# Max Resource Reports High-Grade Iron Ore \(Fe\) Results from Flor&\#xE1;lia Hematite DSO Project in Minas Gerais, Brazil Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/max-resource-reports-high-grade-iron-ore-fe-results-from-flor-xe1-lia-hematite-d--05f9fe54-cea8-4b5f-883e-30ddaf3853e6 Original source: https://money.tmx.com/en/quote/MAX/news/8368382698793321/max-resource-reports-high-grade-iron-ore-fe-results-from-flor-xe1-lia-hematite-d Publisher: tmx Original announcement: 2025-04-22T12:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: MAX RESOURCE CORP. - Ticker: MAX - Exchange: TSX - Region: Minas Gerais, Brazil - Primary commodity: Iron ore - Secondary commodities: Copper, Silver - Document categories: Metallurgy, Drill results, Capital raise - Extracted: 2026-09-14 11:15:31 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Max Resource reports successful preliminary dry magnetic test work at the Florália Hematite DSO Project in Brazil, yielding iron grades up to 69.5% Fe and recoveries up to 81%. The company also announced a successful AUD $2.73 million private placement for its subsidiary, Max Brazil, to support an upcoming ASX listing. Reasoning: The announcement reports successful preliminary metallurgical test work for iron ore at the Florália project, alongside a capital raise for its Brazilian subsidiary. While grades are high, the company explicitly cautions that XRF is not chemical analysis and a resource is not yet defined. - Positive factor: High-grade iron ore results \(up to 69.5% Fe\) - Positive factor: Strong recovery results from dry magnetic testing \(up to 81%\) - Positive factor: Strategic location with existing rail and road infrastructure - Positive factor: Successful capital raise for Max Brazil subsidiary - Negative factor: Results based on handheld XRF \(not chemical analysis\) - Negative factor: Insufficient exploration to define a mineral resource - Negative factor: No internal standards or blanks inserted in the assay stream Facts used in scoring: 9 ## Classification and evidence **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The release mentions that all samples have been sent to ALS Laboratories for follow up chemical analysis and discusses ALS's internal QA/QC. Evidence · text > All samples have been sent to ALS Laboratories for follow up chemical analysis. **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: The company explicitly states they did not insert their own standards or blanks in the assay stream for the XRF results. Evidence · text > Max did not insert standards or blanks in the assay stream and is relying on ALS's lab QA/QC. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("concentrate"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 9 distinct composites were tested ## Extracted facts Stored fact records: 9. Some facts used in scoring do not have a stored record. ## Metallurgical Results (9) ### dry magnetic [Link to this fact](https://atlas-extractions.minestarters.com/news/max-resource-reports-high-grade-iron-ore-fe-results-from-flor-xe1-lia-hematite-d--05f9fe54-cea8-4b5f-883e-30ddaf3853e6#fact-metallurgical-facts-0) iron\_ore #### Identity - Commodity: iron\_ore - Region: brazil - Reported Region: Minas Gerais, Brazil - Ticker: MAX #### Test Work - Program Status: preliminary - Test Type: dry magnetic - Processing Route: dry magnetic - Sample: FL-001 59.7% 6mm fraction sample #### Recovery - Recovery: 81 % - Head Grade: 69.5 - Head Grade Unit: % #### Lab - Laboratory: Inbras Laboratory Brazil #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-04-22T00:00:00.000Z Reasoning: Exceptional iron grade and recovery for a DSO project, though based on preliminary XRF testing. - Positive factor: High grade \(69.5% Fe\) - Positive factor: High recovery \(81%\) - Negative factor: Handheld XRF used - Negative factor: No internal QA/QC standards/blanks mentioned Evidence · text > FL-001: 69.5% Fe at 81% recovery from 59.7% 6mm fraction sample ### dry magnetic [Link to this fact](https://atlas-extractions.minestarters.com/news/max-resource-reports-high-grade-iron-ore-fe-results-from-flor-xe1-lia-hematite-d--05f9fe54-cea8-4b5f-883e-30ddaf3853e6#fact-metallurgical-facts-1) iron\_ore #### Identity - Commodity: iron\_ore - Region: brazil - Reported Region: Minas Gerais, Brazil - Ticker: MAX #### Test Work - Program Status: preliminary - Test Type: dry magnetic - Processing Route: dry magnetic - Sample: FL-002 59.7% 6mm fraction sample #### Recovery - Recovery: 73 % - Head Grade: 66.9 - Head Grade Unit: % #### Lab - Laboratory: Inbras Laboratory Brazil #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-04-22T00:00:00.000Z Reasoning: Strong iron grade and recovery from preliminary testing. - Positive factor: Strong iron grade - Negative factor: Handheld XRF used Evidence · text > FL-002: 66.9% Fe at 73% recovery from 59.7% 6mm fraction sample ### dry magnetic [Link to this fact](https://atlas-extractions.minestarters.com/news/max-resource-reports-high-grade-iron-ore-fe-results-from-flor-xe1-lia-hematite-d--05f9fe54-cea8-4b5f-883e-30ddaf3853e6#fact-metallurgical-facts-2) iron\_ore #### Identity - Commodity: iron\_ore - Region: brazil - Reported Region: Minas Gerais, Brazil - Ticker: MAX #### Test Work - Program Status: preliminary - Test Type: dry magnetic - Processing Route: dry magnetic - Sample: FL-003 64.9% 2mm fraction sample #### Recovery - Recovery: 78 % - Head Grade: 68.7 - Head Grade Unit: % #### Lab - Laboratory: Inbras Laboratory Brazil #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-04-22T00:00:00.000Z Reasoning: Strong iron grade and recovery from preliminary testing. - Positive factor: High grade and recovery - Negative factor: Handheld XRF used Evidence · text > FL-003: 68.7% Fe at 78% recovery from 64.9% 2mm fraction sample ### dry magnetic [Link to this fact](https://atlas-extractions.minestarters.com/news/max-resource-reports-high-grade-iron-ore-fe-results-from-flor-xe1-lia-hematite-d--05f9fe54-cea8-4b5f-883e-30ddaf3853e6#fact-metallurgical-facts-3) iron\_ore #### Identity - Commodity: iron\_ore - Region: brazil - Reported Region: Minas Gerais, Brazil - Ticker: MAX #### Test Work - Program Status: preliminary - Test Type: dry magnetic - Processing Route: dry magnetic - Sample: FL-004 57.5% 12mm fraction sample #### Recovery - Recovery: 76 % - Head Grade: 61.8 - Head Grade Unit: % #### Lab - Laboratory: Inbras Laboratory Brazil #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-04-22T00:00:00.000Z Reasoning: Moderate iron grade and recovery from preliminary testing. - Positive factor: Solid recovery - Negative factor: Handheld XRF used Evidence · text > FL-004: 61.8% Fe at 76% recovery from 57.5% 12mm fraction sample ### dry magnetic [Link to this fact](https://atlas-extractions.minestarters.com/news/max-resource-reports-high-grade-iron-ore-fe-results-from-flor-xe1-lia-hematite-d--05f9fe54-cea8-4b5f-883e-30ddaf3853e6#fact-metallurgical-facts-4) iron\_ore #### Identity - Commodity: iron\_ore - Region: brazil - Reported Region: Minas Gerais, Brazil - Ticker: MAX #### Test Work - Program Status: preliminary - Test Type: dry magnetic - Processing Route: dry magnetic - Sample: FL-005 46.2% 6mm fraction sample #### Recovery - Recovery: 78 % - Head Grade: 60.2 - Head Grade Unit: % #### Lab - Laboratory: Inbras Laboratory Brazil #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-04-22T00:00:00.000Z Reasoning: Moderate iron grade and recovery from preliminary testing. - Positive factor: Solid recovery - Negative factor: Handheld XRF used Evidence · text > FL-005: 60.2% Fe at 78% recovery from 46.2% 6mm faction sample ### dry magnetic [Link to this fact](https://atlas-extractions.minestarters.com/news/max-resource-reports-high-grade-iron-ore-fe-results-from-flor-xe1-lia-hematite-d--05f9fe54-cea8-4b5f-883e-30ddaf3853e6#fact-metallurgical-facts-5) iron\_ore #### Identity - Commodity: iron\_ore - Region: brazil - Reported Region: Minas Gerais, Brazil - Ticker: MAX #### Test Work - Program Status: preliminary - Test Type: dry magnetic - Processing Route: dry magnetic - Sample: FL-006 47.8% 2mm fraction sample #### Recovery - Recovery: 67 % - Head Grade: 59.3 - Head Grade Unit: % #### Lab - Laboratory: Inbras Laboratory Brazil #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-04-22T00:00:00.000Z Reasoning: Lower grade and recovery compared to other samples in the set. - Negative factor: Lower recovery compared to other samples - Negative factor: Handheld XRF used Evidence · text > FL-006: 59.3% Fe at 67% recovery from 47.8% 2mm fraction sample ### Fact 7 [Link to this fact](https://atlas-extractions.minestarters.com/news/max-resource-reports-high-grade-iron-ore-fe-results-from-flor-xe1-lia-hematite-d--05f9fe54-cea8-4b5f-883e-30ddaf3853e6#fact-metallurgical-facts-6) copper #### Identity - Commodity: copper - Region: brazil - Reported Region: Minas Gerais, Brazil - Ticker: MAX #### Test Work - Sample: CS11 composite channel assay #### Recovery - Head Grade: 1.6 - Head Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-04-22T00:00:00.000Z Reasoning: Strong copper-silver intercept at the Sierra Azul project. - Positive factor: Significant width \(55m\) Evidence · text > 1.6% Copper & 6 g/t Silver over 55.0m \(CS11\) ### Fact 8 [Link to this fact](https://atlas-extractions.minestarters.com/news/max-resource-reports-high-grade-iron-ore-fe-results-from-flor-xe1-lia-hematite-d--05f9fe54-cea8-4b5f-883e-30ddaf3853e6#fact-metallurgical-facts-7) copper #### Identity - Commodity: copper - Region: brazil - Reported Region: Minas Gerais, Brazil - Ticker: MAX #### Test Work - Sample: CS08 composite channel assay #### Recovery - Head Grade: 1.6 - Head Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-04-22T00:00:00.000Z Reasoning: Strong copper-silver intercept at the Sierra Azul project. - Positive factor: Significant width \(49m\) Evidence · text > 1.6% Copper & 7 g/t Silver over 49.0m \(CS08\) ### Fact 9 [Link to this fact](https://atlas-extractions.minestarters.com/news/max-resource-reports-high-grade-iron-ore-fe-results-from-flor-xe1-lia-hematite-d--05f9fe54-cea8-4b5f-883e-30ddaf3853e6#fact-metallurgical-facts-8) copper #### Identity - Commodity: copper - Region: brazil - Reported Region: Minas Gerais, Brazil - Ticker: MAX #### Test Work - Sample: CS01 composite channel assay #### Recovery - Head Grade: 1 - Head Grade Unit: % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-04-22T00:00:00.000Z Reasoning: Moderate copper-silver intercept at the Sierra Azul project. - Positive factor: Significant width \(26m\) Evidence · text > 1.0% Copper & 6 g/t Silver over 26.0m \(CS01\) ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.