Max Resource Announces Shareholder Approval of IPO Offering of Max Iron Brazil Ltd. for Admission to the Official List of the ASX
Max Resource Corp (TSXV: MAX) (OTC: MXROF) announced shareholders' approval for its subsidiary Max Iron Brazil 's IPO on the ASX, with 99.55% voting in favor. The company plans to offer 30-50 million shares at AUD$0.20 per share, targeting AUD$6-10 million in proceeds.
The Florália DSO Project in Brazil's Minas Gerais state has shown increased potential, with geological targets now estimated at 50-70mt at 55%-61% Fe, up from previous estimates. The 2025 exploration campaign includes channel sampling, diamond drilling, and environmental surveys.
Additionally, Max's Sierra Azul Project in Colombia has received a US$4.8 million exploration budget from Freeport McMoRan for 2025. Recent discoveries include the AM-13 target extension to 1,500m by 100m, showing significant copper-silver mineralization, and a new AM-15 Manto-style target discovery.
Max Resource Corp (TSXV: MAX) (OTC: MXROF) ha annunciato l'approvazione degli azionisti per l'IPO della sua filiale Max Iron Brazil sull'ASX, con il 99,55% dei voti a favore. L'azienda prevede di offrire tra 30 e 50 milioni di azioni a 0,20 AUD per azione, puntando a raccogliere tra 6 e 10 milioni di AUD.
Il Progetto Florália DSO nello stato di Minas Gerais in Brasile ha mostrato un potenziale crescente, con obiettivi geologici ora stimati tra 50 e 70 milioni di tonnellate con un contenuto di ferro del 55%-61%, rispetto alle stime precedenti. La campagna di esplorazione del 2025 include campionamenti di canali, perforazioni a diamante e sondaggi ambientali.
Inoltre, il Progetto Sierra Azul di Max in Colombia ha ricevuto un budget di esplorazione di 4,8 milioni di dollari USA da Freeport McMoRan per il 2025. Le recenti scoperte includono l'estensione del target AM-13 a 1.500m per 100m, mostrando una significativa mineralizzazione di rame-argento, e una nuova scoperta di un target in stile Manto, AM-15.
Max Resource Corp (TSXV: MAX) (OTC: MXROF) anunció la aprobación de los accionistas para la OPI de su subsidiaria Max Iron Brazil en la ASX, con un 99.55% de votos a favor. La compañía planea ofrecer entre 30 y 50 millones de acciones a 0.20 AUD por acción, con un objetivo de recaudar entre 6 y 10 millones de AUD.
El Proyecto Florália DSO en el estado de Minas Gerais, Brasil, ha mostrado un potencial creciente, con objetivos geológicos ahora estimados entre 50 y 70 millones de toneladas con un contenido de hierro del 55%-61%, en comparación con las estimaciones anteriores. La campaña de exploración de 2025 incluye muestreo de canales, perforación con diamante y estudios ambientales.
Además, el Proyecto Sierra Azul de Max en Colombia ha recibido un presupuesto de exploración de 4.8 millones de dólares estadounidenses de Freeport McMoRan para 2025. Los recientes descubrimientos incluyen la extensión del objetivo AM-13 a 1,500m por 100m, mostrando una significativa mineralización de cobre-plata, y un nuevo descubrimiento de un objetivo estilo Manto, AM-15.
맥스 리소스 코프 (TSXV: MAX) (OTC: MXROF)는 자회사인 맥스 아이언 브라질의 ASX 상장에 대한 주주 승인 소식을 전했으며, 찬성 투표율은 99.55%에 달했습니다. 회사는 주당 0.20 AUD에 3천만에서 5천만 주를 제공할 계획이며, 600만에서 1천만 AUD의 수익을 목표로 하고 있습니다.
브라질 미나스 제라이스 주의 플로랄리아 DSO 프로젝트는 증가된 잠재력을 보여주고 있으며, 현재 지질학적 목표는 55%-61%의 철 함량으로 5천만에서 7천만 톤으로 추정됩니다. 2025년 탐사 캠페인에는 채널 샘플링, 다이아몬드 드릴링 및 환경 조사 등이 포함됩니다.
또한, 콜롬비아의 시에라 아줄 프로젝트는 2025년을 위해 프리포트 맥모란으로부터 480만 달러의 탐사 예산을 받았습니다. 최근 발견된 내용에는 AM-13 목표의 1,500m x 100m 연장이 포함되어 있으며, 상당한 구리-은 광물화가 나타났고, 새로운 AM-15 만토 스타일 목표 발견도 포함됩니다.
Max Resource Corp (TSXV: MAX) (OTC: MXROF) a annoncé l'approbation des actionnaires pour l'introduction en bourse de sa filiale Max Iron Brazil sur l'ASX, avec 99,55% des votes en faveur. L'entreprise prévoit d'offrir entre 30 et 50 millions d'actions à 0,20 AUD par action, visant à lever entre 6 et 10 millions d'AUD.
Le Projet Florália DSO dans l'état de Minas Gerais au Brésil a montré un potentiel accru, les cibles géologiques étant désormais estimées entre 50 et 70 millions de tonnes avec un taux de fer de 55%-61%, contre des estimations précédentes. La campagne d'exploration de 2025 comprend des échantillonnages en canal, des forages diamantés et des études environnementales.
De plus, le Projet Sierra Azul de Max en Colombie a reçu un budget d'exploration de 4,8 millions de dollars US de Freeport McMoRan pour 2025. Les découvertes récentes incluent l'extension de la cible AM-13 à 1 500 m sur 100 m, montrant une minéralisation significative de cuivre-argent, ainsi qu'une nouvelle découverte d'une cible de type Manto, AM-15.
Max Resource Corp (TSXV: MAX) (OTC: MXROF) gab die Genehmigung der Aktionäre für den Börsengang ihrer Tochtergesellschaft Max Iron Brazil an der ASX bekannt, wobei 99,55% für die Zustimmung stimmten. Das Unternehmen plant, zwischen 30 und 50 Millionen Aktien zu einem Preis von 0,20 AUD pro Aktie anzubieten, mit dem Ziel, zwischen 6 und 10 Millionen AUD an Erlösen zu erzielen.
Das Florália DSO-Projekt im brasilianischen Bundesstaat Minas Gerais hat ein erhöhtes Potenzial gezeigt, wobei die geologischen Ziele nun auf 50-70 Millionen Tonnen mit einem Eisengehalt von 55%-61% geschätzt werden, im Vergleich zu früheren Schätzungen. Die Erkundungskampagne 2025 umfasst Kanalproben, Diamantbohrungen und Umweltuntersuchungen.
Darüber hinaus hat Max' Sierra Azul-Projekt in Kolumbien ein Erkundungsbudget von 4,8 Millionen US-Dollar von Freeport McMoRan für 2025 erhalten. Zu den jüngsten Entdeckungen gehört die Erweiterung des Ziels AM-13 auf 1.500m bei 100m, die eine signifikante Kupfer-Silber-Mineralisierung zeigt, sowie eine neue Entdeckung eines Manto-Stil-Ziels, AM-15.
- 99.55% shareholder approval for Max Brazil IPO
- Florália DSO target increased 5x to 50-70mt at 55%-61% Fe
- US$4.8M exploration funding secured from Freeport McMoRan
- AM-13 target extended to 1,500m with high-grade copper-silver mineralization
- New AM-15 Manto-style discovery near AM-13
- Florália DSO targets are conceptual with insufficient exploration for resource definition
- IPO completion subject to regulatory approvals and market conditions
- No mineral reserves or resources defined under NI 43-101
Vancouver, British Columbia--(Newsfile Corp. - February 27, 2025) - MAX RESOURCE CORP. (TSXV: MAX) (OTC Pink: MXROF) (FSE: M1D2) ("Max" or the "Company") is pleased to announce that, further to its news releases on December 12, 2024, January 2, 2025, January 7, 2025, January 9, 2025, January 20, 2025 and January 31, 2025, at the special meeting held on February 26, 2025, shareholders of the Company approved an ordinary resolution approving the undertaking of an initial public offering by the Company's majority owned subsidiary, Max Iron Brazil Ltd. ("Max Brazil"). There was overwhelming support with
The Florália DSO Project is wholly owned by Max Brazil and is located 67 km east of Belo Horizonte, Minas Gerais, Brazil's largest iron ore and steel producing State. Max Brazil's 2024 exploration program has resulted in the technical team significantly increasing the Florália DSO geological target from 8-12mt at
Max cautions investors the potential quantity and grade of the iron ore is conceptual in nature, and further cautions there has been insufficient exploration to define a mineral resource and Max is uncertain if further exploration will result in the target being delineated as a mineral resource. Hematite mineralization tonnage potential estimation is based on in situ high-grade outcrops and interpreted and modelled magnetic anomalies. Density value used for the estimate is 2.8t/m³. Hematite sample grades range between 55
The 2025 exploration campaign is well underway consisting of channel sampling, diamond and mobile auger power drilling. In addition, Max Brazil has commenced an environmental survey, a requirement for approval of mining titles (refer to Figures 1 and 2).
Figure 1: Florália DSO location map.
Two railway terminals and five iron ore operations located within 20 km
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Figure 2: Florália DSO historic open cut and diamond drilling
Hematite DSO diamond drill core
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Proposed IPO of Max Brazil to the Official List of the ASX
Max Iron Brazil has received In-Principle Advice on suitability from ASX Limited (the "ASX") to advance plans for admission to the official list of the Australian Securities Exchange. Max Brazil plans to lodge a Prospectus with the Australian Securities and Investments Commission in early 2025. ASX confirmed the ticker code MAX has been reserved for Max Brazil.
Max plans to complete an initial public offering of a minimum of 30,000,000 Ordinary Shares in the capital of Max Brazil (the "Ordinary Shares") at a price of AUD
Following the completion of the Offering Max will continue to be a controlling shareholder in Max Brazil holding 88,000,000 ordinary shares and 12,000,000 performance shares.
The net proceeds of the Offering to be used, among other things, for the advancement of the Florália DSO Project located 67-km east of Belo Horizonte, Minas Gerais, Brazil, and for general working capital purposes.
Max Brazil will be subject to applicable Australian securities legislation and the rules and regulations of the ASX.
There is no guarantee that the proposed IPO or listing of Max Brazil on the ASX will be completed on the terms set out in this announcement or at all. Closing of the IPO is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals.
Sierra Azul Copper-Silver Project Background
The Company's wholly-owned Sierra Azul Project sits along the Colombian portion of the world's largest producing copper belt (Andean belt), with world-class infrastructure and the presence of global majors (Glencore and Chevron).
Max has an Earn-In Agreement ("EIA") with Freeport-McMoRan Exploration Corporation ("Freeport"), a wholly- owned affiliate of Freeport-McMoRan Inc. ("NYSE: FCX") relating to the Sierra Azul Project. Under the terms of the EIA, Freeport has been granted a two-stage option to acquire up to an
Sierra Azul comprises three districts: AM, Conejo and URU. Collectively the three contiguous districts stretch over 120 km in NNE/SSW direction (refer to Figure 4). Max Resource's land tenure at Sierra Azul includes 188 km² of mining concessions and 1,141 km² of mineral concession applications.
AM District
Starting in the far north of the Jurassic basin, classic stacked red bed outcrops with extensive lateral continuity have been sampled over many kilometres within the AM District culminating in a mineralized corridor that extends over 15km (Max News Release dated May 25, 2023 and Max News Release dated June 22, 2023). Highlight values of
Conejo District
Midway south, the Conejo District is the most recent to be recognized and is characterized by structurally controlled mineralization hosted in intermediate and felsic volcanic rocks. Numerous mineralized outcrops have been discovered over 3,700m at the primary target in the district with surface samples averaging
URU District
Mineralization within the URU District is hosted in intermediate volcanic rocks and is structurally controlled, similar to deposits in the Central African Copper Belt. At URU-C, a 9.0m of
AM District 2025 Highlights (refer to Figure 3)
AM-13: Exploration Target Increased to 1,500m by 100m
- Copper-silver mineralization identified over 1,500m of strike and open ended
- New composite channel assay results include:
1.6% Copper & 6 g/t Silver over 55.0m (CS11)1.6% Copper & 7 g/t Silver over 49.0m (CS08)1.0% Copper & 6 g/t Silver over 26.0m (CS01)
- The 100m wide mineralized body rises over 300m in elevation between El Cedro and Mapurito valleys suggesting significant depth potential
- Manto-style mineralization and alteration, similar to deposits in the Tocopilla - Taltal region of northern Chile, where a mineralized corridor extends well over 100-km and hosts several economic deposits including Mantos Blancos estimated to contain 500mt at
1% Copper (Reference material on the Mantos Blancos deposit available here)
Max cautions investors copper-silver mineralization at Mantos Blancos is not necessarily indicative of similar mineralization at Sierra Azul.
AM-15: Discovery of New Manto Style Target Proximal to AM-13
- The new AM-15 discovery is located approximately 1,000m northwest of AM-13
- Early work suggests a large target footprint with five mineralized outcrops already identified over a 100m by 300m and open in all directions
- High priority target based on potential size, grade and proximity to AM-13
Figure 3: AM-13 & AM-15 Target Zone
Image showing extended footprint of AM-13 in relation to the AM-15 discovery
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Freeport McMoRan Funded US
The 2025 exploration program at the Sierra Azul has three objectives: Drill Target Development, District Scale Exploration and Basin Scale Analysis.
Drill Target Development
The Drill Target Development program will focus exploration on priority targets located in all three districts of the Sierra Azul Project: AM, Conejo and URU. The goal of the program is to prepare the selected targets for drilling. The work program is well under way and includes detailed geological mapping and soil sampling as well as planned ground geophysical surveys and detailed structural analysis.
District Scale Exploration
The District Scale Exploration Program commenced in 2024 and is designed to systematically evaluate the entire Sierra Azul Project area with the goal of identifying additional priority targets for follow-up. The program has two components: soil and stream sediment sampling
The district-scale soil sampling program comprises a total of 3,646 samples collected at 50m intervals along lines spaced 2,000m apart (refer to Figure 6). The sampling campaign commenced in 2024 and approximately
Figure 4: Sierra Azul Copper Silver Project comprises three districts: AM, Conejo and URU
Collectively the three contiguous Districts stretch over 120 km in NNE/SSW direction
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Qualified Person
The Company's disclosure of a technical or scientific nature in this news release was reviewed and approved by Tim Henneberry, P.Geo (British Columbia), a member of the Max Resource advisory board, who serves as a qualified person under the definition of National Instrument 43-101.
For more information visit: https://www.maxresource.com/
For additional information contact:
Tim McNulty E: info@maxresource.com T: (604) 290-8100
Rahim Lakha E. rahim@bluesailcapital.com
Brett Matich 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.
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law.
Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for Max Resources Corp. described in this news release will come into effect on the terms or time frame described herein.
The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedarplus.ca.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242619
FAQ
What is the expected size and price of Max Iron Brazil's IPO on ASX?
What are the new geological targets for MXROF's Florália DSO Project?
How much funding has Freeport McMoRan approved for MXROF's Sierra Azul Project in 2025?
What are the latest exploration results from MXROF's AM-13 target?
