MAX Power’s First Drill Hole Supports New Lithium Discovery in Western United States

VANCOUVER, British Columbia, Dec. 21, 2023 (GLOBE NEWSWIRE) — MAX Power Mining Corp. (CSE: MAXX; OTC: MAXXF; FRANKFURT: 89N) (“MAX Power” or the “Company”) has intersected a thick lithium claystone sequence as well as multiple liquid brine targets in its first diamond drill hole at the Willcox Playa in southeast Arizona. This represents a new discovery with considerable scale and grade potential as MAX Power’s Willcox Property covers a 6-mile-long north-south corridor defined by favorable geophysics and surrounded by excellent infrastructure in the heart of the American West.

Highlights:

• From the top of the hole to approximately 900 feet, WP-23-01 (drilled vertically) in the northern portion of the property intersected a predominantly claystone sequence;
• Seven distinct fluid sequences were encountered in WP-23-01 at depths ranging from 67 feet to 1,188 feet. This is considered highly significant in terms of lithium brine potential from non-potable fluids under the Playa;
• The first drill hole was collared approximately 5 miles southeast of an historic U.S. Geological Survey hole completed in the 1970s and represents the start of first-ever systematic diamond drilling on the Playa;
• Initial analysis of the claystones using a Laser Induced Breakdown Spectroscopy Z-903 (LIBS) portable handheld tool suggests the lithium mineralization in the claystones is more intense and pervasive than the encouraging results reported by the USGS in its historic test hole to the northwest;
• The second drill hole, a 1,640-foot step-out to the west, has commenced;
• Drill samples of the clays and the brine have already been sent to ALS Global in Tucson.

Mr. Peter Lauder, Senior Geologist and Exploration Manager for MAX Power, commented: “Willcox is already showing itself to be quite unique and fascinating based on just the very first drill hole with strong potential for widespread and robust lithium mineralization in thick claystone sequences under the Playa. The exciting wildcard is the potential for lithium mineralization in the fluid sequences, so we eagerly anticipate those results from ALS Global.”

Figure 1: The Willcox Playa

Figure 2: Representative Drill Core

The above photo in Figure 2 is claystone drill core from Willcox Playa hole WP-23-01 (assays pending).

Figure 3: Godbe Drilling’s Core Rig on Hole WP-23-01

Historical Context

The Willcox Playa, situated approximately 200 miles southeast of Phoenix in Cochise County, was historically referenced by the U.S. Geological Survey (USGS), following limited drilling in the 1970s, as one of the most prospective locations for lithium in the western United States, similar in its potential to Clayton Valley, Nevada, and the lithium brine and claystone deposits that have been identified there. Decades of U.S. Air Force activity in the Willcox Playa has ended, with MAX Power benefiting from first-mover advantage in the area.

Qualified Person

The technical information in this news release has been reviewed and approved by Thomas Clarke, P.Geo., Pr.Sci.Nat, and Director for MAX Power Mining Corp. Mr. Clarke is the Qualified Person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.

About MAX Power

MAX Power is a dynamic exploration stage resource company targeting domestic lithium resources to advance North America’s renewable energy prospects. MAX has also entered into a cooperative research and development agreement with the University of California Lawrence Berkeley National Laboratory (LBNL) to develop state-of-the-art direct lithium extraction (DLE) technologies for brine resources.

Forward-Looking Statement Cautions

This press release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, relating to exploration, drilling, mineralization and historical results on the Property; the interpretation of drilling and assay results, the results of any future drilling program, mineralization and the discovery mineralization (if any); plans for future exploration and drilling and the timing of same; the merits of the Willcox Playa Property; the potential for lithium within the Willcox Playa region; ability to access Property; ability to extract resources from the Property, commentary as it related to the opportune timing to explore lithium exploration and any anticipated increasing demand for lithium; any results and updates thereto as it relates to the USGS report; the Company’s concentration hypothesis; closing of the transaction; future press releases by the Company; and funding of any future drilling program. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “interpreted,” “intends,” “estimates,” “projects,” “aims,” “suggests,” “often,” “target,” “future,” “likely,” “pending,” “potential,” “goal,” “objective,” “prospective,” “possibly,” “preliminary”, and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the CSE, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of assay results and the drilling program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company’s exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company’s business and prospects. The reader is urged to refer to the Company’s Management’s Discussion and Analysis, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.

Figure 1: The Willcox Playa is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/327544a3-3342-45a6-91c2-89ba96faf535

Figure 2: Representative Drill Core is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c42e2bdf-8ced-4b49-93d1-25bad81b210c

Figure 3: Godbe Drilling’s Core Rig on Hole WP-23-01 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fa300ea1-d408-4097-b1ea-57bf930f10f7