Max appoints ex-Collective Mining technical and logistical team leaders, reuniting key management to lead Mora gold-silver project – Richard Mills

2025.09.20

A management team’s experience, ethics, and record of past success is a key variable in choosing a junior exploration company to invest in.

Taking a punt on a company with inexperienced management is highly risky, setting you up to lose money. I always check the management bios, and those of the board of directors and technical advisors carefully when considering an investment in a junior. The capability to move a project forward in terms of reaching technical milestones, and raising money for exploration and drilling, are paramount.

Max Resource Corp (TSXV:MAX; OTC:MXROF; Frankfurt:M1D2) is showing the importance of appointing the right people to the right positions, in this case Colombia experts chosen to lead exploration and development of the recently acquired Mora gold-silver project.

Appointments

On Sept. 17 Max announced the appointment of Sergio Cocunubo as head geologist, reuniting with technical advisor Chris Grainger and community relations specialist John Henao, all key members of the Collective Mining and Continental Gold teams that developed the Buritica Au-Ag deposit, sold to Zijin Mining for US$1.4 billion.

Cocunubo has extensive experience along Colombia’s Cauca Belt including the role of senior exploration geologist for Collective Mining’s (TSX:CNL) neighboring Guayabales project.

Cocunubo reunites with co-founder of Collective Mining Chris Grainger, who will act as technical advisor.

Cocunubo will also work again with Collective Mining and Continental Gold’s John Henao, a community relations and logistics specialist who will perform the same role for Max.

“We are pleased to have these 3 strategic individuals who have played such vital roles in developing the most active and valued precious metals belt in Colombia. Their addition as key members of the Max team is a testament to the potential that Max sees as we advance the newly acquired Mora Project,” said Max’s CEO Brett Matich in the Sept. 17 news release.

“The Mora Property lies in the heart of the Marmato District, directly south of Collective Mining’s Guayabales Project abutting the western and southern boundaries and Aris Mining’s Marmato Operations abuts along the 2.8 km eastern boundary. Mr. Cocunubo’s unique tie to the Marmato District, subsequent experience and expertise at Guayabales will no doubt add immense value to the Company and its Shareholders,” he concluded.

“I am excited to be heading the exploration and development of the Mora Property, where there has been primitive to limited exploration to date. The Marmato-gold-silver-type potential is confirmed by the extensive series of exposed mineralized “polymetallic” veins together with numerous historic and active artisanal underground mines,” says Max’s head geologist Sergio Cocunubo.

“In addition, Aris Mining’s Marmato Operations have recently confirmed the discovery of high-grade porphyry environment at depth, which together with porphyry-type environment characteristics of Collective Mining’s Guayabales Project, increases the probability of the existence of the same type of mineralizing environment within the Mora Property, since these systems are typically generated in clusters,” he concluded.

Cocunubo holds a Masters’ degree in economic geology with a specialization on mining exploration from the Universidad Católica del Norte de Chile and a degree in engineering geology, with technical training and analytical capacity to solve complex problems in geosciences from the Pedagogical and Technological University of Colombia.

In Colombia, he previously acted as exploration geologist for AngloGold Ashanti (NYSE:AU) on Nuevo Chaquiro (6.1Mozs Au, 85Mozs Ag, 3.9Mt Cu; resources: 604Mt @ 0.65% Cu, 0.32 g/t Ag, 116 ppm Mo); Continental Gold on the Buritica deposit (P&P reserves: 3.8Mozs at 6.9 g/t Au & 13Mozs at 24g/t Ag in 15.61Mt and M&I resources: 4.4Mozs at 8.9 g/t Au & 14.6Mozs at 29 g/t in 14.02Mt plus inferred resources: 5.1Mozs at 8.9 g/t Au & 18Mozs at 29 g/t Ag in 16.2Mt³), director of exploration for Touchstone Colombia on Picacho in the District of Sergovia; and senior geologist for Collective Mining on the Guayabales project.

Grainger holds a BSc and PhD in economic geology from the University of Western Australia, where he was sponsored by Vale Brazil. His doctoral research focused on the Serra Pelada epigenetic Au-Pd-Pt deposit in Brazil. He is fluent in English and Portuguese and has an advanced level of proficiency in Spanish.

Notable career achievements in Colombia include: initial due diligence of the Continental Gold asset portfolio as VP of exploration which included the world-class Buritica Au-Ag deposit acquired by Zijin Mining for US$1.4 billion; identified and consolidated the San Matias Cu-Au district for Cordoba Minerals (TSXV:CDB), which includes the Alacran Cu-Au deposit (resources: 99.456Mt at 0.41%Cu, 0.24 g/t Au, 2.65 g/t Ag), later acquired by HPX Exploration (Friedland group of companies); as co-founder of Collective Mining and played a critical role in identifying the Guayabales project, ultimately leading to the consolidation of the entire northern Marmato District and the discovery of the Apollo Cu-Au deposit. His expertise and success in identifying and developing significant mining assets make him a valuable asset to Max in the key position of technical advisor.

Henao is a technologist in military sciences with training in security, risk and strategic management. He specializes in negotiation, intelligence and community management in exploration projects.

Mora Gold-Silver Title

On Aug. 19, Max reported that its subsidiary, Maximum Company Colombia S.A.S., will acquire up to 100% of Inversiones Villamora S.A.S., which holds the 713-hectare Mora title. The concession, located 85 km south of Medellin, sits adjacent to Aris Mining’s (TSX:ARIS) Marmato mine and to Collective Mining’s (TSX:CNL) Guayabales project.

(Aris Mining’s Marmato title abuts along the 2.8-km eastern boundary of the Mora property, and Collective Mining’s Guayabales project abuts along 3.7 km north (Apollo porphyry system), west, south, and vertical east boundaries.)

Max Resource secures Mora Gold Project adjacent to Aris Gold’s Marmato gold mine and Collective Mining’s Apollo discovery – Richard Mills

Mora is considered prospective for both high-grade vein-style mineralization and porphyry-related bulk tonnage systems. Though it has never been drill-tested, the property hosts more than 40 historical workings and five active artisanal mines.

A series of exposed polymetallic structures, over 2,500m by 1,000m, are adjacent to Aris’s 9.2Moz Marmato gold operation.

Channel samples from previous exploration highlight:

• 45.0 g/t gold and 7,110 g/t silver over 1m; 32.0 g/t gold and 53 g/t silver over 1m;
  
• 27.0 g/t gold and 732 g/t silver over 1m; 8.9 g/t gold and 75 g/t silver over 1.5m

The geology exposed at Marmato appears similar to Mora and can be considered analogous due to its close proximately and geological similarities, including the same type of host rocks, structural trends, styles of mineralization and types of alteration. These are all key characteristics of the world-class, bulk tonnage, porphyry-related gold deposits of the Cauca Gold Belt.

In a 2012 report documenting a field visit for Crown Gold Corp, the author identified numerous high-grade gold and silver sulfide veins exploited by artisanal miners on both Marmato and Mora:

“There is no question that the geology of Marmato continues across the Mora title (KK6-08031) boundary in the region of San Juan. Gran Colombia states that their deposit (Marmato) is open and continues at depth and to the west and south; both areas are within in the Mora title,” the report reads.

The accompanying Crown Gold news release stated: 

“During a visit in November, Crown gained access to, and channel sampled, 7 of the 40 adits which it has located to date, on the Mora Property. A total of 7 channels were cut in these 7 adits and all samples returned gold and silver values. The weighted average value of gold was 13.2 g/t over 5.9m sampled, while the weighted average value of silver was 1,647 g/t.”

“Sampling to date has been concentrated within 1-km² block (San Juan Sector) of the 7-km² Mora Property. There appears to be a series of mineralized “polymetallic” veins running through the Mora Property, similar mineralization to Gran Colombia’s Marmato gold deposit, which lies adjacent east side of the Mora Property.” 

“The Marmato property has a 43:101 measured and indicated resource of over 11.7Mozs of gold and 80Mozs of silver to vertical depth of 400m. In addition, recent drilling at Marmato has revealed high grade mineralization extending a further 700m below the present resource.”

The acquisition’s payment structure gives Max flexibility to advance exploration while limiting upfront capital costs. Villamora shareholders will receive four milestone payments ranging from $50,000 to $150,000. Full ownership would require $8.3 million in staged payments plus a 3% NSR royalty.

2025 exploration

Max’s 2025 exploration program at Mora is now underway. In a first phase, the company will collect geological and geophysical data, channel-sample all active and historical underground shafts (represent as drill holes) and outcrops, and perform airborne LiDAR and magnetic, 3D geological/DTM/topographic modeling.

Phase 2 will conduct ground gravity surveys and delineate drill targets.

Max states:

In April 2025, a 2-day reconnaissance visit was conducted by a geological consultant, on behalf of the Company. Investigation of the San Juan Sector in the northern portion of the Mora Property, confirmed a series of NW to SE striking polymetallic sub-parallel mineralized structures along over 2,500m of strike, dipping to the SW, across a width of 1,500m SW to NE. Over 40 historic workings and 5 active artisanal gold mines were noted. The polymetallic mineralized structures clearly cross the eastern boundary towards the Marmato Gold Operations.

The Nan Prospect in the lower SE corner of the Mora Property, identified one east to west polymetallic mineralized structure dipping to the south and two other polymetallic structure’s running NW to SE dipping NE crossing across the boundary trending to Marmato.

Marmato gold mine

Marmato’s mining history goes back to pre-Colonial times, when it was worked by the Quimbaya people. The Spanish colonists assumed control of the Marmato mines in 1527, and they have been in almost continuous production ever since. Local history recounts that Simon Bolivar, the revolutionary leader who liberated much of South America from Spanish rule, used the mines as collateral with British banks to secure funding for a war of independence against Spain.

Aris Mining acquired the Marmato gold mine as part of a business combination with GCM Mining on Sept. 26, 2022. This transaction involved the merger of GCM and Aris Gold, with the combined entity being renamed Aris Mining Corporation. The Marmato mine became one of Aris’s key operating assets, along with the Segovia gold-silver mine. Both mines are underground.

Marmato hosts proven and probable reserves of 31.3 million tonnes at 3.2 grams per tonne, for 3.2 million ounces of contained gold. The measured and indicated resource stands at 61.5Mt @ 3.0 g/t Au, for a contained 6Moz. Inferred resources are 35Mt @ 2.4 g/t Au, for 2.8 million contained ounces.

By the second half of 2026, Aris is planning to ramp up Marmato’s gold production to 200,000 ounces per year, once the Bulk Mining Zone is in operation.

The historic Narrow Vein Mining Zone (formerly referred to as Upper Mine) uses small-scale, labor-intensive mining methods and is currently producing approximately 20,000 to 25,000 ounces of gold per year.

An expansion project is underway with the construction of the new Bulk Mining Zone (formerly referred to as Lower Mine) to access the porphyry-hosted mesothermal gold deposit below the Narrow Vein Mining Zone. The expansion started in Q3 2023 and includes a new portal and decline, dedicated 5,000 tpd carbon-in-pulp (CIP) processing facility and the use of more efficient, mechanized mining methods.

Between Segovia and Marmato, Aris Mining plans to produce 500,000 ounces by 2026 — more than doubling the +200Moz mined in 2024.

Apollo gold discovery

Under the leadership of Ari Sussman, who created billions in value with Continental Gold, Collective Mining is focused on its Guayabales project, located in the Middle of the Cauca Gold-Copper Belt.

Continental Gold was sold to Zijin Mining in 2019 for $1.4 billion, mainly for Continental’s large and high-grade Buritica vein gold-silver deposit.

Recent drilling at the Apollo and Trap targets yielded exceptionally high-grade gold and silver intercepts over hundreds of meters. An example from the table above is 497m @ 3.0 g/t gold-equivalent at Apollo. The property has six targets: Apollo, Trap, Olympus, Donus, Box and Victory. 

The most significant discovery is the Apollo gold-silver-copper deposit, which is a porphyry stockwork deposit with an intermineral breccia called the Apollo porphyry system, and is overprinted by high-grade gold-silver bearing sheeted carbonate base metal veins. The current dimensions of the Apollo porphyry system, based on limited drilling, are 385m by 350m on surface by 915m vertical, and it is open in all directions. The breccia lies within stockwork mineralization. (NI 43-101 technical report dated April 21, 2023)

On March 17, 2025, Agnico Eagle Mines (TSX:AEM) announced a non-brokered private placement at $11 a share, for an aggregate investment of $52.161 million in Collective Mining. 

Apollo, which begins at surface, is strongly mineralized over 1,200 vertical meters, and is open at depth.

High-grade gold, copper, silver and tungsten assay results have been received for four holes from its ongoing shallow drilling program designed to outline and expand the near surface zone of mineralization at the Apollo system with highlighted results as follows:

• 183.70 metres @ 3.01 g/t gold equivalent (0.86 g/t gold, 44 g/t silver, 0.83% copper and 0.14% WO3) from 37.30 meters downhole (APC-134);
  
• 37.15 meters @ 7.05 g/t gold equivalent (2.19 g/t gold, 89 g/t silver, 0.92% copper, and 0.73% WO3) from 118.10 meters downhole (APC-136)

The company currently has 11 drill rigs operating as part of its fully funded 70,000-meter drill program for 2025, with eight rigs operating at the Guayabales project and three rigs turning at the San Antonio project. Drilling at the Guayabales project is focused on multiple objectives which include defining shallow mineralization, expanding and identifying new high-grade sub-zones, expanding the high-grade Ramp Zone at depth and testing new targets.

Two deep-capacity drill rigs are now at Apollo with the first rig now drilling a mother hole after successfully extending a previous step-out hole which failed to reach its intended depth when targeting the Ramp Zone (assays results pending). A second deep-capacity rig has recently arrived at site and is expected to begin drilling a second mother hole to test the high-grade Ramp Zone discovery within the next two weeks.

Approximately 133,000 meters of diamond drilling has been completed to date at the Guayabales project, including 93,000 meters at Apollo. There are currently 25 drill holes in the lab with assay results for most of these holes expected in the near term.

Conclusion

For Max, the Mora concession diversifies its portfolio into gold while retaining exposure to copper and silver through the Freeport partnership, and iron ore through the Florália DSO project.

Take another look at the map above. The Mora property is literally surrounded by Collective Mining and Aris Mining. The Marmato mine is undergoing an expansion and the drilling is in the direction of Mora.

The Middle Cauca Belt hosts over 60 million ounces of gold and there are some major gold projects/ companies there, including Zijin Mining’s Buritica, B2Gold’s Gramalote, and AngloGold Ashanti’s La Colosa.

A key point is that the polymetallic veins on Aris Mining’s Marmato property extend onto Mora. Initial channel samples yielded 45 g/t gold and 7,110 g/t silver over one meter. The weighted average gold value was 13.2 g/t over 5.9m sampled, while the weighted average silver value was 1,647 g/t.

Collective Mining’s Apollo porphyry system borders Mora to the north. According to Max, Collective’s recent Apollo porphyry system discovery appears to trend over the northern border of the Mora title:

The extensive “polymetallic” sub-parallel mineralized structures identified within the San Juan Sector are of significance.

The Mora concession itself hosts more than 40 historical workings, five active artisanal mines, and polymetallic structures spanning 2.5 km x 1 km.

Mora has never been drill-tested, suggesting an exciting upside.

CEO Brett Matich sees both high-grade Marmato-type targets and a potential Apollo porphyry system.

At AOTH we see Max as offering outstanding value for shareholders to capitalize on a very exciting gold exploration project, in one of the richest gold-mining belts in the world. We believe you’re going to be hearing a lot more about Max Resource’s Mora gold project.

Max Resource Corp.
TSXV:MAX; OTC:MXROF; Frankfurt:M1D2
Cdn$0.15 2025.09.19
Shares Outstanding 175.8m
Market cap Cdn$27.9m
MAX website

Richard (Rick) Mills
aheadoftheherd.com

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Richard owns shares of Max Resource Corp. (TSXV:MAX). MAX is a paid advertiser on his site aheadoftheherd.com This article is issued on behalf of MAX.