Canada’s Max Resource has received a mining concession contract for five concessions for the URU district, located along the CESAR North copper-silver belt, within the CESAR project, northeastern Colombia.
The five strategic URU concessions are spread out on an area of 74km².
Since late 2021, the CESAR project secured a total of 20 concessions that span 188km².
Max CEO Brett Matich said: “The five strategic URU concessions provide secure tenure of the 20km-long URU district, including the URU-C and URU-CE copper-silver discoveries.”
The firm plans to undertake the first drilling programme targeting copper-silver mineralisation on its URU mining concessions. The diamond core drill rig is scheduled for mobilisation next month.
Matich added: “Concurrently, Max continues its regional exploration programmes along the 90km-long CESAR copper-silver belt, utilising its approximately $20 million treasury.”
The contract for each mining concession has an initial term of 30 years. It also includes an extension for another 30 years, bringing the overall duration to 60 years.
The CESAR project is located along the 200km Cesar Basin, which produces copper and silver, in northeastern Colombia.
Earlier, Max signed a co-operation agreement with Endeavour Silver, whereby the latter agreed to assist Max in landholdings expansion at the CESAR project. Endeavour will own an underlying NSR of 0.5%.
Max is focusing on expanding three major copper-silver zones that are located along the CESAR belt.