OTC BB: MXROF
VANCOUVER, Dec. 4, 2012 /CNW/ - MAX Resource Corp. (TSX.V: MXR; OTCBB: MXROF) has entered into a Mining Lease and Option to
Purchase Agreement (the "Lease Agreement") with Claremont Nevada Mines
LLC of Nevada and JR Exploration LLC of Utah whereby MAX can acquire a
100% interest in the Majuba Hill Silver/Copper/Gold property in
Pershing County, Nevada by the payment to Claremont of US$1 Million
over a four year period, with $200,000 having been paid on signing and
$200,000 payable each year on the anniversary of the effective date.
This new Lease Agreement replaces the previous Option Agreement with
Claremont dated March 4, 2011 whereby MAX could earn up to a 75%
interest in the Majuba Hill project by spending US$10 Million over an
eight year period, subject to a 3% NSR payable to the vendor. Under
the terms of this new Lease Agreement, there will be no annual work
commitments and the NSR will be reduced from 3% to 1%.
Stuart Rogers, the President of MAX, states: "Given our drilling success at Majuba in 2011 and 2012, we have elected
to capitalize on this opportunity to acquire a 100% in the Majuba Hill
project, which our recent drilling and soil geochemistry has proven is
highly prospective for the development of a bulk-tonnage open pit
deposit in central Nevada, one of the premier mining jurisdictions in
the world. Drilling at Majuba Ridge has served to confirm our theory
that Majuba Hill is a significant porphyry system with a chalcocite
blanket. Our next drill program will test the extent of mineralization
to the southeast and northeast at Majuba Ridge with a view to developing an NI 43-101 compliant resource estimate as soon as possible."
During exploration at Majuba Hill in 2011, MAX drilled long intervals of
high grade silver and copper oxide mineralization near surface in five
holes at the historic Majuba Hill mine site, which included:
96 m of 39.2 g/t Ag, 0.57% Cu and 0.10 g/t Au (98.3 g/t silver equivalent ("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
45.7 m of 15.4 g/t Ag, 0.56% Cu and 0.07 g/t Au (68.0 g/t AgEq) on hole MM-02
89.3 m of 16.5 g/t Ag and 0.28% Cu (42.5 g/t AgEq) in hole MM-05
During drilling in 2012, hole MM-21 confirmed that a southeast trending
ridge of high-grade oxide mineralization extends a further 500 m to the
southeast from the Majuba Hill mine to the Ball Park target area, where
drilling in 2011 (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. Hole MM-21 intercepted 4.6 m @ 58.0 g/t Ag and 7.6 m @ 0.80% Cu within an overall mineralized
intercept of 332 m @ 12 g/t Ag and 0.13% Cu (23.9 g/t AgEq) in oxides that began within 12 m of surface. This drill intercept, combined
with historic data obtained by MAX from prior operators (see our news
release of September 11, 2012), serves to expand the known mineralized
silver/copper zone for 500 m to the southeast along Majuba Ridge and to
a depth of at least 350 m from surface. Maps showing drilling
locations from our 2011 and 2012 exploration programs 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).
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 the Company's future plans under the
Lease Agreement, 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
SOURCE: MAX Resource Corp.
For further information:
Contact: Leonard MacMillan, Corporate Communication
Telephone: (866) 331-5088 or (604) 637-2140