Max Resource Completes Strategic Review - Plans To Spin Out Iron Ore Assets to "Max Iron Brazil Ltd" and Seek Listing on ASX
Max Resource Corp (TSXV: MAX) announces plans to spin out its Brazilian Florália Hematite Iron Ore Assets into a new Australian entity, Max Iron Brazil , with intentions to list on the ASX during Q1 2025. The Florália project, located in Minas Gerais, Brazil's largest iron ore producing State, has a geological target estimated at 8-12 million tons at 58% Fe. The project benefits from numerous iron ore buyers within 20-km radius, offering minimal transportation needs. The company's 2024 exploration program includes drone magnetic surveys, channel sampling, bulk sampling for metallurgical testing, and planned drilling activities.
Max Resource Corp (TSXV: MAX) annuncia piani per separare i suoi asset di minerale di ferro ematite di Florália in Brasile in una nuova entità australiana, Max Iron Brazil, con l'intenzione di quotarsi all'ASX durante il primo trimestre del 2025. Il progetto Florália, situato nello stato di Minas Gerais, il maggior produttore di minerale di ferro del Brasile, ha un obiettivo geologico stimato tra 8 e 12 milioni di tonnellate con un contenuto di ferro del 58%. Il progetto beneficia della presenza di numerosi acquirenti di minerale di ferro all'interno di un raggio di 20 km, offrendo così esigenze di trasporto minime. Il programma di esplorazione del 2024 dell'azienda include sondaggi magnetici con droni, campionamenti a canale, campionamenti di massa per prove metallurgiche e attività di perforazione programmate.
Max Resource Corp (TSXV: MAX) anuncia planes para escindir sus activos de mineral de hierro hematita de Florália en Brasil a una nueva entidad australiana, Max Iron Brazil, con la intención de cotizar en la ASX durante el primer trimestre de 2025. El proyecto Florália, ubicado en Minas Gerais, el mayor estado productor de mineral de hierro de Brasil, tiene un objetivo geológico estimado entre 8 y 12 millones de toneladas con un 58% de Fe. El proyecto se beneficia de la existencia de numerosos compradores de mineral de hierro en un radio de 20 km, lo que ofrece necesidades de transporte mínimas. El programa de exploración de la empresa para 2024 incluye encuestas magnéticas con drones, muestreo de canales, muestreo a granel para pruebas metalúrgicas y actividades de perforación planificadas.
맥스 리소스 Corp (TSXV: MAX)는 브라질의 플로랄리아 헤마타이트 철광석 자산을 새로운 호주 법인인 Max Iron Brazil로 분사할 계획을 발표했으며, 2025년 1분기 중 ASX에 상장할 의도를 가지고 있습니다. 플로랄리아 프로젝트는 브라질에서 가장 큰 철광석 생산 주인 미나는 제라이스에 위치하고 있으며, 지질학적 목표는 58% Fe로 800만 ~ 1200만 톤으로 추정됩니다. 이 프로젝트는 20km 범위 내에 수많은 철광석 구매자가 위치해 있어 운송 필요성이 최소화되는 이점을 가집니다. 회사의 2024년 탐사 계획에는 드론 자력 조사, 채널 채취, 금속분석을 위한 대량 채취 및 예정된 시추 활동이 포함됩니다.
Max Resource Corp (TSXV: MAX) annonce des plans pour scinder ses actifs de minerai de fer hématite de Florália au Brésil dans une nouvelle entité australienne, Max Iron Brazil, avec l'intention de s'inscrire à l'ASX au cours du premier trimestre 2025. Le projet Florália, situé dans l'État du Minas Gerais, le plus grand producteur de minerai de fer du Brésil, a un objectif géologique estimé entre 8 et 12 millions de tonnes avec 58 % de fer. Le projet bénéficie de la présence de nombreux acheteurs de minerai de fer dans un rayon de 20 km, ce qui offre un besoin de transport minimal. Le programme d'exploration de l'entreprise pour 2024 comprend des études magnétiques par drone, des échantillonnages en canal, des échantillons en vrac pour des tests métallurgiques et des activités de forage prévues.
Max Resource Corp (TSXV: MAX) kündigt Pläne an, seine brasilianischen Florália-Hämatit-Eisenaterien in eine neue australische Einheit, Max Iron Brazil, auszugliedern, mit der Absicht, im ersten Quartal 2025 an der ASX gelistet zu werden. Das Florália-Projekt, das sich im Bundesstaat Minas Gerais befindet, dem größten Eisenproduktionsstaat Brasiliens, hat ein geologisches Ziel von geschätzten 8 bis 12 Millionen Tonnen mit einem Eisenanteil von 58%. Das Projekt profitiert von zahlreichen Eisenerzkäufern im Umkreis von 20 km, was den Transportbedarf minimiert. Das Explorationsprogramm des Unternehmens für 2024 umfasst Drohnen-Magnetuntersuchungen, Kanalmusterentnahme, Großprobenentnahmen für metallurgische Tests und geplante Bohraktivitäten.
- Strategic spin-out could maximize shareholder value through separate listing on ASX
- Project location has multiple nearby iron ore buyers within 20km radius, reducing potential transportation costs
- Preliminary geological target estimates 8-12 million tons at 58% Fe
- Project is located in Brazil's largest iron ore producing state
- No defined mineral resource yet, only conceptual targets
- Spin-out completion not guaranteed and subject to uncertainties
- Project requires significant exploration work to confirm resource potential
Vancouver, British Columbia--(Newsfile Corp. - November 4, 2024) - MAX RESOURCE CORP. (TSXV: MAX) (OTC Pink: MXROF) (FSE: M1D2) ("Max" or the "Company") is pleased to announce that as a result of an internal strategic review of its asset portfolio, the Company has determined that the optimal pathway to maximize shareholder value is to spin out its Brazilian Florália Hematite Iron Ore Assets ("Florália Hematite" or "Florália") into a new Australian entity, Max Iron Brazil Ltd. ("Max Brazil") and seek listing on the ASX Limited ("ASX" or "Australian Stock Exchange"). In connection with the proposed spin out, Max Brazil will complete a reorganization of its current structure and complete pre-listing financing directly into Max Brazil to fund the proposed transaction and to advance drilling at the Floralia project. The spin out is anticipated to complete during the first quarter of 2025. The proposed spin out is the current intention of the Company and there in no assurance that the spin out will be completed or completed on the terms currently contemplated by the Company.
Following the reorganization Max Brazil, an Australian entity will be solely owned by the Company and following completion of the spin out it is expected that the Company will own a majority of the shares of Max Brazil. In addition, the Company will manage and administer all exploration activity on the Floralia project.
Figure 1. Iron Ore Buyers within 20-km Radius of the Florália Hematite Iron Ore Project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3834/228751_0f4811afb453da0a_001full.jpg
The Florália Hematite Project is centrally located within a prolific iron ore mining region in Minas Gerais, Brazil's largest iron ore producing State. Numerous iron ore buyers lie within 20-km of Florália, providing a local ready market requiring minimal transportation, upon successful exploration and development (Refer to Figure 1).
In 2023, Jaguar Mining (TSX: JAG) conducted a program consisting of 41 channel samples collected over a 151m accumulated length. This resulted in the definition of a geological target estimated at 2,971,233 m3 to 4,496,333 m3 or 8,052,041 tons to 12,184,160 tons using a density of 2.71 g/cm3 at an average grade of
*The source of the exploration information on the Florália Property is "Depósito Florália Oportunidade para minerrio de ferro by Jaguar Mining Inc." The document is undated. 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.
The Florália Hematite open cut is of significant size consisting of five benches rising to 48m and 160m in width revealing plunging bands of hematite iron ore at the base, and sub-horizontal banding at the top of the open cut and is open in all directions.
2024 Florália Exploration Program
The objective is to outline the sub-horizontal footprint and estimated thickness of the mineralization extending beyond the current geological target of 8 to 12mt at
- Hi-Res Drone Magnetic and LiDAR survey, 140-line-km/50m spacing (awaiting interpretation).
- Channel sampling across roads cutting through the hematite iron ore mineralization (awaiting assays).
- Bulk sample for metallurgical test work (underway).
- Scoping Study (underway).
- Infill auger drilling.
- Diamond drilling.
About Max Resource Corp.
Max Resource Corp. (TSXV: MAX) is a mineral exploration company advancing the newly discovered district-scale wholly owned Sierra Azul Copper-Silver Project in Colombia and its wholly owned Florália Hematite Iron Ore Project in Brazil.
The 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
The Florália Hematite Iron Ore Project is located 70km SE of Belo Horizonte, Minas Gerais, Brazil's largest iron ore producing State. Numerous iron ore buyers lie within 20-km of Florália, providing a local ready market requiring minimal transportation, upon successful exploration and development. The 2024 exploration objective is to outline the sub-horizontal footprint and estimated thickness of the mineralization extending beyond the 2023 estimated geological target of 8 to 12mt at
*The source of the exploration information on the Florália Property is "Depósito Florália Oportunidade para minerrio de ferro by Jaguar Mining Inc." The document is undated. 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.
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
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.
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.
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. 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/228751
FAQ
What is Max Resource Corp's (MXROF) plan for its Brazilian iron ore assets?
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