TSX-V Symbol: MXR
OTC BB Symbol: MXROF
VANCOUVER, May 19 /CNW/ - MAX Resource Corp. (TSX.V: MXR; OTCBB: MXROF; Frankfurt: M1D) has completed its planned diamond drill program at the Table top project near Winnemucca, Nevada. A total of 15 holes have been drilled for a total of 660 meters (2,156 feet). All mineralized core from these holes is currently being split and submitted for assay, with further results expected in early June.
MAX has also been advised by Kokanee Minerals Inc. (TSX.V: KOK) that it has begun drilling at MAX's Diamond Peak gold/zinc property in Eureka County, Nevada. Pursuant to a May 2006 option agreement, Kokanee can earn a 51% interest in the Diamond Peak project by spending US$1 Million on exploration, reimbursing all lease payments and issuing 600,000 shares to MAX.
Table Top, Humboldt County, Nevada
In addition to the 15 holes completed at Table Top, three trenches were dug and sampled near the original drill hole reported by Gold Fields Mining Company that contained 50 feet of 0.027 opt Au. The current core holes were drilled to be perpendicular to the strike of the mineralized zone and across mineralization which is hosted in a silicified tectonic breccia. Initial rush assays received in early May 2010 from a small sample of this silicified breccia included an 1.5 meter interval assayed at 1.435 g/t Au (see our news release dated May 3 2010). The mineralized zone is being explored to the southwest and to the northeast along a distance of 233 meters, with clay and silica altered rock intersected in each of the drill holes, and is still open in both directions and at depth.
Drilling also intersected highly altered intrusive rocks which are likely lamprophyres commonly found in Carlin style gold deposits in northern Nevada. Lamprophyres are thought to originate from deep crustal or upper mantle regions and extend to the surface along crustal scale structures, which are identified as feeder systems for Carlin gold systems at depth. Max intends to test these deep targets during a phase 2 drill program to be conducted later this year.
A map showing the location of the trenches and drill holes completed at Table Top will be available soon on our web site at www.maxresource.com.
The Table Top gold project consists of approximately 157 claims totaling 3,142 hectares located near the town of Winnemucca in Humboldt County, Nevada and is only one half hour by gravel road north of town.
Table Top is located along the Kings River Rift, a regional geologic feature that appears to control mineralization in the area and which hosts multiple high-grade vein-related gold systems. Along this trend is AMAX's Sleeper Canyon Mine (2.5 MM oz Au produced), located 25 miles to the north, the Goldbanks gold occurrence located 37 miles to the south, and the Sandman gold deposits (a joint venture between Newmont Mining Corporation and Fronteer Development Group Inc.) immediately to the north, where drilling by Newmont continues to highlight the high-grade nature of near-surface gold mineralization.
Diamond Peak, Eureka County, Nevada
The Diamond Peak project consists of 38 claims located 32 miles north of Eureka, Nevada at the south end of the Carlin Trend. Strong surface mineralization occurs in a 2 mile long band of intensely clay altered and silicified rocks, 200 to 300 feet wide, on the hanging wall side of a major north striking normal fault, called the West Fault. Historic drilling conducted by MK Gold in 1999 intercepted 5 feet of 1.93 g/t Au in hole DV 99-5, 5 feet of 2.08 g/t Au in hole DV 99-4 and 11.6 % of Zinc over 5 feet within 60 feet of surface along the West Fault in the Chainman formation (hole DV 99-15).
Kokanee has advised that the phase I program will included drilling core holes on the site of gold zones to confirm their down-dip extension. This drilling should be able to provide data to explain the geological setting of these zones as well as the associated Induced Polarization ("IP") resistivity and chargeability anomalies identified during a survey conducted on behalf of Kokanee by SJ Geophysics in 2006. A drill hole is also planned to test the geophysical and geological target identified by the IP survey on the tertiary intrusive.
This news release has been reviewed by 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 with a diversified portfolio of mineral exploration projects in the Western United States. We are currently focused on gold, with three gold properties in Nevada to be actively explored in 2010. 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. Further, this news release contains information about adjacent properties on which the Company has no right to explore or mine. Readers are cautioned that the United States Securities and Exchange Commission's mining guidelines prohibit information of this type in documents filed with the SEC and that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties.
SOURCE MAX Resource Corp.
For further information: For further information: Leonard MacMillan, Corporate Communication, Telephone: (866) 331-5088 or (604) 637-2140, firstname.lastname@example.org, www.maxresource.com