PGM: Max transfers rights in PGE project to new Colombian subsidiary

COLOMBIA - Max Resource announced that it established a wholly owned subsidiary named PGE Americas Metals and transferred all of its rights in the platinum group element (PGE) Choco project in northern Colombia. In a press release, Max explained that this is the first step towards building a portfolio of PGE assets with a targeted focus on palladium, platinum and rhodium in order to capitalize on technology metal deficits. “Current demand for palladium, platinum and rhodium outstrips supply and increasingly stringent environmental regulations are forcing automakers to use more of these metals,” Brett Matich, CEO of the Canadian company, said in the media brief. “We are adopting a sum of the parts strategy in creating a PGE metals subsidiary and consequently compounding shareholder value.” The Choco project is located 120 km southwest of the city of Medellin, within a historical PGE region, which, according to official records, produced 1 million oz. of platinum. In addition, a 2019 field program carried out by Max yielded highlight concentrate values of 114 g/t platinum. This story originally appeared on www.Mining.com.