TSX-V: MXR
OTC BB: MXROF
Frankfurt: M1D
VANCOUVER, June 14, 2012 /PRNewswire/ - 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
DeSoto:
- 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 company's website.
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.
"STUART ROGERS"
Stuart Rogers
President
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.