Azul(US:AZUL) Newsfileยท2024-07-30 12:00Core Viewpoint - MAX Resource Corp. has announced a USD $4.2 million exploration program for its Sierra Azul Copper-Silver Project in Colombia, funded by Freeport-McMoRan Exploration Corporation under an earn-in agreement [1][2]. Exploration Program and Budget - The exploration program aims to conduct systematic regional exploration over an area exceeding 1,300 square kilometers and to define priority drilling targets [2]. - This budget represents the largest annual exploration budget to date for the company [2]. Objectives of the Exploration Program - The program has two main objectives: Drill Target Development and Regional Exploration [3]. - Drill Target Development will focus on 28 priority targets across three districts, with activities including geological mapping, soil sampling, and geophysical surveys [3]. - The Regional Exploration Program will involve collecting up to 7,500 soil samples and 1,600 stream sediment samples, along with structural analysis and geological mapping [3]. Recruitment and Community Engagement - To support the exploration efforts, the company is recruiting additional geologists and technicians [4]. - The company will also continue its corporate social responsibility initiatives, engaging with local communities and maintaining communication with government authorities [4]. Project Background - The Sierra Azul Copper-Silver Project consists of three districts: AM, Conejo, and URU, covering a total of 188 square kilometers of mining concessions and 1,141 square kilometers of mineral concession applications [6]. - Under the earn-in agreement with Freeport, the latter can earn an 80% interest in the project by spending a total of USD $50 million and paying USD $1.55 million in cash to MAX [6]. District Highlights - In the AM District, significant copper and silver values have been documented, with a 15-kilometer mineralized corridor identified [7]. - The Conejo District has shown promising mineralization with surface samples averaging 4.9% copper, and two priority targets have been established [8]. - The URU District has identified a 20-kilometer mineralized corridor with notable drill results, including intersections of 7.0% copper and 115 g/t silver [9].