MAX Resource Corp TSXV:MXR announced results from its Majuba Hill Project in Nevada. Hole MM-05 shows
16.5 g/t silver and 0.28% copper over 89.3 metres
(including 30 g/t silver and 0.47% copper over 13.7 metres)
(including 71.6 g/t silver and 0.95% copper over 1.5 metres)
Hole MM-03, released September 27, 2011, shows
37.5 g/t silver and 0.38% copper over 42.7 metres
(including 90.2 g/t silver and 0.93% copper over 10.7 metres)
(including 364.6 g/t silver and 2.23% copper over 1.5 metres)
A March 2011 option agreement with Claremont Nevada Mines LLC allows MAX to earn an initial 60% interest in the property over six years by spending US$6.5 million on exploration. MAX can increase its interest to 75% by spending a further $3.5 million over a subsequent two-year period. The Majuba Hill property will be subject to a 3% NSR payable to the vendor, 1.5% of which may be purchased at any time for $1.5 million.
When Minterra drilled, silver was under $10 an ounce. Now that it’s over $30 and holding, it’s very meaningful —Stuart Rogers
President/Director Stuart Rogers tells ResourceClips.com, “We entered into an option agreement for Majuba Hill last March. [VP of Exploration/Director Clancy Wendt] took an interest in it, did some homework, went to the property and got pretty excited once he saw the potential. This had been previously drilled for copper by Minterra in 2007. They announced pretty good copper grades, but they never announced the silver. But when we look at our intervals, the silver has more value than the copper. When Minterra drilled, silver was under $10 an ounce. Now that it’s over $30 and holding, it’s very meaningful. The Rochester Mine’s just 30 miles south, Coeur d’Alene has been operating that since 1986. Rochester operates on a reserve grade of 0.6 of an ounce silver. Today’s announcement is about equivalent to what Coeur d’Alene was getting on silver, plus we get the credit for the copper, which is very good. So you can look at it as a copper-equivalent or a silver-equivalent.
“We’re drilling on patented land this time,” Rogers says. “That was basically part of our due diligence, confirming the Minterra grades. We’ve done our soil sampling, we’ve identified other zones that haven’t been explored. This is the old historic workings area. But it’s never been drilled underneath, except for the US Bureau of Mines. They drilled about 50 feet [15.25 metres] under the old workings and found some great silver and copper. The drilling we’ve done was to confirm the Minterra results, and we feel confident the first two holes do that. We’ve matched what they were doing and we’ve done better. On Hole MM-03 we doubled what they had because they were drilling with reverse circulation with water, and they were losing a lot down the hole. It just gets washed away when you grind it up. In our case we’re getting the core, so we’re getting a more accurate assay.”
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MAX Resource Corp
by Greg Klein