Max Resource expands North Choco to include 12 historic gold mines, 4 gold zones

June 27, 2019

Max Resource Corp has announced it has expanded its North Choco property 80 km SW of Medellin, Colombia. Expanded by strategic staking, the area now encompasses 950 sq. km including twelve historic gold mines and four gold anomalies that are collectively spread over an area of 80 sq. km. Max is in the process of acquiring North Choco, through the pending acquisition of Andagueda Mining Pty. Ltd. 

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; and
  • Max 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. 

Brett Matich, the CEO of Max Resource, said that Max continues to focus on their land expansion strategy in the Choco and North Choco region where mining companies have been operating for over a decade in pursuit of the mineralization there.

North Choco Gold-Copper and Choco Gold-Platinum

Max Resource Corp North Choco Gold Copper Area

North Choco Gold-Copper (950 sq. km) is contiguous to properties held by AngloGold Ashanti (NYSE: AU) and Continental Gold (TSX: CNL) 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.

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.

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MiningIR hosts a variety of articles from a range of sources. Our content, while interesting, should not be considered as formal financial advice. Always seek professional guidance and consult a range of sources before investing.
James Hyland, MiningIR