Max Resource Corp. decided to purchase only the Condoto Platinum assets following due diligence of the June 2018 deal for three subsidiaries of Noble Metals Ltd.
The company had agreed to acquire Noble units GPS Metals Lab Inc., Global Products Manufacture & Services SAS and Condoto Platinum Ltd.
However, it said Jan. 9 that it is only interested in the Condoto Platinum assets, which include a mineral concession and rights of first refusal over the 105,975-hectare Novita Higher Community Council indigenous land package in Colombia's Choco Department.
The companies plan to enter into a definitive agreement allowing Max Resource to acquire all of the Condoto assets for C$500,000 cash and 26,665,896 common shares.
Noble Metals will become a control person of Max Resource after the transaction.
The company also said it secured 89 mineral claims in the second half of 2018 covering 1,757 square kilometers in the Choco Province.
The Choco gold-platinum group metals project comprises 63 of the 89 applications, covering 1,270 square kilometers, and is near the Novita project area.
Max Resource said it started an evaluation and sampling program at the Choco project after trial bulk sampling identified a number of conglomerate occurrences throughout the project area.