OTC BB: MXROF
VANCOUVER, June 14, 2012 /CNW/ - MAX Resource Corp. (TSX.V: MXR; OTCBB: MXROF; Frankfurt: M1D) has completed eight holes (872 meters) of the Phase III core drilling
program at its Majuba Hill silver/copper/gold project in Nevada. Of
these eight holes, the first hole (MM-21) was drilled to a depth of 351
m and tested the southeast extension of near-surface high-grade
supergene oxide mineralization identified by Max at the historic Majuba
Hill mine during 2011. The remaining seven holes followed up on the
discovery hole (MM-18) at the DeSoto zone 1.4 km to the northwest,
where MAX intercepted 29.2 m of 98.3 g/t Ag silver equivalent ("AgEq").
Core from this program is currently being split and logged and will be
submitted to Inspectorate in Reno for assay, with results expected
later this summer and drilling to resume thereafter.
MAX believes that Majuba Hill is a newly-defined silver/copper/gold
porphyry system that is highly prospective for a bulk-tonnage, open pit
deposit. During drilling in 2011, MAX intercepted high grade
copper/silver oxide mineralization near surface over long intervals at
the past producing Majuba Hill mine site and the DeSoto zone.
Highlights of this drilling include:
Majuba Hill Mine:
96 m of 39.2 g/t Ag, 0.57% Cu and 0.10 g/t Au (98.3 g/t AgEq) in hole MM-06
50.3 m of 50.8 g/t Ag, 0.31% Cu and 0.31 g/t Au (86.7 g/t AgEq) in MM-07
42.7 m of 37.5 g/t Ag and 0.38% Cu (73.0 g/t AgEq) in hole MM-03
29.2 m of 30.5 g/t Ag and 0.69% Cu (98.3 g/t AgEq) in hole MM-18
Note: Silver equivalent is calculated based on 100% metallurgical
recovery and five-year historic metal prices of $24 U.S. for silver, $3
U.S. per pound for Cu and $1,200 US per ounce for gold.
Hole MM-21 was collared approximately 250 m southeast of the middle
portal of the past-producing Majuba Hill mine to test a southeast
trending ridge of high-grade oxide mineralization that appears to
extend a further 500 m to the southeast to the Ball Park area, where
hole MM-17 intercepted 42.7 m of 16.8 g/t Ag, 13.7 m of 15.9 g/t Ag and 6.16 m of 51.0 g/t Ag. A map showing drilling locations from the 2011 exploration programs
at Majuba Hill, as well as the location of MM-21, is available on the
The next seven holes (DSM-01 to DSM-07) were shallow and were drilled to
test near-surface mineralization at the DeSoto soil anomaly 1.4 km to
the northwest, where hole MM-18 intercepted 29.2 m of 30.5 g/t Ag and
0.69% Cu (98.3 g/t AgEq) in the fall of 2011. The high grade DeSoto soil anomaly was defined by soil sampling and
measures approximately 2 km long by 1 km wide, with values as high as 1.53% Cu and 209 g/t Ag in soils.
Maps showing the results of soil sampling and drilling completed to date
at Majuba Hill are available on our web site at www.maxresource.com.
Majuba Hill is the site of numerous past producing mines, with historic
production reported of 12% copper (Mason Valley Copper, 1918) and
silver grades up to 40 oz/t Ag. The Majuba Hill project encompasses
3,128 acres of surface and mineral rights that includes patented lode
mining claims. The property is easily accessed via 23 miles of
well-maintained dirt roads leading from U.S. Interstate 80, and lies 30
miles northwest of Coeur d'Alene's Rochester silver mine, which
contains a NI 43-101 compliant Measured and Indicated Resource of 263.9
million tons grading 0.46 oz/ton Ag and 0.004 oz/ton Au. (The Coeur
Technical Report on the Rochester Mine is available on SEDAR). For more
detailed information on the Majuba Hill project, please visit our web
site at www.maxresource.com.
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 has not been verified by MAX
and is for reference only.
About MAX Resource Corp.
MAX Resource Corp. is a Canadian exploration company focused on gold and
silver exploration in 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.
SOURCE MAX Resource Corp.
For further information:
Contact: Leonard MacMillan, Corporate Communication
Telephone: (866) 331-5088 or (604) 637-2140