{kanada_flagge}Colombian authorities have granted copper explorer Max Resource Corp. (TSX.V: MXR; FRA: M1D2) 15 additional concession areas in addition to the four mining concessions already granted. The licenses cover 45 km within the 90-kilometer Cesar North copper-silver belt in northeastern Colombia (Figure 1). The 19 concessions cover an area of 186 km². To obtain the concessions, Max Resource had to meet numerous requirements, including a detailed social management plan, followed by public consultation with the local community. Each mining concession agreement has an initial term of 30 years and can be extended for another 30 years, bringing the total term to 60 years. Additional concessions have already been applied for.
First drill holes planned at URU
Max Resource is planning an extensive exploration and drilling program this spring. The new URU discovery (Figure 2) will be the first target. A large-scale LiDAR survey is currently underway at URU, which will cover a total area of 290 km². Based on the accurate topographic data, Max intends to drill five targets along a mineralization structure that can be traced along 15 kilometers. In parallel, environmental baseline surveys are underway as a prerequisite for drill permitting.
Commenting on the new licenses, Brett Matich, CEO of Max Resource said: “With the 19 mining concessions we have received in Colombia 2021, Max Resource holds more licenses than any other company in Colombia. This is a significant milestone for Max and paves the way for drilling permits.”
Max Resource plans to continue regional exploration of the 90 km Cesar North copper-silver belt. A key focus will be the expansion of the high-grade, 3.7 km long Conejo zone averaging 4.9% copper (2% cutoff). Max Resource also intends to expand the 48 km² URU zone through geophysical surveys.
Figure 1: CESAR project in northeastern Colombia
Figure 2: 90 km copper-silver belt CESAR North
Max’s Conejo discovery (March 2021) now covers 3.7 km of strike with an average grade of 4.9% copper and is open in all directions. To date, widths range from 0.5 to 20.0 m, with peak values of 12.5% copper and 126 g/t silver.
The URU discovery (April 2021) is located 30 km south of Conejo and has now grown to 48 km² and is open in all directions. Max has identified five significant drill targets along the 15 km strike length. Mineralization ranges in thickness from 10 to 25 meters and can be traced vertically for 500 meters, with peak values of 14.8% copper and 132 g/t silver. Max Resource holds four contiguous concessions covering 70 km² of the URU target zone.
Conclusion: Max Resource is one of the true “new frontier” explorers. As a first mover, the entire Cesar Basin in northeastern Colombia is open to the company. Regional exploration has resulted in the generation of prospective targets in just one year. Copper grades in channel samples are extremely high grade and quite often in double digits, which is not surprising for sedimentary deposits. This year, Max Resource intends to prove for the first time with drill holes the potential that lies in northeastern Colombia. The copper richness is indeed remarkable. Next, investors want to see drill holes and drill results. They are the hard currency that the market now expects.
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