MAX Resource (MXR-V) continues to search for a copper-silver porphyry system at its Majuba Hill property in Pershing County, Nev. Assays were released in early February from a second quarter 2011 drill campaign at the property.
Extensive soil sampling in early 2011 — covering a 1.5-by-0.5 km area — identified a copper-silver soil anomaly near the past-producing DeSoto silver mine. Sampling returned values reaching 1.53% copper and 209 grams silver per tonne.
MAX also verified results from six holes drilled at the Copper Stope target by Minterra Resource in 2008, including hole 6 with 44 metres carrying 71 grams silver and 1.14% copper.
The latest stepouts include four 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 metres grading 30.5 grams silver and 0.69% copper.
Hole 17 was drilled 730 metres east of the phase one target in the new Ball Park zone. Results include 43 metres at 16.8 grams silver, 14 metres at 15.9 grams silver and 6 metres at 51 grams silver. Results on hole 20 to the southeast of Copper Stope are still pending.
MAX is acquiring permits for the third drilling phase, with a start date targeted for the second quarter. The company looks 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 sq. km, as well as patented lode-mining claims.
MAX’s share price reached a 52-week high of 53¢ per share in March 2011 before falling back down to the 15¢–20¢ range. Following the announcement of the Majuba Hill results in early February, prices rose to a first-quarter high of 27¢ at presstime.
MAX retains four precious metal properties in Nevada scheduled for more exploration in 2012.
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