MAX Resource Corp. (CVE:MXR) ( OTCBB:MXROF) announced Tuesday the results of the final four holes of an eight hole core-drilling program at its Majuba Hill copper-silver project in Nevada, sending shares up.
Highlights of the results included 44.2 metres of 71.0 grams per tonne (g/t) of silver and 1.14 percent copper in hole MM-06; 50.3 metres of 50.8 g/t silver, 0.31 g/t gold and 0.31 percent copper in hole MM-07; and 45.7 metres of 15.4 g/t silver and 0.56 percent copper in hole MM-02.
Holes MM-06, MM-07 and MM-02 were drilled to test prior results reported by Minterra Resource Corp. from a reverse-circulation drill program conducted in 2007.
The latest results show higher results for both copper and silver than previously reported by Minterra, due to the improved sample recovery provided by core drilling, MAX said.
In addition, significant gold values were encountered in all drill holes, with no gold assays having previously been reported by Minterra.
"We are extremely pleased with these results from our drilling at Majuba Hill. The significant intervals of high-grade silver and copper intercepted near surface in five of the eight holes, as well as the gold values recently encountered, confirm that Majuba Hill is a newly-defined copper/silver/gold porphyry system that is highly prospective for a bulk-tonnage, open pit deposit," said VP of exploration at MAX, Clancy Wendt.
The fourth drill hole announced today at Majuba Hill, MM-16, was sited further down to test a surface feature southwest of the area drilled by Minterra, and intercepted anomalous silver, ranging from 0.62 to 13.58 g/t silver, and copper, from 0.01 percent to 0.33 percent, over its entire length.
MAX said drill permits have been received and road building is now underway for a phase II drill program to test new targets identified by the company during soil sampling and mapping, which was conducted over a surface area greater than 5,500 by 2,500 metres. Soil assay results obtained were as high as 1.53 percent Cu and 209 g/t silver.
The company also plans to drill below the Copper Stope area of the past producing Majuba Hill Mine.
The Majuba Hill project is the site of numerous past producing mines, encompassing 2,568 acres of surface and mineral rights that includes patented lode mining claims.
The property is easily accessed through 23 miles of well-maintained dirt roads leading from U.S. Interstate 80, and lies 30 miles northwest of Coeur d'Alene's Rochester silver mine, which contains NI 43-101 compliant measured and indicated resources of 263.9 million tons.
MAX's shares rose more than two percent in Toronto, to trade at $0.215 as of 3:07pm ET.