Junior chases molybdenum under Gold Hill

MAX Resource Corp. Aug. 18 said it has completed a 10-hole diamond drill program totaling 7,664 feet, or more than 2,358 meters, at its Gold Hill molybdenum project located about 212 miles, or 342 kilometers, north northeast of Anchorage.

The first drill hole of the 2008 program tested the zone to the east of hole 07-05 to examine the continuation of high-grade mineralization encountered in hole 07-01 and under hole 07-03.

Hole 07-03 did not cut the entire interval and mineralization was visibly increasing at the bottom of the drill hole as it neared the projection of the main zone and was continued this drill season.

Drilling conducted during the current program has expanded the known area of the mineralized system to the north and northeast. It also has drilled through overburden, showing that mineralization previously not seen at the surface exists under Gold Hill. The mineralized system appears to continue to depth and to the north and northeast, with other areas identified this summer to the northwest and west.

Significant visible mineralization has been noted in the majority of these holes; however no conclusions can be drawn as to the nature or extent of such mineralization prior to the receipt of assays, which are pending, MAX said.

More than 1,000 feet of molybdenum

The 2008 drill program at the 8,520-acre Gold Hill property follows up on a five-hole drill program the Vancouver, B.C. -based junior conducted in 2007 that intersected significant molybdenum mineralization over long intervals starting at surface and ending in mineralization at depth in four of the holes.

The 2007 drill program tested a broad molybdenum-copper-gold geochemistry and geophysical magnetic anomaly covering at least a 700 -by-800-meter area. Hole DH-07-01 intersected 250 feet of 0.080 percent MoS2, hole DH-07-03 intersected 1,000 feet of 0.058 percent MoS2 and DH-07-04 intersected 250 feet of 0.0603 percent MoS2.

Drilling completed by the New Alaska Syndicate (Cities Services Minerals and Dome Mines Ltd.) at Gold Hill in the 1970s never tested the significant magnetic anomaly that coincides with the mineralization or the surrounding sedimentary rocks. The deepest drilling by prior operators was one 500-foot angle hole drilled oblique to the strike of the sediments.

In addition to molybdenum, MAX has discovered high-grade gold, copper and tungsten at Gold Hill and on claims it staked to the west of the property.