{kanada_flagge}Promising news from Max Resource (TSXV MAX / WKN A2PT41) today: the company has identified both IP (Induced Polarization) and TMI (Total Magnetic Intensity) anomalies at its Colombian copper project – and these anomalies correlate well with geochemical targets. With this, Max Resource has successfully identified new drill targets at URU Central (URU-C and URU-CE). Accordingly, mobilization of a drill rig is already well underway. The Company intends to use the rig to test areas of URU-CE, among others, where continuous trench sampling returned 19.4 meters of 1.3% copper and 2.5 g/t silver.
{kanada_flagge}Promising news from Max Resource (TSXV MAX / WKN A2PT41) today: the company has identified both IP (Induced Polarization) and TMI (Total Magnetic Intensity) anomalies at its Colombian copper project – and these anomalies correlate well with geochemical targets. With this, Max Resource has successfully identified new drill targets at URU Central (URU-C and URU-CE). Accordingly, mobilization of a drill rig is already well underway. The Company intends to use the rig to test areas of URU-CE, among others, where continuous trench sampling returned 19.4 meters of 1.3% copper and 2.5 g/t silver.
The IP and ground magnetometer survey totaling 14 kilometers in length consisted of seven lines spaced 100 meters apart with IP stations every 50 meters. At URU-C and URU-CE, IP chargeability and TMI anomalies correlate with copper-silver mineralization at surface, suggesting that the mineralized zone extends northeast for 500 meters and dips to the east. In addition, a 20 kilometer extended TMI survey is currently underway to test the northern extensions of the TMI anomalies.
The URU district, which extends 20 kilometers, is located in the southern portion of Max Resource’s 90-kilometer-long CESAR copper and silver project in northeastern Colombia.
Drilling to commence by October 11
In addition, Max Resource announced that mobilization of a drill rig and associated equipment was nearing completion and drilling would begin on or before October 11. The drill is capable of penetrating to depths of up to 400 meters, the company said.
Source: Max Resource
The company also says, the imminent drilling, its first ever in Colombia – 2,000 meters spread over eight holes – will test the main mineralized zones of URU-C and URU-CE. This will be followed immediately by a second phase of drilling, which will last until the end of the year.
URU-C, Pad 1: Two holes (P-URU1 and P-URU2) will test the down-dip continuation of a rock channel samples at surface where results of 9.0 meters @ 7.0% copper + 115 g/t silver and 16.8 meters @ 8.3% copper + 146 g/t silver were obtained. The third hole (P-URU3) will test a blind target supported by a strong magnetic high and high IP chargeability at a depth of 100 meters.
URU-C, Pad 2 and 3: P-URU4 and P-URU5 are located 290 meters along strike and 190 meters vertically above Pad 1. These holes will test the down-dip continuation of the ridge sampled at surface with 52.0 meters @ 4.9% copper + 41 g/t silver.
URC-CE, Pads 4 and 5: These pads are located 373 m vertically above and 750 m east of Pad 1. Two holes (P-URU6 and P-URU7) from Pad 4 will test the zone sampled in the surface channel at 19.4 m @ 1.3% copper + 2.5 g/t silver to a depth of approximately 200 metres. Drill hole P-URU8 (Pad 5) will test a high IP chargeability target to a depth of 100 meters.
Max Resource expects to release mineralization intervals in the near future as copper mineralization is clearly visible in the form of veins, stockworks and breccias.
The primary objective of the initial drilling at URU, according to CEO Brett Matich, is to prove the continuation of copper and silver mineralization down-dip on the URU-C and URU-CE discoveries. Subsequently, he said, targets along strike and further down dip will be targeted. To gauge the massive scale of the URU district, Max’s drilling is currently targeting a significant 1-kilometer strand of 20-kilometer-long copper-silver mineralization at the surface of URU, the Max CEO said further.
Bottom Line: Max Resource has a well-filled treasure chest of round about $20 million, so it can move forward with the exploration and expansion of copper and silver mineralization in the CESAR Basin, while more closely testing significant discoveries with follow-up exploration work and drilling. Should drilling in fact commence on or before October 11, as announced, we believe significant momentum could come back into the stock as well. We will stay tuned on behalf of our Goldinvest.de readers.
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