OTC BB: MXROF
VANCOUVER, Feb. 7, 2012 /PRNewswire/ - MAX Resource Corp. (TSX.V: MXR; OTCBB: MXROF; Frankfurt: M1D) has received assay results from the first three of the four step out drill holes completed at its Majuba Hill copper/silver project in Nevada during the fall of 2011. Hole MM-18 was one of two holes drilled to test a new high grade mineralized zone identified during soil sampling in 2011 near the past producing DeSoto silver mine and intercepted 29.2 meters of 30.5 g/t silver (Ag) and 0.69% cooper (Cu).
- MM-18 was drilled 1.4 km to the northwest of MAX's Phase I drilling at the past producing Majuba Hill mine, where MAX intercepted near surface high grade copper and silver mineralization over significant lengths in five of eight holes.
- Hole MM-18 was one of two holes drilled to test a new high grade mineralized zone identified during soil sampling in 2011 and intercepted 29.2 meters of 30.5 g/t Ag and 0.69% Cu.
- The copper/silver soil anomaly at DeSoto is approximately 1.5 km long by 500 m wide and returned values as high as 1.53% Cu and 209 g/t Ag in soils.
- Hole MM-17 was drilled 730 m southeast of Phase I drilling and intercepted 42.7 m of 16.8 g/t Ag, 13.7 m of 15.9 g/t Ag and 6.16 m of 51.0 g/t Ag
- Permitting is underway for an extensive Phase III delineation drill program at Desoto to begin in the spring of 2012
Clancy Wendt, P.Geo, VP Exploration of MAX, states "We are excited by this new discovery at DeSoto, which extends the known area of high grade mineralization at Majuba Hill to the northwest by at least 1.4 kilometers. In addition, drilling 730 m to the southeast has intercepted significant silver mineralization and expanded the mineralized zone at Majuba Hill itself, with assay results still pending from hole MM-20. The discovery at DeSoto that high-grade copper and silver mineralization exists well beyond the immediate area of the past producing Majuba Hill mine confirms our theory that Majuba Hill is an extensive copper/silver porphyry system that is highly prospective for the development of a bulk-tonnage open pit deposit."
Hole MM-19 was drilled at the same location as hole MM-18 at an angle of -45 to the southeast, whereas hole MM-18 was drilled at the same angle to the northwest, and intercepted 3.6 m of 14.3 g/t Ag and 0.45% Cu within ten feet of surface. A map showing drilling locations from the 2011 exploration program at Majuba Hill is available on our web site at www.maxresource.com.
The first drill hole of the Phase II program, MM-17, was collared on the "Ball Park" target area immediately to the east of our Phase I drill program at Majuba Hill itself. Hole MM-17 is located approximately 730 meters to the east of our hole MM-06 (where we drilled 96 m of 39.2 g/t Ag and 0.57% Cu commencing within 5 feet of surface) and was the first of two holes planned to test the eastern extension of the high grade mineralized zone at Majuba Hill. Hole MM-17 includes intercepts of 42.7 m of 16.8 g/t Ag, 13.7 m of 15.9 g/t Ag and 6.1 m of 51.0 g/t Ag with only nominal copper; this confirms that we are still in the mineralized system.
Drill results from the three holes reported today are as follows:
The other hole at the Ball Park area, MM-20, was drilled approximately 150 meters to the south east of hole MM-06 to test mineralization reported by previous operators underneath the past producing Majuba Hill mine; assay results are pending.
Majuba Hill is the site of numerous past producing mines, with historic production reported of 12% Cu (Mason Valley Copper, 1918) and silver grades up to 40 oz/t Ag. Majuba Hill encompasses 2,568 acres of surface and mineral rights that includes patented lode mining claims. The property is easily accessed via 23 miles of well-maintained dirt roads leading from U.S. Interstate 80, and lies 30 miles northwest of Coeur d'Alene's Rochester silver mine, which contains a NI 43-101 compliant Measured and Indicated Resource of 263.9 million tons grading 0.46 oz/ton Ag and 0.004 oz/ton Au. (The Coeur Technical Report on the Rochester Mine is available on SEDAR). For more detailed information on the Majuba Hill copper/silver project, including maps showing the results of soil sampling and the drilling completed to date, please visit our web site at www.maxresource.com.
This news release has been reviewed by Mr. Clancy J. Wendt, P. Geo, a "qualified person" as that term is defined under National Instrument 43-101. The historic information provided has not been verified by MAX and is for reference only.
About MAX Resource Corp.
MAX Resource Corp. is a Canadian exploration company focused on gold and silver exploration in Nevada. For more information, please visit our web site at www.maxresource.com.
On behalf of the Board of Directors of
MAX Resource Corp.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release includes certain "forward looking statements". Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause MAX's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.
SOURCE MAX Resource Corp.