VANCOUVER – Max Resource Corp.’s [MAX-TSXV; MXROF-OTC; M1D2-FSE] ground-based IP (induced polarization) and TMI anomalies at the Cesar project, Colombia, correlated well with surface geochemical targets and successfully defined new drill targets at URU Central (URU-C and URU-CE). Mobilization of the drill rig is fully under way and continuous channel sampling at URU-CE returned 19.4 metres at 1.3% copper plus 2.5 g/t silver to be drill tested.
The 20-km-long URU District is located on the southern portion of the 100%-owned 90-km-long Cesar copper-silver project in northeastern Colombia.
The 14-line-km IP and Ground Magnetometer (TMI) survey consisted of 7 lines spaced at 100 metres and with IP stations every 50 metres. At URU-C and URU-CE, the IP chargeability and TMI anomalies correlate with surface copper-silver mineralization, indicating extend of the mineralized zone to over 500m northeast, and dips to the east. Also, an extended 20-line-km TMI survey is underway testing the northern extensions of the TMI anomalies.
Mobilization of the drill rig and related equipment nears completion; drilling will commence on or before October 11, 2022. The modular rig will run HTW or NTW diamond core and is capable of drilling to depths of 400 metres.
The first ever 2,000-metre program (8 holes from 5 pads) will drill test the main mineralized zones of URU-C and URU-CE. A second phase will immediately follow and continue through to year-end.
URU-C, Pad 1: Two drill holes (P-URU1 and P-URU2) will test the down-dip continuation of surface rock channel sampling, where results of 9.0 metres at 7.0% copper + 115 g/t silver and 16.8 metres at 8.3% copper + 146 g/t were obtained. The third hole (P-URU3) will test a blind target supported by a strong magnetic high and IP chargeability high at a depth of 100 metres.
URU-C, Pad 2 and 3: P-URU4 and P-URU5 are located 290 metres along strike and 190 metres vertically above Pad 1. These holes will test the down-dip continuation of the surface channel sampled ridge of 52.0 metres at 4.9% copper + 41 g/t silver.
URC-CE, Pad 4 and 5: These pads will be located 373 metres vertically above and 750 metres east of Pad 1. Two drill holes (P-URU6 and P-URU7) from Pad 4 will test the surface channel sampled zone of 19.4 metres at 1.3% copper + 2.5 g/t silver to depths of approximately 200 metres. Drill hole P-URU8 (Pad 5) will test an IP chargeability high target at a depth of 100 metres.
Max anticipates mineralized intervals will be released in short order, as the chalcocite copper mineralization is distinctly visual as veinlets, stockworks and breccias.
“The main objective of this initial drilling program at URU is to confirm the down dip continuation of the copper-silver mineralization for both the URU-C and URU-CE discoveries. Follow-up drilling will target mineralization along strike and further down dip. To gauge the enormity of the URU District, Max’s drilling is currently targeting a significant 1-km of strike of the URU 20-km-long surface copper-silver mineralization,” commented Max CEO, Brett Matich.
“Bloomberg New Energy Finance (NEF) estimates that in 20 years, the world’s copper miners must double the amount of global production – from the current 21 million tonnes annually to 40 million tonnes – just to match the demand for a 30% penetration rate of electric vehicles,” he continued.
“Max is fully funded, with approximately $20 million in the treasury, allowing the company to continue exploring and expanding the copper-silver mineralization further into the Cesar Basin, while at the same time zeroing in with focused follow up exploration and drilling on significant discoveries,” he concluded.
Max executed a 2-year co-operation agreement with Endeavour Silver Corp. [EDR-TSX; EXK-NYSE], which assists Max to significantly expand its 100% owned landholdings at Cesar, Endeavour will hold underlying 0.5% NSR.
Max is focusing on three major copper-silver districts individually located along the Cesar 90-kilometre-long belt, with the objective of expanding the zones and defining drill targets. Next step is inaugural drilling program at URU-C and URU-CE.
In addition, Max controls the RT Gold project (100% earn-in) in Peru, encompassing a bulk tonnage primary gold porphyry zone, and 3-km to the NW, a gold bearing massive sulphide zone. Historic drilling in 2001, returned values ranging 3.1 to 118.1 g/t gold over core lengths ranging from 2.2 to 36.0-metres.