TSX-V Symbol: MXR
OTC BB Symbol: MXROF
VANCOUVER, June 9 /CNW/ - MAX Resource Corp. (TSX.V: MXR; OTCBB: MXROF;
Frankfurt: M1D) has entered into separate Option Agreements with Eastfield
Resources Ltd. (TSX.V:ETF) whereby it can earn up to a 60% interest in two
exploration properties located in British Columbia, Canada.
The Indata Gold/Copper Property encompasses 3,060 hectares located
1 1/2 hr by truck north of the Town of Fort St. James in North Central B.C.
There are two exploration targets on the property. The first is structurally
controlled precious metal veins and the second is Porphyry Copper. Analogues
for the precious metal veins include the Motherlode System in California in
which the Pinchi fault system represents a crustal suture comparable to the
Melones fault. Serpentinized ultramafic intrusions and a comparable suite of
pathfinder elements lend themselves to this comparison. A review of 24 diamond
drill intercepts in the precious metal target indicates that the average vein
intercept is 1.54 metres wide with an average grade of 8.41 g/tonne gold and
52.43 g/tonne silver including one very high grade intercept of 46.26 g/t gold
and 2.00 g/t silver over 4 metres. Eastfield and its partners have expended
approximately $2.1 million to date on the Indata property.
MAX can earn a 60% interest in the Indata property over a three year
period by making cash payments totaling $120,000 ($10,000 on signing), issuing
up to 300,000 shares (50,000 shares in the first year) and by completing
exploration expenditures of $1.15 million over a three year period. The
agreement is subject to acceptance for filing by the TSX Venture Exchange and
availability of drilling permits and a drilling contractor.
MAX plans to conduct a drill program at Indata during 2008 to test for
mineralized extensions to or beneath the historical significant drill
intercepts. These include the following:
1) Drill hole 88-11, drilled in 1988, which intersected 4 metres of
altered and weakly chalcedonic veined ultramafic grading 46.2 g/t gold
over 4 metres. A new vertical hole to a depth of 200 metres is proposed
and will be collared immediately to the east of 88-11. Further precious
metal targets have been identified by geochemical soil surveys carried
out by the previous operators, the most recent of which was conducted in
2007. The robust gold and multi-element soil anomaly developed in 2007
will require an induced polarization surveying to detail this target
prior to trenching or drilling.
2) Hole 98-04, drilled in 1998 in the porphyry copper target intersected
145 metres grading 0.20% copper with the bottom 24 metres grading 0.37%
copper. This could represent an early indication that copper
mineralization may be increasing with depth. The drill area is spatially
related to a coincident magnetic high and circular feature observed on
satellite imagery. Drilling has not effectively tested this feature to
depth and on its northern extremity. A strong and relatively cohesive
soil copper anomaly exists for at least 1,500 metres to the south of the
known porphyry copper mineralization. This remains largely untested and
shows promise of a large untested anomaly.
The Howell Gold Project is comprised of 4,376 hectares in Southeast B.C.
located one hour by gravel road south of the town of Sparwood, straddling the
drainages of Twenty-Nine Mile Creek and Howell Creek. Eastfield has the right
to earn a 100% interest in the Howell property through an amended 1999 option
agreement with Teck Cominco Metals Limited ("TCML") and Goldcorp Inc. ("GI")
whereby outstanding commitments include a final exploration expenditure
totaling $423,759 and cash payments of $100,000 to each of TCML and GI due by
August 31, 2010.
MAX can earn a 60% interest in the Howell project over a three year
period by making cash payments totaling $120,000 to Eastfield ($10,000 on
signing), issuing 250,000 shares (50,000 shares in the first year) and by
completing exploration expenditures of $1.25 million. In addition, in order to
maintain its option, MAX will also be responsible for its portion of the
$200,000 payment due to GI and TCML by August 31, 2010 pursuant to Eastfield's
underlying agreement with them. The agreement is subject to acceptance for
filing by the TSX Venture Exchange, Max delivering certain covenants to GI and
TCML and availability of drill permits and a drilling contractor.
The Howell Creek property is underlain by a thick sequence of Paleozoic
limestones and sedimentary rocks and older Proterozoic sediments.
Mid-Cretaceous intrusions occurring as sills, dykes, plugs and diatremes
intrude these units. Gold mineralization occurs disseminated in limestone and
with quartz stockworks in syenite intrusives and Proterozoic sediments. Prior
drilling has included 1.23 g/t gold over 58 metres, 0.95 g/t gold over
39 metres, 0.65 g/t gold over 82 metres, and 0.57 g/t gold over 149 metres. A
diamond drill hole from 2006, collared to the west of the surface expression
of the important Palaeozoic limestone, penetrated a near surface fault and
intersected 43 metres grading 0.42 g/t gold to the bottom of the hole at
66 metres. Hole HW-606 effectively expands the prospective area for the target
model. The last sample in this hole graded 0.44 g/t gold indicating a need to
drill deeper and test the target along strike.
Exploration at Howell has included 6,197 metres of drilling in 49 holes.
Several holes have also intersected significant "manto style" silver-lead-zinc
intercepts in limestone. These include 15.3 g/t silver, 0.40% lead and 2.40%
zinc over 7.5 metres and 51.5 g/t silver, 1.98% lead, 1.87% zinc, and
0.32 g/t gold over 7.6 metres. Hole HRC-15, with a 7.6 metre intercept grading
51.5 g/t Ag, 1.98% Pb, 1.87% Zn, and 0.32 g/t Au in dolomite, is located on
the eastern edge of the drill grid. These intercepts represent Carbonate
Replacement Deposit (CRD) style mineralization which has not been actively
explored at Howell in past exploration efforts.
MAX plans to conduct drilling at Howell during 2008 to continue expand
the carbonate limestone hosted mineralization in the vicinity of HRC-25,
H-02-1, H-02-3 and HW-606 In addition, MAX has plans to drill at least one new
hole to the east of hole HRC-15 where CRD style mineralization has been
Mr. Clancy J. Wendt, P.Geo, has acted as the qualified person as defined
in National Instrument 43-101 for the purpose of the release of the technical
information contained herein.
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 Uranium projects in the south
western U.S. and northern Canada, Molybdenum in Alaska and Nevada, and Gold in
Nevada. For more information, please visit our web site at
On behalf of the Board of Directors of
MAX Resource Corp.
THE CONTENTS OF THIS NEWS RELEASE HAVE NEITHER BEEN APPROVED NOR
DISAPPROVED BY THE TSX VENTURE EXCHANGE.
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: (800) 248-1872 or (604) 637-2140, firstname.lastname@example.org,