Copper Explorer Max Resource Brings Top Geologist Bruce Counts into Leadership Team
Following recent successes through airborne exploration, Max Resource Corp. (TSXV: MAX: FRA: 1D2) has once again strategically expanded its large land position in Colombia’s Cesar Basin. As announced by the company, Max Resource has acquired an additional 12 concessions with a total area of 132 km². These areas increase Max’s footprint in the Cesar Basin by about 15 percent. The Cesar Copper Project in northeastern Colombia now extends over 120 kilometers (previously 90 kilometers) along the strike in a north-northeast/south-southwest direction.
Additionally, Max has acquired the underlying three percent royalties associated with 19 mining concessions and 31 mining concession applications for the Cesar project through a share exchange with the independent Canadian company Bay Street Minerals Corp. In return, Bay Street Minerals will receive 14 million common shares of Max’s capital. This significantly increases the value of the Cesar project, CEO Brett Matich explained. In determining the purchase price for the acquisition of the royalties, Max obtained an independent valuation report.
The shares issued in exchange for the acquisition of the royalty are subject to an escrow account and will be released over a period of 36 months. The acquisition of the royalty is still subject to approval by the TSX Venture Exchange.
Max has now identified 22 targets along the 90-kilometer Cesar belt and is evaluating these for potential drill testing. The company is focusing on expanding, refining, and prioritizing these targets in preparation for a drilling program. Initial efforts are concentrating on the targets with the greatest size potential.
