EXPANDS NORTH CHOCO TO INCLUDE TWELVE HISTORIC GOLD MINES AND FOUR SIGNIFICANT GOLD ZONES
Max Resource Corp.'s (MXR.V) North Choco property area has been expanded by strategic staking to 950 square kilometres and now encompasses 12 historic gold mines and four gold anomalies that are collectively spread over an area of 80 square km. The North Choco Gold-Copper Project is located 80 km SW of Medellin, Colombia. Max is acquiring North Choco, through the pending acquisition of Andagueda Mining Pty. Ltd. (see news release of May 8, 2019). Highlights include:The newly added and adjacent south area (380 sq. km) encompassing 11 historic gold mines and 3 historic gold anomalies including; Anomaly A at 8 km long and up to 9 km wide; Anomaly B at 11 km long and up to 1.5 km wide; and Anomaly C South at 2 km long and up to 3 km wide;The adjacent eastern area (70 sq. km) containing 1 historic gold mine and 2 historic gold anomalies; Anomaly C at 3 km long and up to 6 km wide; and Anomaly D at 4 km long and up to 1.5 km wide;The Nuevo Chaquiro (6.1Moz gold & 3.95Mt Cu) deposit is located 18 km north of the east property and 32 km north of the south property northern boundaries; Max cautions investors that results from nearby properties are not necessarily representative of the mineralization hosted at North Choco; andMax consultants are currently reviewing data from a recent cloud-stitched Longwave InfraRed (LWIR) survey which covered both the south and eastern properties, including the 4 anomalous gold zones.
"We are very excited with the North Choco expansion, as gold is an important part of our exploration portfolio," Max CEO, Brett Matich, stated. "We continue to focus on our land expansion strategy within the Choco and North Choco region where mining companies have pursued this opportunistic mineral belt for over a decade," he continued.Figure 1To view an enhanced version of Figure 1, please visit:https://orders.newsfilecorp.com/files/3834/45844_c361dbc2f416d901_002full.jpg
North Choco Gold-Copper and Choco Gold-Platinum
North Choco Gold-Copper (950 sq. km) is contiguous to properties held by AngloGold Ashanti and Continental Gold and includes rights to exploration and exploitation over a 72.5 sq. km mining area.
Max's first exploration objective was to confirm the anomalous zones discovered by AngloGold by chip sampling the rich gold tunnels which confirmed gold and copper including 155g/t gold, 2.8% copper and 551pmm cobalt over 0.4m (see news release of May 30, 2019). The Company also discovered an area of mineralized granodiorite assay results including 80.44 g/t gold, 1.82% copper and 264ppm cobalt over 0.3m (see news release of June 12, 2019). Further assay results identified a significant newly discovered 37.5 sq. km of anomalous copper which is open in all directions (see news release June 5, 2019). Assays are pending from sampling a second area located 20 km south of the 37.5 sq. km anomalous copper zone.
North Choco is 47 km SW of AngloGold's 2005 Nuevo Chaquiro copper porphyry discovery, which hosts an inferred resource of 604Mt at 0.65% copper and 0.32g/t gold with a contained metal content of 4 million tons of copper and 6 million ounces of gold. This is one of five known porphyry centres within a 15 sq. km area. The Nuevo Chaquiro Resource is disclosed in the AngloGold presentation "Discovery and Geology of the Nuevo Chaquiro Cu-Au (Ag-Mo) Porphyry Deposit".
Max cautions investors that results from adjacent and nearby properties are not necessarily representative of the mineralization hosted at North Choco.
Choco Gold-Platinum (2,140 sq. km) is located adjacent to and SW of North Choco Gold-Copper and covers or is adjacent to historic production of 1.5Mozs gold and 1.0Mozs platinum (1906 - 1990). Free gold was observed from hard-rock conglomerates (see news release January 30, 2019), which has confirmed the model that originally, the entire system was essentially in-situ, the higher grades are interpreted to lie above the hard-rock base approximately 10 to 20m from surface. Surface concentrate highlights include 340g/t gold and 113g/t platinum (see news release April 16, 2019). Currently test work continues on accessing the fine gold within the hard-rock. Mapping and sampling of the newly discovered hard-rock exposures that underlie the extensive areas of historic production is now underway.
Source for Choco: R.J. Fletcher and Associates (2011) Review of Gold and Platinum Exploration and Production in Choco Province Colombia Part 3. Private Report for Condoto Platinum Ltd.)
About Cloud-Stitched Longwave InfraRed (LWIR) Surveys
Max Resource conducted a cloud-stitched long-wave infrared (LWIR) survey over the area of the 4 historic anomalies. Historically, satellite imagery has been hindered because of year-round cloud cover. This survey sourced multiple bands through the gaps in the clouds over a 20-year period and stitched the imagery together.
LWIR analysis, through proprietary processing of Aster satellite data, has the ability to map or identify, through reflectance spectroscopy against a set of known standards, mineral distribution over extremely large areas covered by vegetation and shallow cover. The ground-penetrating nature of infrared radiation in the long-wave bands allows viewing of various mineral spectra in the first 30 to 60 centimetres of the earth's surface.
About Max Resource Corp.
Max is a mineral exploration company focused on the development and expanding its landholdings in the rich Choco mineral belt of Colombia. The Company has established significant exploration infrastructure and local community support for the Choco Gold-Platinum project, located 100 km south of Medellin, which covers, or is adjacent to, historic production of 1.5 million ounces of gold and 1.0 million ounces of platinum. The North Choco Gold-Copper project lies adjacent to the Choco Gold-Platinum project. The Gachala copper project is located 60 km east of Bogota. The Company is led by a seasoned management team with a record of significant discovery and exploration success.
Tim Henneberry, PGeo (British Columbia), a member of the Max Resource Advisory Board, is the Qualified Person who has reviewed and approved the technical content of this news release on behalf of the Company.