Max Resource Corp. (TSXV: MXR) (OTC Pink: MXROF) (FSE: M1D)(“MXR” or the “Company”) is pleased to announce the results of the 97 metre channel sample at Cerro de Cobre as it continues its due diligence in support of the acquisition of its Copperbelt Minerals Corp’s Gachala Copper Project, 50 kilometres east of Bogota, Colombia (the “Property”), as detailed in its February 26, 2018 news release. Highlights include:
- 19 metres averaging 3.21% copper; within
- 59 metres averaging 1.722 % copper
The orientation of the channel sampled mineralization is unknown at this time. MXR cautions investors it has not yet fully verified the historical data. The 19 metres averaging 3.21% copper supports the 3.16% copper over 22.9 metre obtained by Colombian Mines Corporation during its 2008 program.
To view an enhanced version of this graphic, please visit:
“Our on-going due diligence continues to confirm our faith in the Copperbelt acquisition becoming our critical asset,” Brett Matich, MXR Chief Executive Officer, stated. “The Cerro de Cobre channel sampling exceeded expectations expanding the bedrock mineralization from 22 metres to 59 metres. We are now awaiting assays to confirm the belief our LWIR survey, detailed in our March 8, 2018 news release, will successfully vector us in to previously unknown bedrock copper mineralization. We remain staunchly focussed on our object of Pioneering the World’s Next Copper Frontier.”
A continuous 8 centimetre channel sample was cut in bedrock to a depth of 3 to 4 centimetres and sampled in continuous 1 metre intervals. As shown in the attached figure, the channel locations had to be moved to accommodate topography. The metre by metre assays are shown in the accompanying table.
|Sample||% Cu||Sample||% Cu||Sample||% Cu|
The orientation of the channel sampled mineralization is unknown at this time. MXR cautions investors it has not yet fully verified the historical data.
All samples from the Phase I surface program were sent to the ACTLABS COLOMBIA S.A.S. laboratory, an ISO 9001: 2008 certified facility. All samples were collected by Max Resource Corp. contractor personnel and securely stored until delivery to ACTLABS. At this early stage of exploration, Max Resource Corp. is relying on the certified standards utilized by ACTLABS as part of it analysis protocols. No QA/QC anomalies were noted in the analyses.
The Gachala Copper Project consists of 4 mineral claims and 21 exploration applications totaling approximately 400 square kilometers, covering a 25km section of a 250km by 120km belt of Devonian through Cretaceous age rocks in a geological setting conducive to hosting sedimentary copper deposits. Mineralization appears to be localized at the contact between the Devonian-Permain red beds and the overlying Cretaceous reducing black shales, one of the settings typical of these copper deposits.
The Gachala Copper Project includes the historic Cerro de Cobre copper mine, where 2008 channel sampling returned 22.8 metres grading 3.16% copper and 15.3 g/t silver. Subsequent Mobile Metal Ion (MMI) soil sampling defined a 1500 metre by 800 metre copper-in-soil anomaly encompassing the two zones, open in all directions. Colombian Mines Corporation felt there was a high potential for repetition on the opposite side of the hosting anticline and further felt the geology suggested mineralization may extend beyond the limits of known anomalous zones. (Source: Colombian Mines Corporation News Releases dated 15-May-2008 and 14-Nov-2012 respectively). The orientation of the channel sampled mineralization is unknown at this time. MXR cautions investors it has not yet fully verified the historical data.
The historic sampling combined with the recent mapping and sampling completed by MXR indicates copper mineralization appears to be widely dispersed throughout the 400 square kilometre property holdings.
About the Transaction
MXR has signed a binding Letter of Intent (“LOI”) to acquire 100% of the outstanding share capital of Copperbelt Minerals Corp., a private Canadian company holding the Property. MXR will issue 12,000,000 common shares to the Copperbelt Minerals’ shareholders and take over the obligations of the Cerro de Cobre agreement, requiring the aggregate payment of US$1,060,000 over the next three years to the Cerro de Cobre vendors. Certain shareholders of Copperbelt Minerals will collectively retain a 3-per-cent net smelter returns royalty (“NSR”) on the Property. MXR has the sole exclusive right to purchase half of the 3-per-cent NSR for the consideration of US$3-million at any time prior to production. On April 2, 2018, the due diligence period was extended to April 30, 2018.
About Max Resource Corp.
Max Resource Corp., a Canadian-based exploration company, its focussed on acquiring advanced exploration projects which are located within the under-explored northern section of the richly endowed Andean Copper Belt of Colombia.