TSX-V Symbol: MXR
OTC BB Symbol: MXROF
VANCOUVER, Aug. 31 /CNW/ - MAX Resource Corp. (TSX.V: MXR; OTCBB: MXROF;
Frankfurt: M1D) has entered into an Option Agreement to acquire a 100 %
interest in the Table Top claims in Humboldt County, Nevada from Energex LLC,
a private Nevada corporation. The property consists of 32 claims (640 acres)
located 10 miles northwest of the town of Winnemucca, Nevada.
The Table Top area is on trend with AMAX's Sleeper Canyon Mine (2.5 MM oz
Au produced), located 25 miles to the north, and is geologically favourable
for the discovery of a medium-sized high grade, bonanza style gold deposit in
a near surface environment.
During the 1980's Gold Fields, Meridian Minerals and Santa Fe Mining
conducted exploration on and around the Table Top property. A limited
exploration program of only ten reverse circulation drill holes was conducted
to test anomalous, up to 100,000 ppb, gold values in jasperoid. Trenches
containing gold values up to 4 grams over 5 meters were tested by the first
drill hole, which contained 55 feet of 0.027 opt Au from the surface down.
This hole was drilled vertically in a breccia zone. The remaining nine drill
holes contained little of significance except around the original drill hole.
A follow up analysis showed that the exploration was centered in the wrong
direction and that the holes should have been drilled to the south instead of
to the north. MAX intends to test this theory during drilling to be conducted
in the fall of 2009, subject to receipt of the necessary permits.
Table Top is located in the Triassic rocks of the Raspberry formation
which can be split into two general types: a northwestern belt of sandstone,
siltstone, and slate, locally calcareous but devoid of limestone; and a
southeastern belt of calcareous sandstone, siltstone and slate with prominent
massive limestone beds 5 to 100 feet thick. Bedding in these units trend
northeast with steep dips to the southeast.
The mineralization in the Raspberry formation is generally in the form of
silicification in veinlets and small pods in the limestone but in a few areas
there is massive replacement of the limestone by silica. The silica, where
sampled, usually contains gold with values as high as 15.5 ppm. Stibnite or
stibnite casts can be found in the silica.
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 Agreement $25,000 (U.S.)
Second anniversary of Agreement $35,000 (U.S.)
Each anniversary thereafter $50,000 (U.S.)
The Table Top 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.
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 is for reference only and the reader should
not infer or assert that the information is correct, reliable or accurate.
About MAX Resource Corp.
MAX Resource Corp. is a Canadian based exploration company with a
diversified portfolio of mineral exploration projects in Canada and the
Western United States. Our properties include Gold in Alaska, Nevada and
British Columbia, Uranium in the south western U.S. and northern Canada, and
Molybdenum in Alaska and 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.
For further information:
For further information: Leonard MacMillan, Corporate Communication,
Telephone: (866) 331-5088 or (604) 637-2140, email@example.com,