Max publishes first assays from CESAR drilling; highlights embody 3.4% copper and 48 g/t silver over 10.6m

January 25, 2023 ( Newswire) Max Useful resource (TSXV:MAX; OTC:MXROF; Frankfurt:M1D2) has drilled into what seems to be an enormous hydrothermal copper-silver system at its flagship CESAR mission in Colombia.

The inaugural drill program at URU-C and URU-CE, the primary two targets of many, started in October. It was the first-ever drilling throughout the 20-km-long, 2 km-wide copper-silver URU District.

The URU discovery spans a significant structural hall and stays open in all instructions. It’s positioned on the southern portion of Max’s 90-km-long CESAR copper-silver mission in northeastern Colombia, proven on the map beneath.

CESAR 90-km-beltdrill places

20-km-long URUDistrict; URU-C and URU-CE location

On Tuesday, Jan. 24, Max reported that 14 holes collared from seven drill pads are actually full, for a complete of two,244 meters. Twelve of the 14 intersected mineralized zones, and 6 hit important copper-silver mineralization. All holes encountered alteration related to a district-scale hydrothermal system, the corporate states.

Key to understanding Max’s information, is the truth that drilling has confirmed the mineralization recognized by floor rock chip sampling, at depth.

At URU-C, gap URU-12 intersected 10.6m of three.4% Cu and 48 g/t Ag, verifying {that a} floor expression of seven% copper and 115 grams per tonne silver continued to a depth of between 61 and 73 meters. This gap additionally included 0.8m of 18.5% Cu + 292 g/t Ag, with extra drilling deliberate to substantiate continuation of high-grade mineralization down dip.

At URU-CE, the 19.0m of 1.3% Cu floor discovery was confirmed by gap URU-9, which intersected a broad zone of copper oxide returning 33.0m of 0.3% Cu from 4.0m, together with 16.5m of 0.5% Cu. Based on Max, the broad related alteration zone implies the potential for a bulk tonnage system. Deliberate drilling may also goal floor higher-grade zones, found by rock channel sampling alongside strike 235 meters to the south.

All identifiable constructions look like related to mineralizing occasions. Most notable is the presence of widespread copper oxide within the type of malachite and first chalcocite (Figures 3 to 9 beneath).

“The Firm’s exploration staff has now commenced its fully-funded 2023 exploration and drilling program,” Max’s CEO Brett Matich stated within the Jan. 24 information launch, earlier than summing up the progress to this point:

“We’re happy that the primary drill program has achieved the target of confirming two discoveries which proceed at depth, noting the outcomes are from a 0.75-km partial strike of the 90-km-long copper silver zone. Malachite and chalcocite zones had been intersected in 12 of the primary 14 holes with important copper silver mineralization in six holes, together with bonanza 18.5% copper + 292 g/t silver over 0.8m.”

URU-C drilling plan view

URU-C drilling cross part

At URU-C, drill gap URU-12 returned ultra-high grades of 18.5% copper + 292 g/t silver over 0.8m.

URU-CE drilling plan view

URU-CE drilling cross part

Based on Max, each the URU-C and URU-CE mineralization consists of favorable main chalcocite and secondary oxide malachite. The chalcocite kinds in important globular blebs, as disseminations, and likewise strains the partitions of the calcite veining and kinds veinlets of huge chalcocite in brecciated areas. Malachite is carefully associated to the chalcocite in veins and is seen as changing chalcocite in a few of the disseminations. Magnetic and Induced Polarization (IP) surveys had been carried out to check the mineralization response and to find out if blind drill targets could possibly be recognized as high-probability mineral occurrences (Figures 2 by 8).

The URU-C drill holes (URU-1, 2, 12 and 14) intersected important grades of copper and silver mineralization. Excessive-grade was intersected in holes URU-1, 12, and 14, interpreted as probably related to a low-angle construction dipping to the southeast. URU-12 was the perfect intercept of the three. Sadly, the drill pierced an underground adit in the midst of the high-grade materials, however nonetheless reported 10.6m of three.4% copper + 48 g/t silver, together with 0.8m of 18.5% copper + 292 g/t silver and three.9m of 6.3 % copper + 92 g/t silver.

URU-1 and 14 each had important intercepts, with URU-1 returning 7.0m of 1.4% copper + 8 g/t silver, whereas URU-14 intersected 12.5m of 1.2% copper + 18 g/t silver, with a higher-grade 5.8m of two.1% copper + 46 g/t silver.

At URU-C, gap URU-2was the deepest of this system, demonstrating the depth potential of drilling large-diameter HQ holes to roughly 400m down gap. The goal was an IP chargeability excessive 150m west of URU-C and coincident magnetic excessive. An intersection of a 7.7-metre-wide zone of 0.6% copper + 7 g/t silver, together with 1.4m of two.1% copper + 30 g/t silver, demonstrated that IP and coincident magnetics work effectively at figuring out mineralized targets.

At URU-CE, positioned 750m east of URU-C, holes URU-9 and URU-10 had been drilled from a single pad. From roughly 4.0m from floor, each holes encountered extensive intervals of decrease grade however favorable oxide copper. URU-9 intersected 33.0m of 0.3% Cu, together with 16.5m of 0.5% Cu. URU-10 hit 28.7m of 0.3% Cu, together with 20.7m of 0.4% Cu.

The copper mineralization at URU-CE is open in all instructions. As well as, rock chip sampling returned spotlight values of 1.2 to 4.2% copper extending the URU-CE goal zone 235m to the south. The goal can be on the japanese finish of a 1-km lengthy coincidental IP and magnetic anomaly.

URU-CE spotlight copper values of three.7% from gap URU-09 and three.1% from gap URU-10

Mineralized interval in drill gap URU-2, first recognized incidence of bornite


For an inaugural drill marketing campaign, Max for my part ought to be feeling good concerning the assay outcomes delivered from the 14 holes at URU-C & URU-CE.

Three factors are value making.

First, the outcomes show there’s a lot of leachable copper. Malachite and chalcocite zones had been intersected in 12 of the primary 14 holes. Chalcocite is without doubt one of the extra leachable copper minerals, and whereas the quantity of malachite discovered throughout the core samples was a shock, that is excellent news as a result of malachite, a copper oxide mineral, can be readily leachable. Leachability ought to decrease the economics of a possible mine.

My second level issues the grades. The outcomes might not have been the blockbuster grades some buyers had been hoping for from the high-grade floor samples, which can clarify the muted market response. Nonetheless, for my part they’re very encouraging. At URU, Max acquired some first rate numbers from holes 1, 4, 9, 10, 12 and 14. Of the high-grade mineralization present in holes URU-1, 12 and 14, URU-12 had the perfect intercept: 10.6m of three.4% copper + 48 g/t silver, together with 0.8m of 18.5% copper + 292 g/t silver and three.9m of 6.3 % copper + 92 g/t silver.

URU-CE is decrease grade and clearly a bulk tonnage goal, however 0.3% Cu, imo, is a superb start line.

Onto my third level, it appears abundantly clear that the geophysical research Max did on the property proved helpful for drill concentrating on. They led Max’s technical staff to the place the mineralization truly is, verifying that magnetics and IP at CESAR work very effectively.

That about covers what we all know to this point. What we do not know a lot about, but, are the structural controls. What sort of constructions are controlling the 20-km-long, 2 km-wide copper-silver URU District, that Max first recognized by floor outcrop sampling, and that drilling has now confirmed continues at depth?

Clearly extra work must be completed. Max hints at geophysics, stating within the information launch that, Extra geophysical methods together with floor Magneto-Telluric (MT) surveys will probably be deployed to supply a broader basket of instruments to discover the AM, Conejo and URU Districts, which collectively cowl a 60-km strike size of copper-silver mineralization.


Truth: a variety of main mining firms have paid a web site to Max’s CESAR. They’ve had a chance to kick the rocks and have seen the outcomes of Max’s complete floor sampling. They’ve a good suggestion of what number of potential targets there are (about 100) on the 90-km-long property, which together with the URU District, additionally incorporates AM and Conjeco. Neither of those different two areas has been drilled, they usually comprise many extra drill targets.

Having seen the promising first-pass drill outcomes, imo it is extremely possible the majors will not be strolling away from Max, actually if something, their curiosity ought to be piqued. In spite of everything, in it is first two drill applications, in an space that has by no means seen fashionable exploration methods used, and has by no means had a drill program, MAX has hit on each applications. The corporate has found 2 hydrothermal programs virtually a kilometer aside. That is a 100% success price with 98 extra targets to drill.

In actual fact there are such a lot of extra potential targets (and with Max’s wholesome treasury of round $19 million they don’t seem to be going to expire of cash), “drill child drill” appears an acceptable mantra for Max, at this cut-off date.

In closing I might additionally level out that Max is drilling CESAR at a really opportune time within the copper market. The copper value is above $4 a pound and has proven power all month, on a mix of a decrease US greenback, hopes that US rate of interest hikes will reduce, and optimism that the Chinese language financial system is again firing on all cylinders.

The availability dynamics are an essential determinant of the copper value.

Whereas specialists say we could possibly be taking a look at a 10-million-tonne deficit in at little as two years, actually the shortfall may come even sooner, because of a variety of supply-side occasions which have taken place lately.

Copper scarcity getting actual

Peru, the second-biggest copper producer behind Chile, has been rocked by a sequence of mining conflicts over the previous two years, as communities empowered by leftist ex-President Pedro Castillo, press their calls for. Castillo was impeached in December and changed by Vice President Dina Boluarte.

Demonstrations at Peru’s main copper operations, together with Glencore’s Antapaccay, Southern Copper’s Cuajone and MMG’s Las Bambas, the nation’s fourth-largest copper mine and the world’s ninth largest, threaten to dam entry to virtually $4 billion value of copper.

In the newest information to come back out of Peru, The nation’s transport regulator reported dozens of freeway blockades as of Monday morning, a lot of them close to the southern border with Bolivia.

The copper-rich south of Peru is the heartland of the nation’s mining business, in addition to its tourism sector.

On Saturday, the Ministry of Tradition closed Peru’s best-known vacationer attraction, the Machu Picchu archaeological web site, till additional discover.

The copper business is within the grips of a structural provide deficit that, mixed with inflationary price pressures and a creeping useful resource nationalism in a few of the world’s largest copper producers (not simply Peru however Chile and the DRC) is barely anticipated to worsen.

Copper costs are forecast to succeed in larger this yr, with Goldman Sachs predicting US$12,000 a tonne by 2024.

Bloomberg New Vitality Finance says demand for copper will enhance by greater than 50% from 2022 to 2040.

Together with the standard functions, in development, transportation, energy transmission and communications, there’s the added demand for copper in electrical automobiles and renewable vitality programs.

Copper is changing into scarcer, and dearer, with every infrastructure initiative and with every bold inexperienced initiative rolled out by governments. Max Sources, with a district-sized copper and silver mission, two profitable drill campaigns, a full treasury, 98 extra targets and information move all yr is changing into much more fascinating.

Max Useful resource Corp.
Cdn$0.27 2023.01.24
Shares Excellent 160.2m
Market cap Cdn$43.7m
MAX web site

Richard (Rick) Mills
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