Max Resource Secures 12 New Mineral Tenures at its Cesar Project and Buys Back Royalty Interests
Max Resource Secures 12 New Mineral Tenures at its Cesar Project and
Buys Back Royalty Interests
Vancouver B.C., November 7, 2023 – MAX RESOURCE CORP. (“Max” or the “Company”) (TSX.V: MAX; OTC: MXROF;
Frankfurt: M1D2) is pleased to report that it has secured twelve (12) additiona l applications for mining concessions
covering over 132 square kilometres. The Companies wholly owned Cesar Copper Project in northeastern Colombia now
spans over 120-km (previously 90-km) along strike in NNE/SSW direction (refer to Figure 1).
In addition, Max has acquired the underlying royalties associated with 19 min ing concessions and 31 mining concession
applications of the Cesar Project.
Figure 1: Cesar Project’s three contiguous districts (AM, Conejo and URU) now stretch 120-km along strike NNE/SSW.
“We continue to strategically increase our land position in the Cesar basin as a result of our field crew ’s successes in
locating new copper and silver outcrop s. The technical team continues to develop our geological and mineralization
models as new geological and geophysical data is acquired,” commented Brett Matich, CEO of Max.
“Acquiring the underlying royalties on 19 of the 20 mining concessions and 31 applications significantly enhances the value
of the Cesar Project. In addition, the 12 new mining concession applications significantly expand the footprint by 15%. Our
10,000-line-km airborne magnetic and radiometric survey is nearing completion as the Company continues to unlock the
value of the Cesar basin,” he concluded.
Max Acquires Underlying Royalty
Max has executed a Share Exchange Agreement (“Agreement”) pursuant to acquiring all the issued and outstanding shares
of Bay Street Mineral C orp. (“Bay Street”) a n arms length Canadian Corporation in exchange for 1 4,000,000 common
shares (“Shares”) in the capital of Max . In determining the purchase price for the Royalty purchase, Max obtained an
independent valuation report.
Bay Street holds an underlying 3% net smelter royalty (“Royalty”) to December 31, 2021, 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 Shares issued in exchange for the Royalty purchase will be subject to escrow and to be released over a 36 -month
period. The acquisition of the Royalty remains subject to TSXV approval.
Background
The Cesar Copper Silver Project comprises of three districts: AM, Conejo and URU. Collectively the three contiguous
districts stretch over 120-km of strike in NNE/SSW direction (refer to Figure 1).
This region provides access to major infrastructure from oil & gas and mining operations, includ es 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 wholly owned mineral tenures, Endeavour will hold an underlying 0.5% NSR as from March 18, 2022.
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).
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, similar to
deposits in the Central African Copper Belt. 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).
CESAR Target Evaluation
Max has identified and is evaluating 22 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 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 36.0m.
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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Max Resources Corp. described in this news release will come into effect on the terms or time frame described herein.
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financial results is contained in the Company’s filings with Canadian securities regulators, which filings are available at www.sedar.com