Max Resource Stock Price, News & Analysis

Max Resource Corp. (TSXV: MAX) (OTC: MXROF) has secured a 30-day extension on the option to purchase 100% of the Florália DSO Iron Ore Property in Brazil. The company received conditional approval from the TSX Venture Exchange for the transaction and filed an independent Technical Report. The property, located in the Iron Quadrangle, has an estimated geological target of 8,052,041 to 12,184,160 tons at an average grade of 58% Fe.

Max also provided updates on its Sierra Azul Copper-Silver Project in Colombia, including an Earn-In Agreement with Freeport-McMoRan Exploration and a US$4.2 million exploration program for 2024. The company has acquired all shares of Bay Street Mineral Corp., eliminating a 3% net smelter royalty on parts of the Sierra Azul Project.

Max Resource Corp. (TSXV: MAX) (OTC Pink: MXROF) has announced its 2024 exploration program for the Sierra Azul Copper-Silver Project in northeastern Colombia. The program, with a USD $4.2 million budget, will be funded by Freeport-McMoRan Exploration as part of an earn-in agreement. The exploration aims to:

1. Conduct systematic regional exploration over the entire project area (>1,300 sq-km)
2. Define priority targets for drilling

The program focuses on 28 priority targets spanning 90-km across three districts: AM, Conejo, and URU. It includes detailed geological mapping, soil sampling, geophysical surveys, and structural analysis. The regional exploration will collect up to 7,500 soil samples and 1,600 stream sediment samples. Max is recruiting additional geologists and technicians to support this comprehensive exploration effort.

On June 17, 2024, Max Resource provided an update on the acquisition of the Florália Hematite Iron Ore Property in Brazil, securing conditional approval from the TSX Venture Exchange. The 613ha property lies within Brazil's Iron Quadrangle, with historical channel samples suggesting a potential geological target of 8-12 million tons of iron ore at an average grade of 58% Fe. Exploration plans for 2024 include geophysical mapping and drilling. Max has made a USD $100,000 non-refundable deposit and additional payments totaling USD $900,000 will be due within a year.

Max also highlighted ongoing developments in its Cesar Copper-Silver Project in Colombia, having entered into an Earn-In Agreement with Freeport-McMoRan. Freeport can earn up to an 80% interest by investing CAD $50 million in exploration. The 2024 work program for Cesar includes sampling and geophysical surveys to refine drill targets across three districts: AM, Conejo, and URU.

Max Resource has secured TSX Venture Exchange approval for its earn-in transaction with Freeport-McMoRan Exploration , effective May 29, 2024. This agreement allows Freeport to acquire up to an 80% interest in Max's Cesar Project in Colombia through a two-stage option. In the first stage, Freeport will fund C$20 million in exploration over five years and make staged cash payments of C$0.8 million to Max, resulting in a 51% ownership. In the second stage, Freeport can increase its stake to 80% by funding an additional C$30 million in exploration and making further staged cash payments of C$0.75 million. Max will operate Cesar during the initial stage. Additionally, Max ended its Cooperation Agreement with Endeavor Silver, which retains a 0.5% net smelter return royalty on Cesar.

Max Resource has announced its agreement to purchase the Florália hematite iron ore property in Brazil, completing due diligence as per a Letter of Intent with Jaguar Mining. The property, located 120 km east of Belo Horizonte, contains four iron ore bodies with an estimated geological target of up to 12.18 million tonnes at an average grade of 58% Fe. The transaction involves staged cash payments totaling USD $900,000, subject to TSX Venture Exchange approval. The acquisition aims to enhance shareholder value, with exploration already initiated to define drill targets.

Max Resource Corp. has signed an Earn-In Agreement with Freeport-McMoRan Exploration for the Cesar Copper-Silver Project in Colombia. Freeport has the option to acquire up to 80% ownership by funding C$50 million and making cash payments to Max. Freeport needs to fund C$20 million initially to earn a 51% interest and can increase it to 80% by funding an additional C$30 million over five years. Max will continue to operate the project during the initial stage.