Vancouver — MAX Resource (MXR–V) continues to search for a copper-silver porphyry system at its Majuba Hill property in Pershing County, Nevada. Assays were released in early February from a second quarter 2011 drill campaign.
Extensive soil sampling in early-2011 — covering an area of 1.5 km by 500 metres — identified a copper-silver soil anomaly near the past producing DeSoto silver mine. Sampling returned values of up to 1.53% copper and 209 grams silver per tonne. MAX also verified results from 6-holes drilled at the Copper Stope target by Minterra Resource in 2008, including hole 6 with 44.2-metres carrying 71.0 grams silver and 1.14% copper.
The latest step-outs include 4-holes focused on two targets to the east and northwest of Copper Stope. Hole 18 was collared 1.4 km to the northwest near the new soil anomaly at the old DeSoto mine site. Highlights include 29.2 metres grading 30.5 grams silver and 0.69% copper.
Hole 17 was drilled 730 metres east of the phase one target area in the new “Ball Park” zone. Results include: 42.7 metres at 16.8 grams silver, 13.7 metres at 15.9 grams silver and 6.16 metres at 51.0 grams silver. Results on hole 20 to the south-east of Copper Stope are still pending.
MAX is acquiring permits for the third drilling phase, with a targeted start date of spring 2012. The company hopes to continue to expand the area of high grade mineralization, and establish the viability of a bulk-tonnage open pit mine.
The company acquired a 75% interest in the property in March 2011 when it entered into an option agreement with Claremont Nevada Mines, covering surface and mineral rights extending across 10 km², as well as patented lode mining claims.
MAX reached a 52-week high of 53¢ per share in March 2011 before falling back to the 15¢-20¢ range. Following the release of the Majuba Hill results in early February prices rose to a first quarter high of 27¢ per share as of presstime.
MAX retains four precious metal properties in Nevada scheduled for more exploration in 2012.
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