Max positive about initial results of exploration program in Colombia
Max Resource (TSXV: MXR) reported this week the first assays from its 10-week exploration program underway at the North Chocó copper-gold project, located 80 kilometres southwest of Medellín, Colombia.
Among the highlights of the campaign, Max said that seven of 23 chip samples returned grades ranging from 155.27g/t gold to 2.94g/t gold and, of those seven samples, three returned values of >10,000 ppm copper, in excess of the upper detection limit, and will need to be reanalyzed to determine the final grade.
Three chip samples returned values of >10,000 ppm copper
In a press release, the miner explained that the chip samples were taken over various widths from four locations within a 400-metre by 700-metre exploration area centred on the historic gold mines.
“We are very pleased with this first round of assays from our intensive exploration campaign. The assay results are delivering significant grades of gold and we expect the copper re-assay results very soon," Max CEO, Brett Matich, said in the media brief. "Our strategy is to expand our exploration efforts in all directions within the 500-square-kilometre land package.”
North Chocó, which the Vancouver-based miner is in the process of acquiring through the planned acquisition of Andagueda Mining, is contiguous to properties held by AngloGold Ashanti and Continental Gold and includes rights to exploration and exploitation over a 72.5 square kilometre mining area.
In detail, the property is 47 kilometres southwest of Anglo’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 4Mt of copper and 6Moz of gold.