Max Resource Exploration and Corporate Update
Max Resource Exploration and Corporate Update
Vancouver B.C., December 30 , 2019 – MAX RESOURCE CORP. (“Max” or the
“Company”) (TSX.V: MXR; OTC: MXROF; Frankfurt: M1D1) is pleased to announce th e
completion of a successful 8-week exploration program at the Company’s 100% owned
Cesar copper-silver project, located 420 km north of Bogota, Colombia.
The final shipment of samples has arrived at ALS Minerals Medellin with initial analysis
results expected in the new year.
“Max’s copper exposure from the recently acquired Cesar copper-silver project bears well
for the Company with recent reports stating the copper market is looking the tightest since
the peak of the commodities super -cycle with indications it will get even tighter in 2020 ,”
Max CEO, Brett Matich, stated.
“We are looking forward to re-commencing exploration in mid-January 2020,” he continued.
Cesar Copper-Silver Project
Cesar is located in north east Colombia and represents a type of sedimentary hosted
copper-silver mineralization which is typically flat lying, near surface and is known to be
extensive in Africa, Poland, Equator and Colombia.
Historically, the Cesar copper belt has only been explored from a local context, but never in
a broader larger-scale perspec tive. The initial exploration program identified 19 distinct
mineralized copper occurrences over an area of 9 sq. km, which is open in all directions.
Initial grab sample assays ranged from 0.3% to 4.2% copper with : 34 of the 43 assaying in
excess of 1% copper, 15 of the 43 assaying in excess of 2% copper, and 4 of the 43 samples
assaying in excess of 3% copper. S ilver values rang ed from 1 to 116 g/t. The C ompany
cautions investors that grab samples are selected sampl es and are not necessarily
representative of mineralization hosted on the property.
North Choco Gold-Copper Project
North Choco consists of wholly owned mineral applications (250 sq. km), located
approximately 80 km SW of Medellin , Colombia. The recent NW Gold -Copper Discovery
(refer to 29 October 2019 news release) outcrop reported 1 metre of 49.8 g/t gold and 4.3%
copper, which continues under cover in both directions. The target area is also coincident
with a Long Wave InfraRed ( LWIR) anomaly and with elevated gold -copper soil values.
Future work would focus on mapping and sampling along strike to extend the zone and on
locating additional parallel zones.
Choco Gold Project
Choco Gold project consists of wholly owned mineral applications (250 sq. km), located
approximately 120 km SW of Medellín Colombia and cover or are adjacent to historic
production of 605,110 ounces of gold by Choco Pacific Mining (1906 to 1990). 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
The Company has commenced discussions with a potential partner with the prerequisite
expertise to assist with the gold bearing conglomerates.
Corporate Update
The Company also announces it has closed a non -brokered private placement offering for
total gross proceeds of $ 659,324.98 (the “ Placement”). The Company has allotted and
issued 11,987,727 units at a price of $0.055 per unit. Each unit is comprised of one common
share and one transferable share purchase warrant, with each warrant entitling the holder
to purchase one additional common share of the Company for a period of up t o 24 months
at a price of $0.10, subject to accelerated expiry.
In the event that after fou r months and one day after the w arrants are is sued, the closing
price of the common shares of the Company is at or above $0.25 per common share for five
consecutive days, the Company may provide notice (the “Acceleration Notice”) that the
expiry date of the w arrants has been accelerated and that w arrants not exercised within
thirty days of the date of the Acceleration Notice will expire thirty days from the date of the
Acceleration Notice.
In connection with the Placement, the Company p aid total finder’s fees of $ 14,360 and
issued an aggregate 261,091 non-transferable broker warrants. Each broker warrant
entitles the holder to acquire one common share of the Company at an exercise price of
$0.10 for a pe riod of 24 months from closing and will also be subject to accelerated expiry
under the same terms as the unit warrants.
The Company intends to use the proceeds from the Placement towards exploration
expenditures and for general working capital purposes. The securities issued under the
Placement will be subject to a four-month and one-day hold period expiring on May 1, 2020.
The Placement remains subject to the final approval of the TSX Venture Exchange.
A portion of the Placement constitutes a "related party transaction" within the meaning of
Exchange Policy 5.9 and Multilateral Instrument 61 -101 -Protection of Minority Security
Holders in Special Transactions ("MI 61 -101") adopted in the Policy. The Company has
relied on exemptions from the formal valuation and minority shareholder approval
requirements of MI 61 -101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61 -101 in
respect of related party participation in the Placement.
About Max Resource Corp.
Max is a mineral exploration company with an experienced and successful management
team focused on advancing the development of its landholdings in the rich mineral belts of
Colombia, with significant potential for the discovery of important-scale mineral deposits
that can attract major partners.
For more information visit: https://www.maxresource.com/
For additional information contact:
Max Resource Corp.
Tim McNulty
T: (604) 290-8100
Neither 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
Except for statements of histo ric 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", "antici pate", "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 r equired 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