TSX-V Symbol: MXR
OTC BB Symbol: MXROF
VANCOUVER, Sept. 10 /CNW/ - MAX Resource Corp. (TSX.V: MXR; OTCBB: MXROF;
Frankfurt: M1D) has entered into an Option Agreement to acquire a 100
% interest in the Ravin molybdenum/tungsten property in Lander County, Nevada
(the "Ravin Property") from Energex, LLC, a Nevada corporation.
The Ravin Property is a historic Freeport/Huston Oil and Minerals Metal
property that was explored 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.
Freeport 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 and highlights included:
Drill Hole Interval Width Mineralization
Rw 80-2,81-2c 600-650 feet 50 feet 0.053% MoS2
800-900 feet 100 feet 0.047% MoS2
Rw 80-7 100-350 feet 250 feet 0.105% MoS2
Rw 81-11c 150-350 feet 200 feet 0.052% MoS2
Rw 81-13c 550-800 feet 250 feet 0.052% MoS2
1650-1700 feet 50 feet 0.055% MoS2
Rw 81-14c 600-650 feet 50 feet 0.051% MoS2
Historically, the property had been explored by Union Carbide, Houston
Oil and Minerals and Freeport Exploration. 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 drill holes. 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. Exploration will be conducted
to further the known mineralization and confirm previous work.
The terms of the Option Agreement with Energex are as follows:
Date Payment Amount
Upon execution of this Agreement $5,000 (U.S.)
First anniversary of Effective Date $25,000 (U.S.)
Second anniversary of Effective Date $35,000 (U.S.)
Each anniversary thereafter $50,000 (U.S.)
The Ravin Property is subject to a 3% NSR royalty. Upon full exercise of
the Option, the Company will own 100% of the project.
Energex, LLC is wholly-owned by Clancy J. Wendt, the Vice President of
Exploration for MAX. This agreement is subject to acceptance for filing by the
TSX Venture Exchange.
The reports by Freeport and Houston Oil and Minerals are not NI
43-101 compliant (and predated NI 43-101). There has been no NI 43-101
Geological Report completed on the claims or on the Ravin project. The
historic information provided is for reference only and the reader should not
infer or assert that the information is correct, reliable, relevant or
accurate and should not be relied upon.
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.
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: Contact: Leonard MacMillan, Corporate
Communication, Telephone: (800) 248-1872, or (604) 637-2140,