TSX-V Symbol: MXR
OTC BB Symbol: MXROF
VANCOUVER, Dec. 4 /CNW/ - MAX Resource Corp. (TSX.V: MXR; OTCBB: MXROF;
Frankfurt: M1D) has entered into an Option Agreement to acquire a 100%
interest in the East Manhattan Wash ("EMW") claims in the Manhattan Mining
District, Nye County, Nevada from MSM LLC, a Nevada corporation. The property
is located 40 miles north of the town of Tonopah, Nevada.
Historically, there has been more than 1,000,000 ounces of gold produced
in the Manhattan mining district. Recent production from the Manhattan mine
(1974-1990), an open-pit operation, produced 236,000 ounces of gold at an
average grade of 0.08 ounce per ton ("opt"). The Echo Bay East and West Pit
deposits operated in the early 1990s, producing 260,000 ounces at an average
grade of 0.06 opt. The Round Mountain Mine, situated eight miles to the north,
has produced more than 12,000,000 ounces of gold. Recorded placer gold
production from the district includes approximately 150,000 ounces from a
major dredge operation, with small-scale lode mines having produced another
The current exploration model suggests that deposits that will be found
in the Manhattan District are related to the contact of the Manhattan Caldera
Margin and structural intersections. Gold is also related to the
Cambrian-Ordivician Age sedimentary rocks along the five mile long by one mile
wide zone of the Caldera.
Preliminary assays from one of the outcrops sampled on the East Manhattan
Wash property have returned values from 0.054 to 1.01 ppm Au. Assays are
pending for the remaining samples, with panning of the samples having revealed
"free gold" in some of the samples. Additional land has been staked along the
North and South sides of the original EMW claims. The EMW claims offer the
opportunity to find high grade gold deposits within a well known mineralized
province. Underground deposits found here will be in the 0.5 opt gold range
and higher. Conversely, open pittable deposits will be in the 0.05 opt gold
range, which is currently being mined at Kinross Gold's Round Mt. deposit.
The terms of the Option Agreement with EMW L.L.C. are as follows:
Date Payment Amount
Upon execution of this Agreement $28,000 (U.S.)
First anniversary of Effective Date $20,000 (U.S.)
Second anniversary of Effective Date $25,000 (U.S.)
Third anniversary of Effective Date $40,000 (U.S.)
Fourth anniversary of Effective Date $50,000 (U.S.)
Fifth anniversary of Effective Date $100,000 (U.S.)
The EMW Property is subject to a 3% NSR royalty. Upon full exercise of
the Option, the Company will own 100% of the project.
There are no historic reports on the project available to MAX. 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.
Ravin molybdenum/tungsten project update
MAX has begun drill permitting on its recently acquired Ravin
molybdenum/tungsten property in Lander County, Nevada, which was announced
September 10, 2007.
The Ravin Property had previously been explored by Union Carbide, Houston
Oil and Minerals and Freeport during the late 1970's and early 1980's. The
property is comprised of 162 claims located 20 miles north of the town of
Austin, Nevada. Strong surface molybdenum and tungsten mineralization occurs
within Cambrian sediments which have been intruded by two separate Cretaceous
granitic to quartz monzonite plutons. The Raven Pluton is the largest and
crops out over an area of about 2 square miles. The smaller Cadro Pluton crops
out over a 1/2 square mile area in the northwest part of the project. The
Cadro Pluton appears to be responsible for a majority of the hydrothermal
alteration and molybdenum mineralization seen on the project.
Union Carbide drilled three core holes with the deepest hole drilled to a
depth of 500 feet. Houston Oil subsequently acquired the property in 1978 and
drilled six core holes in the Reward tungsten pit. As part of a regional rock
and soil geochemistry program, Houston Oil identified a coherent molybdenum
soil anomaly. They drilled two diamond drill holes and the best intercept
encountered was 40 feet of 0.66% MoS2.
Freeport optioned the property in 1981 and drilled 17 rotary and core
holes to test a molybdenum-copper-fluorine anomaly found within the Cambrian
sedimentary units. The anomalous zone showed strong structural control and is
thought to be associated with the contact zone of the Cadro Pluton. All but
4 drill holes encountered molybdenum mineralization, with drill hole RW 90-7
reporting 250 feet of 0.105% MoS2 beginning at 100 feet from surface.
Some of the historic drill holes exist in the form of reports and
summaries of the drilling, exploration, drill logs and assays but none of the
original assay sheets are available. During the last few months, MAX has been
able to locate a number of the previous drill holes on the property and is
preparing to file a drill permit with the Bureau of Land Management for a
11 hole, 11,000 foot diamond drill program designed to confirm the previous
work and expand the zones of known mineralization. A map of the Ravin property
indicating the location of historic drill holes is now available on our web
site at www.maxresource.com.
About MAX Resource Corp.
MAX Resource Corp. is a Canadian mineral exploration company that
identifies, acquires and finances advanced stage exploration projects. MAX is
currently focused on the discovery of uranium, precious metals and base
metals, with interests in properties in Alaska, Arizona, Nevada, New Mexico
and the Northwest Territories of Canada. For more information, please visit
our web site at www.maxresource.com.
On behalf of the Board of Directors of
MAX Resource Corp.
The TSX Venture Exchange does not accept 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.
For further information:
For further information: Leonard MacMillan, Corporate Communication,
Telephone: (800) 248-1872, (604) 637-2140, firstname.lastname@example.org,