- Max Resource (TSXV:MAX) reported significant progress on its Florália Hematite DSO Project, located in Brazil’s largest iron ore and steel producing state
- The micro-cap copper stock has received high-grade assay results from its ongoing exploration efforts
- A total of 174 channel samples were collected across banded iron formation (BIF), with 131 samples returning iron values ranging from 50 per cent to 61 per cent Fe, and a highlight value of 64.7 per cent Fe (19mm fraction)
- Max Resource stock (TSXV:MAX) opened trading at $0.04
Max Resource (TSXV:MAX) reported significant progress on its Florália Hematite DSO Project, located 67 km east of Belo Horizonte in Minas Gerais, Brazil’s largest iron ore and steel producing state.
Results at a glace
The micro-cap copper stock has received high-grade assay results from its ongoing exploration efforts. A total of 174 channel samples were collected across banded iron formation (BIF), with 131 samples returning iron values ranging from 50 per cent to 61 per cent Fe, and a highlight value of 64.7 per cent Fe (19mm fraction). Phosphorus values were notably low, ranging from 0.01 per cent to 0.05 per cent.
In addition, dry magnetic tests on three bulk samples (200 kg each), coarse crushed to less than 6.35mm, successfully increased iron values from 4 per cent to over 6 per cent with a single pass through a simple low magnetic drum circuit. Further magnetic intensity test work is underway with the objective of increasing iron values even more.
Max’s inaugural 2025 drilling program, consisting of approximately 800m of auger and 800m of diamond drilling, is nearing completion, with preliminary results expected shortly.
The company’s 2024 exploration program significantly increased the Florália DSO geological target from an initial estimate of 8-12 million tonnes at 58 per cent Fe to a revised estimate of 50-70 million tonnes at 55 per cent-61 per cent Fe.
Leadership insights
Max cautions investors that the potential quantity and grade of the iron ore are conceptual in nature. There has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource. The hematite mineralization tonnage potential estimation is based on in situ high-grade outcrops and interpreted and modelled magnetic anomalies, with a density value of 2.8t/m³. Hematite sample grades range between 55 per cent-61 per cent Fe, based on 58 channel samples collected for chemical analysis from in situ outcrops in previously mined slopes of industrial materials.
“The channel assay results confirm the presence of high-grade iron ore at Florália, with increased Fe grades through a dry magnetic circuit. Based on success, Florália could potentially supply superior DSO for local, domestic and overseas buyers,” Max’s CEO, Brett Matich, commented in a news release. “In addition, Max Iron Brazil has received In-Principle Advice from the ASX, in regards to a planned listing on the official ASX list, to then secure funding for the next stage of exploration and development for the Floralia DSO Project.”
The Florália DSO Project holds several advantages over other DSO projects in the Minas Gerais region. It is connected to an existing 20 km road southeast to a rail loading terminal, with rail networks linking to multiple steel mills and shipping ports. Additionally, Florália DSO is accessible via existing roads to potential DSO buyers, including Vale, located 20 km northwest, and Arcelor Mittal, 30 km east.
About Max Resource
Max Resource is a junior copper miner advancing its district-scale Cesar copper-silver project in Colombia.
Max Resource stock (TSXV:MAX) opened trading at $0.04.
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(Top image: Florália channel geochemistry, logistics, auger and diamond drill hole locations. Source: Max Resource Corp.)
