Max Resource (TSXV: MXR) announced that it established a wholly-owned subsidiary named PGE Americas Metals Corp. and transferred all of its rights in the PGE Chocó 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.
Colombia was the world’s main source of platinum until 1820 and was the largest producer between 1917 and 1923
“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 PGE Chocó project is located 120 kilometres southwest of the city of Medellín, within a historical PGE region whose records state that one million ounces of platinum were produced.
In addition to this, a 2019 field program carried out by Max yielded highlight concentrate values of 114 g/t platinum.