{kanada_flagge}The National Mining Authority in Colombia has awarded Canadian copper explorer Max Resource Corp (TSXV: MAX; FRA: M1D2) eleven additional mining concessions for the 20-kilometer Uru zone. Uru is located at the southern end of the 90-kilometer Cesar North copper-silver belt in northeastern Colombia. The concessions at Uru grow to more than 99 km² with the additional concessions. Spread across the entire Cesar Sedimentary Basin, Max’s concessions now total over 212 km². Each concession has an initial term of 30 years and can be extended for an additional 30 years, bringing the total term to 60 years.
Brett Matich, CEO of Max commented, “The 212 km² of mining concession agreements are 100% owned by us and provide a secure foundation for the development of Max’s Cesar project in the years ahead. The new concessions provide additional targets for Max’s first drill program at Uru.”
Brett emphasized that Max’s exploration focus is in line with the Colombian National Mining Authority’s strategy of transitioning from fossil fuels to copper exploration and future development of the Cesar Basin. Max Resource’s environmental impact assessment has been accepted by the National Mining Authority of Colombia, he said. Permitting for drilling is expected in the coming weeks, he said.
Currently Max is conducting preparatory field work and ground geophysics to expand the Uru drill target area.
Figure 1. mining concession agreement
Figure 2: Presentation of the new mining concession.
Figure 3: Cesar copper-silver project in northeastern Colombia. At the northern end is the largest coal mine in South America, Cerrejón, operated by Glencore.
Cesar is located along the copper-silver-rich, 200-kilometer-long Cesar Basin in northeastern Colombia. This region provides access to key oil and gas and mining infrastructure, including Cerrejón, the largest coal mine in South America, owned by global mining company Glencore. Max is pursuing the goal of developing the Cesar Basin for the mining of copper, the key metal for Colombia’s transition to clean energy.
A cooperation agreement was recently signed with Endeavour Silver Corp. that will help Max significantly expand its 100% landholding in CESAR; Endeavour will hold an underlying 0.5% NSR.
Three focus areas in the Cesar Basin
Max is focusing on three major copper-silver zones individually located along CESAR’s 90-kilometer belt, with the goal of expanding the zones and defining drill targets: First, the 32 km AM zone with peak values of 34.4% copper and 305 g/t silver; second, the Conejo zone averaging 4.9% copper (2% cutoff) over 3.7 km; and third, the 20 km URU zone returned 7.0 m of 8.5% copper and 143 g/t silver and 16.8 m of 8.3% copper and 146 g/t silver.
Geologically, Max interprets the sediment-bound, stratabound copper-silver mineralization in the Cesar Basin to be analogous to the Central African Copper Belt (CACB) to the south and to copper shale deposits in Poland to the north. Nearly 50% of known copper in sedimentary deposits is contained in the CACB, including Ivanhoe Mines Ltd’s (TSX:IVN) 95-billion-pound Kamoa-Kakula discovery in Congo.
Copper Shale, the world’s largest silver producer and Europe’s largest source of copper, is an ore body ranging from 0.5 to 5.5 m thick at a depth of 500 m and grading 1.49% copper and 48.6 g/t silver. Silver recovery is almost double the production of the second largest silver mine in the world.
Conclusion: Colombia remains a predictable partner for mining companies even after the election of a new president. This is the message the Ministry of Mines is sending by awarding Max Resources the eleven additional concessions on the Uru project that it applied for some time ago. The granting of long-term concessions is preceded by an elaborate audit process that includes environmental approval as well as consultation with local communities. In this way, Max is further expanding its special position in the Cesar Basin. Far and wide, there is no junior to act as a competitor. This is because it takes years to establish itself in Colombia, and besides, Max has the edge in evaluating the extensive data from the Cesar Basin. Uru alone is now close to 100 square kilometers in size. And it’s just one of a whole host of promising copper projects. Fortunately, Max is well financed with CAD 21 million and can set the pace of exploration itself. We will probably hear a lot more from Max.
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