GEOPHYSICAL SURVEY OVER 1,000 SQ. KM AREA
Max Resources Corp. (MXR.V) announced it has completed a Long Wave InfraRed (LWIR) survey over an area of 1,000 sq. km within the Company’s 1,757 sq. km gold bearing conglomerate “Choco Gold Bearing Conglomerate Project”, located 100km SW of Medellin, Colombia.
The Company expects to receive the interpreted LWIR survey results next week.
The survey encompasses or is adjacent to Compania Minera Choco Pacifico historic production of 742,308 ounces of gold 769,049 ounces of platinum and includes the previously identified 36 sq. km area of gold bearing conglomerates.
The survey also encompasses Agencia Nacional de Minera (ANM) hydrocarbon drill hole Choco-1-ST-P which identified conglomerate units through the upper 500 metres of the drill hole.
Source: 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.)
Brett Matich, Max’s President and CEO, commented: “While the exploration to date appears to suggest a possible link between overlying Choco Pacific production and underlying gold bearing conglomerates, the objective of the LWIR survey is to survey the remainder of the 1,000 sq. km historical production area for similar LWIR responses to the previously defined 36 sq. km area.”
Continuing research in the region of the initial conglomerate discoveries has outlined an area of approximately 1000 sq. km. This area is defined largely by the historical production from Compania Minera Choco Pacifico. Max has been locating and testing the hard rock conglomerates beneath the areas of the historic production working on an exploration model where the presence of gold in the overlying alluvial is a potential indicator of gold in the underlying conglomerates. The centre of the areas of historic production and the recorded production from these areas is shown on the accompanying map.
In addition, an ANM hole drilled for hydrocarbons in the northern end of the 1000 sq. km area appears to have intersected zones of conglomerates through the top 500 metres according to the summary of drill log for hole Choco-1-ST-P. None of the conglomerate was sampled for gold as the target was deeper hydrocarbons.
Max conducted the Long Wave InfraRed (LWIR) survey over the 1000 sq. km to see if a correlation between the conglomerate outcropping and the areas of historic production exists. 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 mineral spectra in the first 30 to 60 centimetres of the earth's surface through dense vegetation.
The Choco Gold Bearing Conglomerate Project
MAX has 100% ownership of 82 and 50% of 7 mineral license applications, totaling over 1,757 sq. km located within Choco Department approximately 100km SW of the city of Medellin, Colombia. Compania Minera del Choco Pacifico (“Choco Pacific”) produced 1.5 million ounces of surface gold and 1.0 million ounces of surface platinum from the “Choco District” between 1906 to 1990, largely limited to an average depth of 8 meters or less. MAX’s Choco Precious Metals Project covers or is adjacent to much of Choco Pacific’s historic exploration and production areas. Choco Pacific historic reports indicate the hard rock conglomerates underlying the surface production areas are gold-bearing, extensive, shallow and generally flat lying with thicknesses from a few metres to 20 metres.