TSX-V Symbol: MXR
OTC BB Symbol: MXROF
Frankfurt: M1D
VANCOUVER, June 29 /PRNewswire-FirstCall/ - MAX Resource
Corp. (TSX.V: MXR; OTCBB: MXROF; Frankfurt: M1D) has been advised
by Kokanee Minerals Ltd. that it will not be proceeding with its
option on MAX's wholly-owned Diamond Peak gold/zinc property in
Eureka County Nevada and has
returned the property to MAX in order to pursue exploration
opportunities in Africa. MAX will
receive all geologic and geophysical data prepared by Kokanee as
well as an additional 96 claims that have been acquired around the
initial 38 claims. MAX intends to review all available data and
conduct surface exploration and sampling in preparation for
drilling in the third quarter of 2010.
The Diamond Peak Property is located at the southern end of the
prolific Carlin Trend of Nevada,
which contains numerous gold deposits. The property now comprises
134 claims located 32 miles north of the town or Eureka, Nevada and the Archimedes gold deposit
owned by Barrick Gold Corporation. Strong surface mineralization
occurs in a 2 mile long band of intensely clay altered rocks, 200
to 300 feet wide, on the hanging wall side of a major north
striking normal fault, called the West Fault.
Kokanee completed only two drill holes at Diamond Peak and has
elected not to make the annual option payment of US$50,000 now due to MAX. Kokanee has agreed to
deliver to MAX all geological reports and data on the property,
which includes a "3-d" Induced Polarization ("IP") survey that
utilized computer data interpretation to provide a comprehensive
model which enabled the IP survey to not only measure along the
line of survey but between the lines. A total of 4 kilometres of
strike length was surveyed and the data was interpreted to find
further targets on the property. There were two clearly noticeable
features of interest found in the inverted resistivity and
chargeability models along with two other anomalous features within
the surveyed area. The two features of immediate interest were a
north striking linear fault-like structure and a circular
intrusive-like feature in the southern portion of the geophysical
grid. To further evaluate these features, the geochemical grid will
be extended to the east and south, and further work will be done to
expand the anomalous zones, especially to the east and north and
where anomalous silver and zinc values occur in soils.
During previous historic work done by MK Gold in 1999 they
encountered gold and base metal values that included:
- 5 feet of 0.067 opt (2.08 grams) Au in hole DV 99-4 and 5 feet of
0.062 opt (1.93 grams) Au in hole DV 99-5;
- 11.6 % Zinc over 5 feet within 60 feet of surface along the West
Fault in the Chainman formation in hole DV 99-15; and
- 106 g/t silver in outcrop (3.40 ounces per ton) which was never
followed up.
Max plans to explore the property using the original exploration
program recommended to Kokanee. MAX will follow up on the 11% zinc
zone identified by MK Gold only 60 feet from surface. The second
drill area will explore a zone of mineralization which contains
anomalous silver, zinc and lead. Another primary target is the
outcrop that assayed 3.40 opt silver, which has potential as a
Contact Replacement Deposit ("CRD"). Gold targets are extensive and
will be defined further before drilling. Surface geochemistry is
being expanded to the east of the claim block and will cover the
areas of high geochemistry in gold, silver and zinc reported by MK
Gold.
Stuart Rogers, the President of
MAX, states "We have identified at least three areas of interest
for gold, zinc and silver at Diamond Peak, none of which were
tested by Kokanee during their recent two hole drill program. We
acquired the Diamond Peak property in 2006 and only optioned it to
Kokanee due to our lack of working capital at the time and
inability to fund extensive exploration on our own. With cash on
hand now in excess of $2.5 Million
and gold currently trading in excess of $1,200 per ounce, we are extremely pleased to be
re-acquiring a 100% interest in such an attractive exploration
project on the Carlin Trend. We will be conducting an aggressive
exploration program at Diamond Peak during the balance of 2010,
which we will outline in future news release."
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 has not been verified by MAX and has been provided for
reference only.
About MAX Resource Corp.
------------------------
MAX Resource Corp. is a Canadian exploration company with a
diversified portfolio of mineral exploration projects in the
Western United States. We are
currently focused on gold, with three gold properties in
Nevada being actively explored in
2010. 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
The TSX Venture Exchange does not accept 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.