Vancouver, British Columbia–(Newsfile Corp. – February 22, 2019) – MAX RESOURCE CORP. (TSXV:MXR) (OTC Pink:MXROF) (FSE: M1D1) (“MAX” or the “Company”) is pleased to report it has completed a Long Wave InfraRed (LWIR) survey over an area of 1,000 sq. km within the Company’s 1,757 sq. km “Choco Gold Bearing Conglomerate Project”, located 100km SW of Medellin, Colombia.
Exploration Update
The Company expects to receive the interpreted LWIR survey results next week.
- The survey encompasses or is adjacent to Compania Minera Choco Pacifico historic production of 742,308 ounces of gold and 769,049 ounces of platinum and includes the previously identified 36 sq. km area of gold bearing conglomerates.
- The survey also encompasses Agencia Nacional de Minera (“ANM”) hydrocarbon drill hole Choco-1-ST-P which identified conglomerate units through the upper 500 metres of the drill hole.
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.)
Brett Matich, MAX’s President and CEO, commented: “While the exploration to date appears to suggest a possible link between overlying Choco Pacific production and underlying gold bearing conglomerates, the objective of the LWIR survey is to survey the remainder of the 1,000 sq. km historical production area for similar LWIR responses to the previously defined 36 sq. km area.”
Continuing research in the region of the initial conglomerate discoveries has outlined an area of approximately 1000 sq. km. This area is defined largely by the historical production from Compania Minera Choco Pacifico. MAX has been locating and testing the hard rock conglomerates beneath the areas of the historic production, working on an exploration model where the presence of gold in the overlying alluvial is a potential indicator of gold in the underlying conglomerates. The centre of the areas of historic production and the recorded production from these areas is shown on the accompanying map.
In addition, an ANM hole drilled for hydrocarbons in the northern end of the 1000 sq. km area appears to have intersected zones of conglomerates through the top 500 metres according to the summary of drill log for hole Choco-1-ST-P. None of the conglomerate was sampled for gold as the target was deeper hydrocarbons.
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Figure 1
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MAX conducted the Long Wave InfraRed (LWIR) survey over the 1000 sq. km to see if a correlation between the conglomerate outcropping and the areas of historic production exists. 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 extremely 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.
The Choco Gold Bearing Conglomerate Project
MAX has 100% ownership of 82 and 50% of 7 mineral license applications, totaling over 1,757 sq. km located within Choco Department approximately 100km SW of the city of Medellin, Colombia.
Compania Minera del Choco Pacifico (“Choco Pacific”) produced 1.5 million ounces of surface gold and 1.0 million ounces of surface platinum from the “Choco District” between 1906 to 1990, largely limited to an average depth of 8 meters or less.
MAX’s Choco Gold Project covers or is adjacent to much of Choco Pacific’s historic exploration and production areas. Choco Pacific historic reports indicate the hard rock conglomerates underlying the surface production areas are gold-bearing, extensive, shallow and generally flat lying with thicknesses from a few metres to 20 metres.
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 cautions investors it has yet to verify the historic information.
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.
About MAX Resource Corp.
MAX Resource Corp.’s focus is to explore and consolidate gold and platinum group mineral assets in the richly endowed Choco mineral district of Colombia.
ON BEHALF OF THE BOARD OF MAX RESOURCE CORP.
“Brett Matich”
Brett Matich, CEO and President
For further information, please visit the Company’s website at www.maxresource.com or the Company’s profile at www.SEDAR.com
If you would like to be added to MAX Resources’ news distribution list, please send your email address to [email protected]
For more information contact:
Brett Matich, CEO and President
Tel: (+1) 604 365-1522
[email protected]
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 Transaction 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 guaranteeing 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.
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Original Press Release: stockhouse.com
