Max Resource Reports High-Grade Results from AM-08, Including 2.6% Copper + 58 g/t Silver over 15 Metres at its CESAR Project
Max Resource Reports High-Grade Results from AM-08, Including
2.6% Copper + 58 g/t Silver over 15 Metres at its CESAR Project
Vancouver B.C., Nov ember 21, 2023 – MAX RESOURCE CORP. (“Max” or the “Company”) (TSX.V: MAX; OTC: MXROF;
Frankfurt: M1D2) is pleased to report high-grade assay results from continuous rock chip channel sampling collected at
the recently discovered AM-08 target, located in the AM District of its wholly-owned Cesar Copper -Silver Project , in
Northeastern Colombia (refer to Figures 1 to 4).
AM-08 Highlights
• Continuous chip channel sampling across the width of the structurally controlled mineralization at the primary
outcrop has returned values of:
o 2.6% copper and 58 g/t silver over 15.0m including,
o 3.5% copper + 77 g/t silver over 10.0m including,
o 8.1% copper + 172 g/t silver over 1.0m.
• In addition, continuous chip channel sampling across mineralized outcrops at several locations west of the
primary occurrence has returned values of:
o 2.5% copper + 48 g/t silver over 2.0m.
o 1.8% copper + 18 g/t silver over 1.8m.
o 1.1% copper + 16 g/t silver over 5.3m.
Figure 1: AM District Target Map Figure 2: AM-08 Chip Channel Sample Locations Map
Located approximately seven kilometres northwest from AM-08, AM-07 (Max News Release dated September 20, 2023)
was discovered by prospecting.
AM-08 is characterized by the presence of two styles of copper-silver mineralization: structurally controlled and stratiform
sediment hosted. Stratiform mineralization at AM-08 has been mapped along strike for 400 metres.
“The assay results from four outcrops at AM-08 are exception al and make this a top -priority target for Max . The high-
grade results along with the combination of structural and stratiform mineralization provide s the Company with the
potential for significant deposits,” commented Brett Matich, CEO of Max.
“Field crews will now focus on expanding the stratiform mineralization at the AM District, along strike and on identifying
other locations where the stratiform and structural mineralization intersect to create wider zones,” he concluded.
Figure 3: AM-08 Target – Photograph of Primary Mineralized Outcrop Sampling
Description of the Mineralisation
Two types of copper-silver mineralization are observed at AM-08, structurally controlled and stratiform:
• The structurally controlled mineralization is hosted in an NNE striking fault and is thickest where it intersects a n
NNW striking fault. The primary copper mineral is chalcocite which occurs in multiple veins up to 3 cm thick.
• Stratiform mineralization is observed where the mineralized structure comes into contract with sedimentary rocks
or lithological contacts. Copper minerals include chalcocite and bornite which form irregular veins that are
concordant with the strata. The strike and dip of bedding in the AM-08 area is measured at N30⁰- 60⁰E and 30⁰NE
respectively.
Results
Assay results from continuous chip channel samples collected at four different locations at the AM-08 target are presented
in Table 1 through Table 4 below:
504718504719504720
504721
504722
504723
504724504725504726504727504728504729504730
504732 504731
15.0m @ 2.6% Copper + 58 g/t Silver, including 10.0m @ 3.5% Copper + 77 g/t Silver
Silver
(g/t)
Copper
(%)
Interval
(m)
Sample
TypeSample
170.61.0ChipChannel504732
100.31.0ChipChannel504731
321.41.0Chip Channel504730
170.71.0Chip Channel504729
170.81.0Chip Channel504728
913.91.0Chip Channel504727
964.21.0Chip Channel504726
321.31.0Chip Channel504725
371.41.0Chip Channel504724
823.61.0Chip Channel504723
893.21.0Chip Channel504722
1728.11.0Chip Channel504721
483.11.0Chip Channel504720
974.61.0Chip Channel504719
281.61.0Chip Channel504718
Table 1: Chip Channel Assay Results from Primary Outcrop (Structurally Controlled Mineralization) at AM-08.
Sample
Number
UTM Coordinates (WGS84 Z18N) Host Rock Interval Copper Silver
Easting (m) Northing (m) (m) (%) (g/t)
504732 764,445 1,208,660 Hydrothermal Breccia 1.0 0.6 17
504731 764,444 1,208,659 Hydrothermal Breccia 1.0 0.3 10
504730 764,443 1,208,659 Hydrothermal Breccia 1.0 1.4 32
504729 764,442 1,208,659 Hydrothermal Breccia 1.0 0.7 17
504728 764,441 1,208,659 Hydrothermal Breccia 1.0 0.8 17
504727 764,440 1,208,659 Hydrothermal Breccia 1.0 3.9 91
504726 764,439 1,208,658 Hydrothermal Breccia 1.0 4.2 96
504725 764,438 1,208,658 Hydrothermal Breccia 1.0 1.3 32
504724 764,437 1,208,658 Hydrothermal Breccia 1.0 1.4 37
504723 764,436 1,208,658 Hydrothermal Breccia 1.0 3.6 82
504722 764,435 1,208,658 Hydrothermal Breccia 1.0 3.2 89
504721 764,434 1,208,658 Hydrothermal Breccia 1.0 8.1 172
504720 764,433 1,208,658 Hydrothermal Breccia 1.0 3.1 48
504719 764,432 1,208,658 Hydrothermal Breccia 1.0 4.6 97
504718 764,431 1,208,659 Hydrothermal Breccia 1.0 1.6 28
Weighted Average Assay Result 15.0 2.6 58
including 10.0 3.5 77
including 5.0 4.5 98
Table 1: Chip Channel Assay Results from Outcrop of Stratiform Mineralization at AM-08.
Sample
Number
UTM Coordinates (WGS84 Z18N) Host Rock Interval Copper Silver
Easting (m) Northing (m) (m) (%) (g/t)
504712 764,176 1,208,562 Siltstone 1.0 1.9 25
504711 764,175 1,208,563 Siltstone 0.5 0.0 0.3
504710 764,174 1,208,564 Siltstone 1.0 0.0 0.3
504709 764,174 1,208,564 Siltstone 1.0 2.7 47
504708 764,173 1,208,565 Siltstone 0.8 0.9 15
504707 764,173 1,208,566 Siltstone 1.0 0.3 8
Weighted Average Assay Result 5.3 1.1 16
Including 1.8 1.8 31
Table 2: Chip Channel Assay Results from Outcrop of Structurally Controlled Mineralization at AM-08.
Sample
Number
UTM Coordinates (WGS84 Z18N) Host Rock Interval Copper Silver
Easting (m) Northing (m) (m) (%) (g/t)
504705 764,307 1,208,659 Dacite 1.0 4.9 93
504703 764,309 1,208,660 Dacite 1.0 0.1 2
504704 764,308 1,208,659 Dacite 1.0 0.3 8
Weighted Average Assay Result 3.0 1.8 34
Including 2.0 2.5 48
Table 3: Chip Channel Assay Results from Outcrop of Stratiform Mineralization at Target AM-08.
Sample
Number
UTM Coordinates (WGS84 Z18N) Host Rock Interval Copper Silver
Easting (m) Northing (m) (m) (%) (g/t)
504736 764,121 1,208,520 Siltstone 0.6 2.9 23
504735 764,120 1,208,520 Siltstone 0.6 0.7 10
504734 764,119 1,208,519 Siltstone 0.6 1.8 22
Weighted Average Assay Result 1.8 1.8 18
Quality Assurance
All AM-08 rock chip samples are shipped to ALS Lab's sample preparation facility in Medellin, Colombia. Sample pulps
sent to Lima, Peru, for analysis. All samples were analyzed using ALS procedure ME-MS41, a four-acid digestion with
inductively coupled plasma finished. Over-limit copper and silver are determined by ALS procedure OG-62, a four-acid
digestion with an atomic absorption spectroscopy finish. ALS Labs is independent from Max.
Corporate
Max is pleased to announce that further to its news release dated (Max News Release dated November 7, 2023), it has
closed its acquisition of all the issued and outstanding shares of Bay Street Mineral Corp. (“Bay Street”), an arm’s-length
Canadian corporation. Max has obtained TSX-V approval for this acquisition.
In consideration for the acquisition of Bay Street, Max issued the sole shareholder of Bay Street a total of 14,000,000
common shares (“Shares”) in the capital of Max. The Shares are subject to escrow and shall be released over a 36-month
period, commencing on the closing date of the acquisition. Bay Street holds an underlying 3% net smelter royalty
(“Royalty”), over 19 mining concessions covering 184-km² and 31 mining concession applications covering 796-km² of
the Company’s wholly-owned Cesar Copper Silver Project (the “Royalty”). Through its acquisition of Bay Street, the
Company has re-acquired interest to the Royalty.
Background
The Cesar Copper Silver Project comprises of three districts: AM, Conejo and URU. Collectively the three contiguous
districts stretch over 120-km in NNE/SSW direction (refer to Figure 4).
This region provides access to major infrastructure from oil & gas and mining operations, includes Cerrejón, the largest
coal mine in South America, held by global miner Glencore. Max’s 20 mining concessions collectively span over 188-km².
In 2022, Max executed a 2-year co-operation agreement with Endeavour Silver Corp. (TSX: EDR, NYSE: EXK), which assists
to expand its 100% owned landholdings, Endeavour will hold an underlying 0.5% NSR.
Figure 4: Cesar Copper Silver Project
AM District
Starting in the far north of the Jurassic basin, classic stacked red bed outcrops with extensive lateral continuity have been
rock sampled over many kilometres within the AM District. Highlight values of 34.4% copper and 305 g/t silver have been
documented in the sedimentary red bed sequences. The Company confirmed that stratiform mineralization continues at
depth with two scout drill holes completed earlier this year (Max News Release dated April 4, 2023). In addition, Colombian
field crews continue to discover and sample new mineralized outcrops including at the recently identified AM -7 target
(Max News Release dated May 25, 2023 and Max News Release dated June 22, 2023) and AM-08 target (Max News Release
dated September 20, 2023).
Conejo District
Midway south, the Conejo District is the most recent to be recognized and is characterized by structurally controlled
mineralization hosted in intermediate and felsic volcanic rocks. Numerous mineralized outcrops have been discovered
over 3.7-km at the primary target in the district with surface samples averaging 4.9% copper (2% cut-off). No drilling has
been conducted at Conejo, but it has emerged as an area of focus for the Company.
URU District
Mineralization within the URU District is hosted in intermediate volcanic rocks and is structurally controlled. At URU- C, a
9.0m of 7.0% copper and 115 g/t silver surface discovery was confirmed at depth by drill hole URU-12, which intersected
10.6m of 3.4 % copper and 48 g/t silver. At the URU -CE target, 750m to the east, 19.0m of 1.3% copper discovered in
outcrop was confirmed by drill hole URU- 9, which intersected a broad zone of copper oxide returning 33.0m of 0.3%
copper from 4.0m, including 16.5m of 0.5% copper (Max News Release date January 24, 2023). (Note: all drill intersections
are down holes widths, not true width, which remains unknown at this time.)
Target Evaluation
Max has identified and is evaluating 27 targets along the Cesar 90-km-long belt for potential drill testing. The Company is
focused on expanding, refining, and prioritizing these targets in preparation for a drill program. Initial efforts have been
concentrated on those targets with the greatest size potential with work that includes the following field activities:
• Systematic chip and channel sampling of the mineralized outcrops.
• Detailed geological and structural mapping of each showing.
• Target scale prospecting and soil sampling.
• Airborne Magnetic/Radiometric Surveys.
Regional Exploration
Max has demonstrated that the Cesar basin is fertile for copper- silver mineralization over a large area; however, only a
fraction of the basin has been explored. As a result, Max has dedicated on of its geological teams to regional exploration
with the goal of discovering additional copper-silver prospects over 1,000 sq-km.
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 C esar 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 property (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 36.0m.
Max is proactive, with the corporate goal of transitioning the Cesar basin towards the mining of copper, the key metal for
Colombia’s transition to clean energy. 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 RT Gold Project for Max Resource Corp. by Luis Rodrigo Peralta, Mar. 8, 2023. 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: [email protected] T: (604) 290-8100
Rahim Lakha E. [email protected]
Brett Matich T: (604) 484 1230
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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.
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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.sedarplus.ca.