OTC BB: MXROF
VANCOUVER, Oct. 31, 2011 /PRNewswire/ - MAX Resource Corp. (TSX.V: MXR; OTCBB: MXROF; Frankfurt: M1D) has commenced a Phase II core drilling program at its Majuba Hill copper/silver/gold project in Nevada, where recent drilling encountered long intervals of high-grade silver and copper near surface in five of eight holes, as well as significant gold intercepts. MAX believes that Majuba Hill is a newly-defined copper/silver/gold porphyry system that is highly prospective for a bulk-tonnage, open pit deposit.
MAX plans to drill a minimum of four holes to test new target areas identified during mapping, data compilation and soil sampling conducted over a surface area in excess of 5,500 by 2,500 metres during 2011 (see our news release of September 15, 2011). The first drill hole of the program (MM-17) has been collared on the "Ball Park" target area immediately to the east of our Phase I drill program completed this summer, where drill results included intercepts of 44.2 m of 71.0 g/t silver and 1.14% copper commencing within 5 feet of surface in hole MM-06 (see the listing of drill results in the table below). Hole MM-17 is located approximately 730 meters to the east of hole MM-06 and is the first of two holes planned to test the eastern extension of the high grade mineralized zone we've identified at Majuba Hill. Targeting of these drill holes was determined through analysis of work done by Freeport Sulphur in 1941 and progress drilling reports obtained from Minefinders, which reported significant copper and silver drill intercepts during exploration conducted in 1972 (Minefinders Progress Report # 7). A third hole is planned to the southeast of our recent Phase 1 drilling to test the depth and extent of the known mineralized zone below and east of the past producing Majuba Hill mine and has been targeted based on our recent examination of skeletonized drill core from Minefinders drilling in 1972 that had been stored at the Nevada Bureau of Mines.
The fourth and fifth drill holes are planned to test for the extension of the mineralized zone approximately 1.4 kilometers to the northwest of hole MM-06, following up on soil assay results obtained as high as 1.53% Cu and 209 g/t Ag. Maps showing the results of this soil sampling and the drill holes planned at Majuba Hill are now available on our web site at www.maxresource.com.
Highlights from MAX's recently completed Phase I drill program include:
|MM-07||290||-45||146.4 m||76.2||126.5||50.3 m||0.31%||0.31||50.8|
|MM-06||-||90||119.8 m||1.5||97.5||96.0 m||0.57%||0.10||39.2|
|includes||119.8 m||1.5||45.7||44.2 m||1.14%||0.15||71.0|
|MM-02||243||-70||122.8 m||68.6||114.3||45.7 m||0.56%||0.07||15.4|
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, 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.