Max Resource Corp. (TSXV: MAX; OTC: MXROF; FSE: M1D2) is advancing the exploration of its Mora Gold and Silver Project in Colombia. The company announced it would conduct a high-resolution, airborne LiDAR survey over the entire 700-hectare KK6-08031 mining concession. The area is located in the prolific Middle Cauca Gold Belt, approximately 85 kilometers south of Medellín, a region with several world-renowned gold deposits. Max Resource, through its Colombian subsidiary, holds an exclusive right to acquire 100 percent of the Mora concession and is simultaneously preparing the project’s first drill program.
With the LiDAR campaign, Max Resource aims to more precisely define high-priority targets within the BQ, BX, and NAN target areas and identify potential additional structures. In parallel, the work will be incorporated into a three-dimensional geological model, which will serve as the basis for drill planning. This would be the first known drilling on the KK6-08031 concession.
Max Resource Uses LiDAR to Prepare for First Drill Program
Numerous artisanal underground operations are documented in the vicinity of the Mora project. Historical technical reports refer to a total of 33 small pits, of which the Max Resource team has so far mapped nine inactive adits in detail. The previously known workings range from a few meters to approximately 90 meters in depth. According to the company, LiDAR technology can help identify additional old workings that are currently obscured by dense vegetation.
For Max Resource, the hand-operated pits are more than just historical. The systematic collection of channel samples in these underground workings provides valuable information from fresh rock – comparable to spot drilling. Among other things, lithologies, hydrothermal alterations, sulfide types, mineralization zones, faults, as well as veins and veinlets can be identified. Chief Geologist Sergio Cocunubo points out that similar approaches have already been applied at Collective Mining’s Guayabales and Continental Gold’s Buriticá projects to better understand the geological structure and active mining areas.
LiDAR (Light Detection and Ranging) is a modern remote sensing technology in which laser pulses are sent from a drone or aircraft to the Earth’s surface and their reflection is precisely measured. This allows for the creation of high-resolution digital terrain models (DTM) and surface models (DSM), which also integrate orthophotos. This combination makes it possible to identify structures such as terrain edges, faults, outcrops, quartz veins, or resistant, hydrothermally altered rock bodies with centimeter resolution – even under dense tree and bush cover. For Max Resource, this is key to developing a precise 3D model and optimally positioning drill targets at Mora.
Max Resource’s Mora Project in the Shadow of Large Neighbors
Max Resource’s Mora Gold-Silver Project is located in the immediate vicinity of established deposits in the Middle Cauca Belt. The undrilled concession comprises more than 40 historical workings and five active small-scale operations, as well as a series of exposed polymetallic structures extending approximately 2,500 by 1,000 meters. To the east, the area borders for approximately 2.8 kilometers on the Marmato property of Aris Mining (TSX: ARIS; NYSE: AIMN), which hosts a large underground gold operation. To the north, west, south, and vertically to the eastern boundary, project areas of Collective Mining (TSX/NYSE: CNL) adjoin, including the Apollo Porphyry System of the Guayabales project.
Max Resource expressly emphasizes that the gold mineralization at Marmato and in the Apollo Porphyry System does not necessarily allow conclusions about the grade and geometry of mineralization at the Mora project. The company’s independent qualified person could not verify the published data of the neighboring projects. Nevertheless, the proximity to producing and advanced projects underscores the geological relevance of the Middle Cauca Gold Belt as a setting for Max Resource’s Mora project.
Channel samples from 2012 and 2025, taken on the Mora property, show locally high grades of gold and silver. Highlights include samples with 45 grams of gold and 7,110 grams of silver per tonne over one meter, as well as other intervals in the range of several tens of grams of gold and several hundreds of grams of silver per tonne. However, the company points out that these are selective samples from artisanal underground operations, which are not necessarily representative of the entire mineralization. This is precisely where Max Resource’s current exploration program comes in, aiming to convert the previously sporadic data into a comprehensive geological and structural model.
Max Resource: Exploration Progress and Financial Measures
Max Resource acquired the Mora concession in August 2025 via a purchase agreement, whereby its wholly-owned Colombian subsidiary Maximum Company Colombia S.A.S. acquires all shares of Inversiones Villamora S.A.S. This company holds the KK6-08031 mining concession (“Mora Property”). To date, option payments totaling US$250,000 have been made under the agreement. Max Resource’s 2025 exploration program includes, in addition to the LiDAR survey, systematic geological mapping, geophysical work, channel sampling from active and historical pits, and the integration of all data into a 3D model for the derivation of specific drill targets. The company has announced a detailed update on the work for the near future.
Alongside technical developments, Max Resource reports several corporate actions. To strengthen the balance sheet structure, a debt settlement agreement was reached with an independent creditor, whereby a liability of CAD 60,000 is to be settled through the issuance of 500,000 common shares at a deemed price of CAD 0.12 per share. The transaction remains subject to the approval of the TSX Venture Exchange, and the issued shares are subject to a hold period. In addition, Max Resource has granted a total of 11.5 million Performance Share Units to certain consultants. These units, issued under the company’s Omnibus Equity Incentive Compensation Plan, are to become fully vested after one year of service and are also subject to a hold period.
Max Resource also with Exciting Iron Ore Project in Portfolio
In addition to Mora, Max Resource is pursuing a number of other projects in South America. The 100 percent-owned Sierra Azul Copper-Silver Project is located in the Colombian section of the Andean Belt, the world’s largest copper production zone. For Sierra Azul, an earn-in agreement exists with Freeport-McMoRan Exploration Corporation, a subsidiary of Freeport-McMoRan Inc. Accordingly, a fully funded exploration program totaling US$4.8 million will be implemented for 2025. New results are also expected to be published promptly.
In Brazil, Max Resource is involved in the Florália Iron Ore Project in Minas Gerais through its majority stake in Max Iron Brazil Ltd. The area has road access to rail and steel mills, as well as to major customers such as Vale and ArcelorMittal. Max Resource’s technical team has expanded the geological target for Florália from an original 8 to 12 million tonnes at 58 percent iron to 50 to 70 million tonnes with grades between 55 and 61 percent iron. The company also emphasizes that this is a conceptual target that does not yet represent a defined mineral resource. A binding option agreement with Bolt Metals Corp. provides Bolt with the opportunity to acquire 100 percent of the mineral rights, subject to further due diligence, contract negotiations, and regulatory approvals.
With the combination of an advanced gold-silver project in the Middle Cauca Belt, a strategically located copper-silver project in Colombia, and an iron ore target in Brazil, Max Resource positions itself as a resource company with multiple levers. However, the current news focus is primarily on the LiDAR campaign and the preparation of the first drill program at the Mora project, which marks an important next step for Max Resource in the Colombian gold-silver business.
