{kanada_flagge}Max Resource (TSXV: MAX; FRA: M1D2) has secured another mining concession at the Uru copper project in northeastern Colombia. This gives the company a total of five concessions for the area, which now totals 74 km² and is located along the 90-kilometer-long Cesar North copper-silver belt in the Cesar Sedimentary Basin in northeastern Colombia. Since the end of 2021, a total of twenty concessions covering 188 km² have been awarded for the Cesar project, which is wholly owned by Max.
Brett Matich, CEO of Max commented, “The five strategic URU concessions secure ownership of the 20 km URU district, including the URU-C and URU-CE copper-silver discoveries.”
First drill program on Uru project scheduled for late September
Max’s preparations for drilling are on schedule. A diamond core drill rig is scheduled to mobilize in late September month. This will initiate the very first drill program to explore copper-silver mineralization on the URU concession areas.
In parallel, Max is continuing its regional exploration programs along the 90 km Cesar copper-silver belt. As a result of previous rounds of financing, the company currently has approximately CAD 20 million. The stock market currently values Max at around CAD 50 million (including cash).
Figure 1. Location of the Uru district along the Cesar sedimentary basin in northeast Colombia.
Mining concession agreement process.
Max has completed all permitting requirements, including a detailed social management plan, followed by public consultation with the local community. Each mining concession agreement has an initial term of 30 years and can be extended for an additional 30 years, bringing the total term to 60 years.
Figure 2. duration of mining concession (60-year).
Figure 3. URU-C and URU-CE discoveries https://www.youtube.com/watch?v=Ctq6q2K4qqQ
The Cesar Copper-Silver Project CESAR is located along the copper-silver-rich, 200-kilometer-long Cesar Basin in northeastern Colombia. This region provides access to key oil and gas and mining infrastructure, including Cerrejón, the largest coal mine in South America, owned by global mining company Glencore. Max’s mining concessions cover a total area of 188 km².
Max has entered into a two-year collaboration agreement with Endeavour Silver Corp (TSX:EDR,NYSE:EXK) that will help Max significantly expand its 100% owned properties at Cesar; Endeavour will hold the underlying 0.5% NSR. Max is focusing on three large copper-silver districts individually located along CESAR’s 90-kilometer belt with the goal of expanding the zones and defining drill targets (see Figure 1):
The 20km URU area, including the URU-C and URU-CE discoveries returned up to 7.0m @ 8.5% copper + 143 g/t silver and 16.8m @8.3% copper + 146 g/t silver at peak. Recent results from a high-resolution induced polarization (“IP”) ground survey indicate that the defined surface mineralization of URU-C and URU-CE appears to continue both along strike and at least 200m vertically (see Figure 3 and 3D video). Max is preparing drill sites to mobilize the diamond core drill rig in late September to commence the first drill program targeting copper-silver mineralization in its URU mining concessions.
Geologically, Max interprets the sedimentary copper-silver mineralization in the Cesar Basin to be equivalent to the Central African Copper Belt (CACB) in the south, while in the north of the properties it is more similar to copper shale deposits in Poland.
Conclusion: Max Resources has discovered a very special form of copper deposits on its Uru project, which at first glance show similarities to the known copper sedimentary deposits in the Central African Copper Belt (CACB). This assumption was enough to raise massive institutional capital – even before drilling began. In the meantime, the company has secured the necessary mining concessions and defined the most promising drill targets through geophysical IP surveys. The first drilling is scheduled to take place at the end of September. This will be an exciting moment for the Company and for its shareholders. If Max succeeds in confirming its exploration hypothesis, this could completely redefine Colombia as a copper destination – with corresponding massive consequences for Max’s share price. We will stay tuned to the story.
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