| Max Resource resumes drilling at Table Top
2011-03-17 09:07 ET - News Release
MAX RESUMES DRILLING AT TABLE TOP GOLD PROJECT IN NEVADA, IMMEDIATELY SOUTH OF THE NEWMONT/FRONTEER SANDMAN GOLD PROJECT
Max Resource Corp. has resumed core drilling at its wholly owned Table Top gold project in Humboldt county, Nevada. Table Top is located 10 miles west of the town of Winnemucca and is immediately south of the Sandman gold project, one of the Nevada properties included in the recent proposal by Newmont Mining Corp. to acquire Fronteer Gold Inc.
Drilling by Max in 2010 intersected significant gold mineralization hosted in sedimentary rocks similar to typical Carlin mineralization and confirmed that the mineralization not only extends to depth, but also increases in width and grade. Results included an intercept of 12.1 metres of 0.91 gram per tonne gold, inclusive of 9.1 m of 1.09 g/t Au, starting at a depth of 227 m. This zone will be tested along strike to the east and the west, and will include a deep drill hole to test the extension of the zone in search of higher-grade gold within the sedimentary (stibnite- and calcite-bearing carbonate rocks) package.
On the west side of the system, rock samples from outcrop, identified as "Jasperiod" by previous workers, returned gold values of up to 1,100 parts per billion Au. The down dip extension of these assays will be tested during the current campaign.
Max's Table Top property is immediately south of Sandman on the King River rift, a regional geologic feature that appears to control mineralization in the area and which hosts multiple high-grade gold systems along this gold trend, including Max's Sleeper Canyon mine (2.5 million ounces Au produced), located 25 miles to the north, and the Goldbanks gold occurrence located 37 miles to the south. A map of the King River rift can be viewed on the company's website.
This news release has been reviewed by Clancy Wendt, PGeo, a qualified person as that term is defined under National Instrument 43-101. Any historical information provided has not been verified by Max and is for reference only.
We seek Safe Harbor.
Max to acquire 75% interest in Majuba Hill property
Mr. Stuart Rogers reports
MAX ACQUIRES INTEREST IN MAJUBA HILL COPPER/GOLD/SILVER PROPERTY IN NEVADA; EXPLORATION TO FOCUS ON HIGH-GRADE SILVER AND COPPER POTENTIAL
Max Resource Corp. has entered into an option agreement to acquire up to a 75-per-cent interest in the Majuba Hill copper/gold/silver property in Pershing county, Nevada, from Claremont Nevada Mines LLC of Nevada. The Majuba Hill project encompasses 2,313 acres of surface and mineral rights consisting of patented lode mining claims, unpatented lode mining claims and private mineral rights.
Majuba Hill is a large, highly prospective, multimineral, intrusive-type system within the western Nevada gold belt and is located approximately halfway between the Florida Canyon mine (Jipangju) and the Hycroft mine (Allied Nevada Corp.). The project is 28 miles northwest of Midway Gold Corp.'s Spring Valley project. Access is good, with 23 miles of dirt roads maintained by Pershing county leading from U.S. Interstate 80.
Max believes that Majuba Hill is a newly defined copper/silver porphyry system that is highly prospective for the discovery of economic mineralization. The company has developed a new exploration model designed to expand and define the current zones of copper/silver mineralization, as well as explore new areas of the property where significant gold values have been reported but not been followed up. Initial exploration at Majuba Hill will include follow-up on rock chip samples reported by previous operators with values up to 10 grams per tonne gold, 981 g/t silver and 7.7 per cent copper, as well as soil anomalies with silver values up to 7.7 g/t and copper values up to 290 g/t. In addition, drill intercepts as high as 5.1 ounces per ton Ag over 15 feet were reported from drilling conducted in 2007, as summarized in the attached table.
Exploration and historical production data available on Majuba Hill outline excellent potential for the discovery of new economic zones of silver/copper and gold mineralization. Production reported from historical underground mines in the project area (see Nevada Bureau of Mines and Geology Bulletin 86) included:
- 184,000 ounces of silver;
- 5,800 ounces of gold;
- 2.8 million pounds of copper.
Geology of Majuba Hill
The Majuba Hill property is centred on the mid-Tertiary-age Majuba Hill intrusive complex, which is about 4,700 feet in diameter. The lithologic assemblage is a crosscutting series of intrusives ranging from rhyolite to latite with multiple stages of flow-banded units, intrusive breccias, and radial dikes. These are all emplaced into steeply dipping, northeast-striking Triassic argillite.
Breccia textures are very diverse and typically include tourmaline as:
- Breccia matrix;
- Crosscutting veinlets;
- Disseminated tourmaline in the mineralized areas.
Highlights of reverse circulation drilling reported by Minterra Resource Corp. in 2007 and 2008 are shown in the attached table.
Total depth Interval Copper Silver
MH hole No. (ft) (ft) (%) (oz/t)
MH-2 160-390 230 0.37 0.426
including 295-320 25 1.36 -
including 340-350 10 - 3.50
MH-3 220-355 135 - 0.58
including 220-290 70 0.59 -
MH-4 310-340 30 - 1.12
including 335-340 5 - 2.90
MH-5 0-290 290 0.28 -
including 0-15 15 1.18 -
including 0-100 100 - 0.99
including 5-20 15 - 4.00
MH-6 0-145 145 0.49 1.85
including 110-125 15 - 5.10
MH-7 85-400 315 0.34 0.70
including 225-245 20 - 2.09
Stuart Rogers, president of Max, stated: "We have reviewed the historical data available on Majuba Hill and are excited about the silver and gold exploration potential on this property, where previous exploration was focused on copper and the high silver values were of little interest due to low silver prices at the time. In fact, all but one of the silver drill intercepts listed above were even announced by Minterra when originally recovered in 2007. With silver today trading above $35 (U.S.) per ounce, historical drill intercepts such as 145 feet of 1.85 ounces per ton silver and 0.49 per cent copper, as well as unexplored soil anomalies with values up to 7.7 grams per tonne Ag, are extremely encouraging. We have already identified drill targets on patented land at Majuba Hill and plan to drill four core holes there immediately after completion of drilling at our Table Top gold project, only 44 miles to the northeast."
The terms of the option agreement with Claremont allow Max to earn an initial 60-per-cent interest in the property over six years by spending $6.5-million (U.S.) on exploration of the property. Max can increase its interest in the property to 75 per cent by spending a further $3.5-million on exploration over a subsequent two-year period. The Majuba Hill property will be subject to a 3-per-cent net smelter return, payable to the vendor, 1.5 per cent of which may be purchased at any time for $1.5-million (U.S.). This agreement is subject to acceptance for filing by the TSX Venture Exchange.
This news release has been reviewed by Clancy J. Wendt, PGeo, a qualified person as that term is defined under National Instrument 43-101. Any historical information provided has not been verified by Max and is for reference only.
We seek Safe Harbor. | 