forward to receiving assay results," commented Max CEO, Brett Matich.
"Max's focus for this initial drill program is to identify the URU-C and URU-CE structurally controlled copper-silver mineralization at depth. We will then follow-up on multiple stratiform copper-silver targets more typically found in the Cesar basin," he continued.
"Max maintains a robust treasury and plans to continue drilling through much of 2023 as the Company works toward significant copper discoveries which are in high demand with the world's projected copper shortfall," he concluded.
Figure 1. URU-1 drill core showing visible chalcocite/malachite mineralization
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/3834/144582_figure1.jpg
Figure 2. CESAR 90-km-long copper-silver belt and Figure 3. URU 20-km-long (drilling 1-km portion)
To view an enhanced version of Figure 2 and Figure 3, please visit:
https://images.newsfilecorp.com/files/3834/144582_ffc587a3249e6804_004full.jpg
Figure 4. URU-C drill locations (URU-1 to 8) and proposed locations for URU-CE
To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/3834/144582_ffc587a3249e6804_005full.jpg
Figure 5. URU-C, upper level drill hole locations
To view an enhanced version of Figure 5, please visit:
https://images.newsfilecorp.com/files/3834/144582_ffc587a3249e6804_006full.jpg
Figure 6. Operation of man portable diamond rig
To view an enhanced version of Figure 6, please visit:
https://images.newsfilecorp.com/files/3834/144582_ffc587a3249e6804_007full.jpg
| DH No. | E_WGS84z18N | N_WGS84z18N | Elevation (m) | Azimuth | Dip | Depth (m) |
| URU-1 | 729,893 | 1,169,764 | 747 | 275 | -50 | 173.73 |
| URU-2 | 729,893 | 1,169,764 | 747 | 330 | -45 | 381.60 |
| URU-3 | 729,893 | 1,169,764 | 747 | 120 | -45 | 205.74 |
| URU-4 | 729,893 | 1,169,764 | 747 | 275 | -70 | 90.83 |
| URU-5 | 729,933 | 1,169,996 | 856 | 325 | -45 | 261.51 |
| URU-6 | 729,893 | 1,170,065 | 850 | 165 | -45 | 118.56 |
| URU-7 | 729,866 | 1,169,982 | 791 | 130 | -45 | 136.85 |
| URU-8 | 729,866 | 1,169,982 | 791 | 310 | -55 | 53.03 |
Table 1. URU-C drill hole coordinates
CESAR Copper-Silver project lies along the copper-silver rich 200-kilometre-long Cesar Basin in Northeastern Colombia. This region provides access to major infrastructure resulting from oil & gas and mining operations, including Cerrejón, the largest coal mine in South America, held by global miner Glencore (refer to Figure 2). Max's twenty-one mining concessions collectively expanse over 188-km².
Max is proactive, with the corporate goal of transitioning the Cesar basin towards the mining of copper, the key metal for the Colombia's transition to clean energy.
The Company has granted an aggregate of 4,000,000 performance share units (the "PSUs") to offices and directors of the Company. The PSUs are governed by the Company's Omnibus Equity Incentive Compensation Plan, approved by the shareholders at the Company's annual general meeting held on October 11, 2022.
Qualified Person
The Company's disclosure of a technical or scientific nature in this news release was reviewed and approved by Tim Henneberry, P Geo (British Columbia), a member of the Max Resource Advisory Board, who serves as a qualified person under the definition of National Instrument 43-101.
About Max Resource Corp.
Max Resource Corp. (TSXV: MAX) is a mineral exploration company advancing the newly discovered district-scale CESAR copper-silver project. The wholly owned CESAR project sits along the Colombian portion of the world's largest producing copper belt (Andean belt), with world class infrastructure and the presence of global majors (Glencore and Chevron).
In addition, Max controls the RT Gold project (100% earn-in) in Peru, encompassing a bulk tonnage primary gold porphyry zone, and 3-km to the NW, a gold bearing massive sulphide zone. Historic drilling in 2001, returned values ranging 3.1 to 118.1 g/t gold over core lengths ranging from 2.2 to 36.0-metres.
The safety of our people and the communities where we operate is most important. We conduct exploration in a manner which supports protection of ecosystems through responsible environmental stewardship.
Source: NI 43:101 Geological Report Rio Tabaconas Gold Project for Golden Alliance Resources Corp. by George Sivertz, Oct.3, 2011
For more information visit: https://www.maxresource.com/
For additional information contact:
Tim McNulty E: info@maxresource.com
T: (604) 290-8100
Rahim Lakha E. rahim@bluesailcapital.com
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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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