TSX-V: MXR OTC BB: MXROF Frankfurt: M1D
VANCOUVER, Dec. 4, 2012 /PRNewswire/ - MAX Resource Corp. (TSX.V: MXR; OTCBB: MXROF) has entered into a Mining Lease and Option to Purchase Agreement (the "Lease Agreement") with Claremont Nevada Mines LLC of Nevada and JR Exploration LLC of Utah whereby MAX can acquire a 100% interest in the Majuba Hill Silver/Copper/Gold property in Pershing County, Nevada by the payment to Claremont of US$1 Million over a four year period, with $200,000 having been paid on signing and $200,000 payable each year on the anniversary of the effective date.
This new Lease Agreement replaces the previous Option Agreement with Claremont dated March 4, 2011 whereby MAX could earn up to a 75% interest in the Majuba Hill project by spending US$10 Million over an eight year period, subject to a 3% NSR payable to the vendor. Under the terms of this new Lease Agreement, there will be no annual work commitments and the NSR will be reduced from 3% to 1%.
Stuart Rogers, the President of MAX, states: "Given our drilling success at Majuba in 2011 and 2012, we have elected to capitalize on this opportunity to acquire a 100% in the Majuba Hill project, which our recent drilling and soil geochemistry has proven is highly prospective for the development of a bulk-tonnage open pit deposit in central Nevada, one of the premier mining jurisdictions in the world. Drilling at Majuba Ridge has served to confirm our theory that Majuba Hill is a significant porphyry system with a chalcocite blanket. Our next drill program will test the extent of mineralization to the southeast and northeast at Majuba Ridge with a view to developing an NI 43-101 compliant resource estimate as soon as possible ."During exploration at Majuba Hill in 2011, MAX drilled long intervals of high grade silver and copper oxide mineralization near surface in five holes at the historic Majuba Hill mine site, which included:
- 96 m of 39.2 g/t Ag, 0.57% Cu and 0.10 g/t Au (98.3 g/t silver equivalent ( "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
- 45.7 m of 15.4 g/t Ag, 0.56% Cu and 0.07 g/t Au (68.0 g/t AgEq) on hole MM-02
- 89.3 m of 16.5 g/t Ag and 0.28% Cu (42.5 g/t AgEq) in hole MM-05