# 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-staging.minestarters.com/news/max-resource-reports-high-grade-iron-ore-fe-results-from-flor-xe1-lia-hematite-d--fba59587-7dc3-4f37-9b79-0b730b121235 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, Capital raise - Extracted: 2026-08-21 22:58:14 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Max Resource reported successful dry magnetic test work at its Florália Hematite DSO Project in Brazil, yielding iron concentrates up to 69.5% Fe with 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 and a successful private placement, though it cautions that XRF results are not definitive chemical assays. - Positive factor: High-grade iron ore concentrates achieved \(up to 69.5% Fe\) - Positive factor: Strong recovery results from dry magnetic testing - Positive factor: Successful capital raise for Max Brazil subsidiary - Positive factor: Strategic infrastructure proximity mentioned - Negative factor: Results based on handheld XRF \(not chemical analysis\) - Negative factor: No internal standards or blanks inserted by company in assay stream - Negative factor: Project is still in early exploration stage \(conceptual tonnage\) Facts used in scoring: 8 ## Classification and evidence **Bench Scale Only** Polarity: negative Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: Test work described as preliminary dry magnetic tests on 80kg bedrock samples. Evidence · text > Max collected 6 bedrock 80kg samples \(FL-001 to 006\) **No QA/QC Disclosure** Polarity: negative Story-specific tag 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: Company explicitly stated they did not insert standards or blanks in the assay stream. Evidence · text > Max did not insert standards or blanks in the assay stream ## Extracted facts Stored fact records: 8. Some facts used in scoring do not have a stored record. ## Metallurgical Results (8) ### dry magnetic [Link to this fact](https://atlas-staging.minestarters.com/news/max-resource-reports-high-grade-iron-ore-fe-results-from-flor-xe1-lia-hematite-d--fba59587-7dc3-4f37-9b79-0b730b121235#fact-metallurgical-facts-0) iron\_ore #### Identity - Commodity: iron\_ore - Ticker: MAX #### Test Work - Program Status: preliminary - Test Type: dry magnetic - Sample: FL-001 6mm fraction sample #### Recovery - Recovery: 81 % - Recovery Basis: actual\_test - Head Grade: 59.7 - Head Grade Unit: % #### Lab - Laboratory: Inbras Laboratory Brazil #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-04-22T00:00:00.000Z Reasoning: High-grade iron concentrate achieved via magnetic separation. - Positive factor: High grade concentrate \(69.5% Fe\) - Positive factor: Strong recovery \(81%\) - Negative factor: XRF analysis used instead of chemical assay Evidence · text > FL-001: 69.5% Fe at 81% recovery from 59.7% 6mm fraction sample ### dry magnetic [Link to this fact](https://atlas-staging.minestarters.com/news/max-resource-reports-high-grade-iron-ore-fe-results-from-flor-xe1-lia-hematite-d--fba59587-7dc3-4f37-9b79-0b730b121235#fact-metallurgical-facts-1) iron\_ore #### Identity - Commodity: iron\_ore - Ticker: MAX #### Test Work - Program Status: preliminary - Test Type: dry magnetic - Sample: FL-002 6mm fraction sample #### Recovery - Recovery: 73 % - Recovery Basis: actual\_test - Head Grade: 59.7 - Head Grade Unit: % #### Lab - Laboratory: Inbras Laboratory Brazil #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-04-22T00:00:00.000Z Reasoning: Standard recovery result for the test program. - Positive factor: Solid recovery and grade - Negative factor: XRF analysis 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-staging.minestarters.com/news/max-resource-reports-high-grade-iron-ore-fe-results-from-flor-xe1-lia-hematite-d--fba59587-7dc3-4f37-9b79-0b730b121235#fact-metallurgical-facts-2) iron\_ore #### Identity - Commodity: iron\_ore - Ticker: MAX #### Test Work - Program Status: preliminary - Test Type: dry magnetic - Sample: FL-003 2mm fraction sample #### Recovery - Recovery: 78 % - Recovery Basis: actual\_test - Head Grade: 64.9 - 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 results from the finer 2mm fraction. - Positive factor: High grade and recovery - Negative factor: XRF analysis 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-staging.minestarters.com/news/max-resource-reports-high-grade-iron-ore-fe-results-from-flor-xe1-lia-hematite-d--fba59587-7dc3-4f37-9b79-0b730b121235#fact-metallurgical-facts-3) iron\_ore #### Identity - Commodity: iron\_ore - Ticker: MAX #### Test Work - Program Status: preliminary - Test Type: dry magnetic - Sample: FL-004 12mm fraction sample #### Recovery - Recovery: 76 % - Recovery Basis: actual\_test - Head Grade: 57.5 - Head Grade Unit: % #### Lab - Laboratory: Inbras Laboratory Brazil #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-04-22T00:00:00.000Z Reasoning: Results from the coarser 12mm fraction. - Positive factor: Acceptable recovery - Negative factor: Lower grade head feed Evidence · text > FL-004: 61.8% Fe at 76% recovery from 57.5% 12mm fraction sample ### dry magnetic [Link to this fact](https://atlas-staging.minestarters.com/news/max-resource-reports-high-grade-iron-ore-fe-results-from-flor-xe1-lia-hematite-d--fba59587-7dc3-4f37-9b79-0b730b121235#fact-metallurgical-facts-4) iron\_ore #### Identity - Commodity: iron\_ore - Ticker: MAX #### Test Work - Program Status: preliminary - Test Type: dry magnetic - Sample: FL-005 6mm faction sample #### Recovery - Recovery: 78 % - Recovery Basis: actual\_test - Head Grade: 46.2 - Head Grade Unit: % #### Lab - Laboratory: Inbras Laboratory Brazil #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-04-22T00:00:00.000Z Reasoning: Recovery is good despite lower head grade. - Positive factor: Good recovery - Negative factor: Low head grade Evidence · text > FL-005: 60.2% Fe at 78% recovery from 46.2% 6mm faction sample ### dry magnetic [Link to this fact](https://atlas-staging.minestarters.com/news/max-resource-reports-high-grade-iron-ore-fe-results-from-flor-xe1-lia-hematite-d--fba59587-7dc3-4f37-9b79-0b730b121235#fact-metallurgical-facts-5) iron\_ore #### Identity - Commodity: iron\_ore - Ticker: MAX #### Test Work - Program Status: preliminary - Test Type: dry magnetic - Sample: FL-006 2mm fraction sample #### Recovery - Recovery: 67 % - Recovery Basis: actual\_test - Head Grade: 47.8 - Head Grade Unit: % #### Lab - Laboratory: Inbras Laboratory Brazil #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-04-22T00:00:00.000Z Reasoning: Relatively lower recovery for this sample set. - Negative factor: Lower recovery compared to other samples Evidence · text > FL-006: 59.3% Fe at 67% recovery from 47.8% 2mm fraction sample ### Fact 7 [Link to this fact](https://atlas-staging.minestarters.com/news/max-resource-reports-high-grade-iron-ore-fe-results-from-flor-xe1-lia-hematite-d--fba59587-7dc3-4f37-9b79-0b730b121235#fact-metallurgical-facts-6) copper #### Identity - Commodity: copper - Ticker: MAX #### Test Work - Sample: CS11 channel sample #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-04-22T00:00:00.000Z Reasoning: Strong copper-silver intercept at Sierra Azul. - Positive factor: Significant width and grade Evidence · text > 1.6% Copper & 6 g/t Silver over 55.0m \(CS11\) ### Fact 8 [Link to this fact](https://atlas-staging.minestarters.com/news/max-resource-reports-high-grade-iron-ore-fe-results-from-flor-xe1-lia-hematite-d--fba59587-7dc3-4f37-9b79-0b730b121235#fact-metallurgical-facts-7) silver #### Identity - Commodity: silver - Ticker: MAX #### Test Work - Sample: CS11 channel sample #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-04-22T00:00:00.000Z Reasoning: Silver byproduct in copper intercept. - Positive factor: Significant silver grade Evidence · text > 1.6% Copper & 6 g/t Silver over 55.0m \(CS11\) ## 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.