Large areas of prolific copper-silver mineralization
Max Resource Corp. (TSX.V: MAX; OTC: MXROF; Frankfurt: M1D2) has recently discovered an additional five mineralized outcrops on its AM mining concession in the north of the Cesar regional copper-silver project in northeastern Colombia (see Figure 1). The 5 new outcrops show stratiform copper-silver mineralization and are located in the so-called AM-14 target area (see Figure 2). The outcrops were exposed 130 to 285 m along strike and range from 0.8 m to 4.0 m in thickness. The total exposed outcrop is around 1,000 m². The Company sees strong indications that the new discoveries are a continuation of the same mineralized horizon as the AM-07 target, located approximately 1.5 km to the northeast. This finding supports the Company’s interpretation that the copper-silver bearing strata in the AM district are continuous over long distances.
All five mineralized layers exposed are open along strike. Systematic sampling of the mineralized outcrops continues. In addition, crews are working on detailed mapping to trace the footprint of mineralization.
Figure 1: Overview of the AM mining license showing the location of the AM-14 discovery. Approximately 1.5 kilometers to the north is the AM-07 discovery, where the same copper-silver bearing horizons were identified. They are distributed over a 700 meter package of interbedded sedimentary rocks that dip 30⁰ to 45⁰ to the northwest.
Figure 2: AM-14 mapping and sampling outlines an area approximately 600 to 1000 meters by 1000 to 1200 meters.
Brett Matich, CEO of Max commented, “We continue to systematically find significant, high-grade structural and sheeted copper-silver mineralization directly at surface. This reinforces our belief that our Cesar project potential for significant deposits is getting closer to realization. The AM-14 mapping and sampling outlines an area of approximately 600 to 1000 meters by 1000 to 1200 meters, which supports our belief that Cesar is a regional or district-scale copper-silver target, as opposed to a collection of smaller, non-contiguous zones.”
Figure 3: Newly discovered outcrop #1 at AM-14 showing an outcrop of Cu-Ag bearing sandstone. The mineralized horizon is 2 meters thick and is exposed 4 meters along strike before disappearing beneath the overburden. Chalcocite, malachite and azurite are the most common copper minerals observed in the outcrop.
Figure 4: Newly discovered outcrop #2 at AM-14 showing an outcrop of Cu-Ag-bearing sandstone. The mineralized horizon is 1.25 meters thick and is exposed 236 meters along strike before disappearing beneath the overburden.
Figure 5: Newly discovered outcrop #5 at AM-14 showing an outcrop of Cu-Ag-bearing sandstone. The mineralized horizon is 4 meters thick and exposed over 130 meters along strike before disappearing under cover.
Summary: Max Resource has identified a total of 28 targets along a 120 km long regional copper belt at its Cesar copper-silver project in the three districts of AM, Conejo and URU. Although only a fraction of the basin has been explored to date, the company has demonstrated that the logistically well-developed Cesar Basin as a whole contains large areas of prolific copper-silver mineralization. Most recently, Max has focused on the near-surface, stratabound copper deposits in the AM district to the north. The recent discoveries there suggest that the sedimentary horizon hosting the copper silver mineralization could continue over a large area. In its press release, the company itself already draws geological parallels with one of the largest new copper projects in the world, Kamoa Kakula in the Congo. One should not forget: The Cesar project forms the foothills of the Andean belt, one of the world’s largest producing copper belts. Despite its successes, Max is trading near a 52-week low of CAD 0.09 on the stock exchange. Its market capitalization has shrunk to around CAD 15 million. According to the latest available quarterly report as of September 30, 2023, the company had cash and cash equivalents of CAD 8,668,411.
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