Following recent successes through airborne exploration, Max Resource Corp (TSXV: MAX: FRA: M1D2) has strategically expanded its large land position in Colombia’s Cesar Basin further. The company announced that Max Resource has acquired an additional 12 concessions totalling 132 km². These areas increase Max’s footprint in the Cesar Basin by around 15 per cent. The Cesar copper project in northeastern Colombia now extends over 120 kilometres (previously 90 kilometres) along strike in a north-northeast/south-southwest direction
In addition, Max has acquired the underlying three per cent royalties associated with 19 mining concessions and 31 mining concession applications for the Cesar project in a share exchange with independent Canadian company Bay Street Minerals Corp. The shareholders of Bay Street Minerals will receive 14 million common shares in the capital of Max as consideration. This significantly increases the value of the Cesar project, said CEO Brett Matich. In determining the purchase price for the acquisition of the royalties, Max obtained an independent valuation report.
The shares issued in exchange for the purchase of the royalty will be subject to escrow and will be released over a 36-month period. The acquisition of the Royalty is subject to TSX Venture Exchange approval.
Max has now identified 22 targets along the 90 kilometre Cesar belt and is evaluating them for potential drill testing. The Company is focused on expanding, refining and prioritising these targets in preparation for a drill program. Initial efforts are focussed on the targets with the largest size potential.
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