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Trilogy Metals reports 2023 financial results – investxyon
Thursday, February 22, 2024
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Trilogy Metals reports 2023 financial results

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  • Five new outcrops of layered copper-silver mineralization covering 1,000 square meters have been discovered.
  • The mineralized layer is exposed up to 285 meters along strike and ranges in thickness from 0.8 meters to 4.0 meters.
  • We identify multiple copper- and silver-bearing formations within a thick sedimentary rock sequence.
  • Strong evidence of 1.5km of mineralized continuity between the new discovery and AM-07.

Five discoveries confirmed the presence of multiple copper- and silver-bearing layers within a 700-meter-thick sequence of interbedded sandstones in the AM district. Additionally, there is strong evidence to suggest that one of the newly discovered outcrops (Outcrop #2) is a continuation of the mineralized formation of target AM-07 located approximately 1.5 km to the northeast. This supports our interpretation that the copper-silver-bearing formations in the AM area are continuous over long distances, similar to the Kupferschiefer and Kamoa-Kakula deposits.

โ€œAs we continue to obtain high-grade results and identify significant structural and layered copper-silver mineralization, our firm belief that Cesar has significant deposit potential is moving ever closer to realization.โ€ Brett Matic, CEO of Max, commented:

โ€œAM-14 mapping and sampling outlines an area of โ€‹โ€‹approximately 600-1000 meters by 1000-1200 meters, indicating that Cesar is a regional or district copper-silver target rather than a cluster of smaller, unrelated zones. This strongly supports our belief that there is, and we look forward to receiving test results in the coming weeks.โ€ he concluded.

Calcification explanation

Preliminary studies have shown that mineralization occurs in layers of medium- to fine-grained sandstone rich in organic material. The copper-silver-bearing horizon is distributed throughout a 700-meter-thick interbedded sedimentary rock package, striking 240 to 260 degrees and dipping 30 to 45 degrees to the northwest. The most abundant copper minerals observed in outcrops are chalcopyrite, malachite, and azurite (see Figures 1 to 3).

All five outcrop mineralizations are open along strike, and in outcrop #2, a copper-silver bearing sandstone horizon could be traced for more than 285 meters along strike. Similarly, at outcrop #5, the mineralized horizon was exposed for more than 130 meters and was then obscured from view. The layer thickness ranges from 0.8 m in outcrop #4 to 4.0 m in outcrop #5.

Systematic flume sampling of the mineralized outcrop is now beginning. Additionally, workers have begun detailed mapping of the area near the discovery, with the goal of enlarging the footprint of mineralization.


The image shows an outcrop of Cu-Ag-bearing sandstone. The mineralized formation is 2 meters thick, exposed for 4 meters along the impact, and then hidden from view.

Figure 1: Newly discovered outcrop #1 at AM-14

Don't see this image? Access: https://images.newsfilecorp.com/files/3834/197133_maximage2_550.jpg
The image shows an outcrop of Cu-Ag-bearing sandstone. The mineralized formation is 1.25 meters thick and is exposed for 236 meters along the impact, before disappearing into shadow.

Figure 2: Newly discovered outcrop #2 at AM-14

Don't see this image? Access: https://images.newsfilecorp.com/files/3834/197133_maximage3_550.jpg
The image shows an outcrop of Cu-Ag-bearing sandstone. The mineralized formation is 4 meters thick, exposed for 130 meters along the impact, and then disappears under cover.

Figure 3: Newly discovered outcrop #5 at AM-14

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Figure 4: AM-14 Discovery location

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Figure 5: Location of newly discovered outcrop in target area AM-14

background

The Cesar Copper Silver project consists of three districts: AM, Conejo, and URU. Together, the three adjacent districts extend over 120 km in the NNE/SSW direction (see Figure 6).

Don't see this image? Access: https://images.newsfilecorp.com/files/3834/197133_maximage6.1_550.jpg

Figure 6: Location and scale of the Cesar copper-silver project in northeastern Colombia

The region provides access to major infrastructure established for oil and gas and mining operations, including Cerrejon, South America’s largest coal mine, owned by global mining company Glencore. Max’s 20 mining concessions collectively cover more than 188 square kilometers.

In 2022, Max entered into a two-year collaboration agreement with Endeavor Silver Corporation (TSX:EDR) (NYSE:EXK) to support the expansion of its 100% owned land holdings. Endeavor holds 0.5% NSR as the underlying asset.

AM district
Beginning in the far north of the Jurassic Basin, outcrops of classic stacked red formations with extensive lateral continuity are rock sampled over many kilometers within the AM district. The depositional red layer sequence recorded highlight values โ€‹โ€‹of 34.4% copper and 305 g/t silver. The company confirmed continued layered mineralization at depth in two reconnaissance drill holes completed earlier this year (Max News Release April 4, 2023). Additionally, field crews in Colombia continue to discover and sample new mineralized outcrops, including the recently identified AM-7 target (Max News Release May 25, 2023 and Max News Release June 22, 2023).

Conejo District
The south-central Conejo district is the most recently recognized district and is characterized by structurally controlled mineralization dominated by meso- and felsic volcanic rocks. The main target site in the area has discovered numerous mineralized outcrops over 3.7 km, with surface samples averaging 4.9% copper (2% cut-off). No drilling is taking place at Conejo, but it has emerged as an area of โ€‹โ€‹focus for the company.

Ur district
Mineralization within the URU area occurs in intermediate volcanic rocks and is structurally controlled similar to deposits in the Central African Copper Belt. At URU-C, a surface discovery of 7.0% copper and 115 g/t silver at a depth of 9.0 m was confirmed by drill hole URU-12 intersecting 10.6 m of 3.4% copper and 48 g/t silver. At the URU-CE target, 750 meters to the east, 19.0 meters of 1.3% copper found in the outcrop is confirmed by drill hole URU-9, which intersects a wide zone of oxidized copper returning 0.3% copper from 4.0 meters to 33.0 meters. it was done. 0.5% copper 16.5m (Max News Release Date January 24, 2023).

Evaluation of Cesar goals

Max has identified and is evaluating 28 targets along the 120km-long belt for potential drilling tests. We are focused on expanding, refining, and prioritizing these goals in preparation for our training programs. Initial efforts were focused on targets with the greatest potential, with operations including the following field operations:

  • Systematic chip and channel sampling of mineralized outcrops.
  • Detailed geological and structural maps of each exhibit.
  • Target scale exploration and soil sampling.
  • Aeromagnetic/Radiometric Survey.

Regional exploration

Max has demonstrated that the Cesar Basin is fertile for extensive copper and silver mineralization. However, only a small part of the basin has been explored. As a result, Max dedicated one of his geological teams to exploration of the area, with the aim of discovering additional copper-silver deposits within a land package of over 1,000 square kilometers.

Qualified person

Our disclosures of a technical or scientific nature in this news release have been reviewed and approved by Tim Henneberry of PGeo (British Columbia), a member of the Max Resource Advisory Board, who believes that disclosures of a technical or scientific nature based on the National Instrument Acts as a qualified person. 101.

About Max Resource Co., Ltd.

Max Resource Corp. (TSXV: MAX) is a mineral exploration company advancing the newly discovered district-scale Cesar copper-silver project. The wholly-owned Cesar project is located along the Colombian portion of the world’s largest copper producing belt (the Andes Belt), with world-class infrastructure and the presence of major global companies (Glencore and Chevron).

In addition, Max manages the RT Gold project in Peru (100% return), encompassing the Bulkton proto-gold porphyry zone and a massive gold-bearing sulphide zone extending 3 km to the northwest. Historic drilling in 2001 returned values โ€‹โ€‹ranging from 3.1 to 118.1 g/t gold over core lengths ranging from 2.2 to 36.0 m.

Max is actively working with the company’s goal of transitioning the Cรฉsar Basin to mine copper, a key metal in Colombia’s transition to clean energy. The safety of our employees and the communities in which we operate is of paramount importance. We conduct exploration in a manner that supports the protection of ecosystems through responsible environmental management.

Source: NI 43:101 Geological Report, Max Resource Corp.’s RT Gold Project, Luis Rodrigo Peralta, March 8, 2023. NI 43:101 Geological Report, Golden Alliance Resources Corp.’s Rio Tabacanas Gold Project, George Sivertz, October 3, 2011.

For more information, please visit: https://www.maxresource.com/.

For more information, please contact us below.
Tim McNulty E: info@maxresource.com T: (604) 290-8100
Rahim Raka E. rahim@bluesailcapital.com
Brett Matic T: (604) 484 1230

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Other than statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities laws.
Forward-looking information often refers to words such as “plans,” “expects,” “projects,” “intends,” “beliefs,” “anticipates,” “estimates,” and other similar words or references to specific events. It is characterized by descriptions that suggest conditions. “may happen” or “will happen”. Forward-looking statements are based on opinions and estimates at the time the statements are made and are subject to various risks that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. and are subject to uncertainties and other factors. these include, but are not limited to, delays and uncertainties in regulatory approvals, including the TSXV; Forward-looking information is subject to uncertainties that involve factors beyond our control. There can be no assurance that Max Resources Corp.’s commercialization plans described in this news release will become effective on the terms or within the timelines set forth herein.

The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions change, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that may affect financial results is included in the Company’s filings with Canadian securities regulators. Submission documents are available below. www.sedarplus.ca.

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