Vancouver, British Columbia (FSCwire) - Maxtech Ventures Inc. (CSE: MVT) (Frankfurt: M1N) (OTC: MTEHF) (“Maxtech” or the “Company”) is pleased to announce it has entered into an Option Agreement (the “Agreement”) with Zimtu Capital Corp. and Soraya Jamal to acquire a 100% interest in their Lac Patu Vanadium Project (“the Project”).
The Maxtech Lac Patu Vanadium Project is staked directly north and along the trend of Uranor’s uranium discovery at Lac Minowean. In 2008, Uranor, with the collaboration of Areva Quebec Inc. conducted an airborne geophysical survey over their Lac Minowean Project and outlined several distinct areas of high magnetism. Consequently in 2009, Uranor and Areva conducted a follow up Versatile Time Domain Electro Magnetic (VTEM) survey over the area locating several targets, and only those with high radioactivity were drilled. These 9 drill holes on the east side of Lac Minowean found uranium, copper, cobalt and vanadium. Geochemical values from drilling were reported as 8.03% vanadium (14.0% V2O5), 1.76% cobalt and 1.50% copper over 0.5 meters in the underling dolomite.
Maxtech’s Lac Patu Project is situated in the area of the highest Electromagnetic response identified by the VTEM survey above, which is 3 km from Uranor’s discovery drilling. The Project consists of 72 mineral titles encompassing an area of 3,420 hectares (34 km²). It is situated on the brink of the Labrador Trough, and consists of mineralized horizons of sedimentary terrain. Rock types in the area are paleoproterozoic in age and consist of dolomite, mudstone, conglomerates and pyroclastics. More localized outcrops of amphibolite and gabbro can be found along the riverbanks.
To secure the Option Agreement and acquire 100% of the property over a 2 year period, Maxtech
has agreed to pay Zimtu Capital Corp. and Soraya Jamal CDN$185,000 and 3,250,000 common shares of Maxtech Ventures Inc. on or before September 30th 2020, plus a 2% Net Smelter Royalty (NSR) on production with Maxtech having the option to buy back half the respective NSR for $1M CAD.
NI 43-101 Disclosure
Nicholas Rodway (P.Geo) a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
About Maxtech Ventures Inc.
Maxtech Ventures Inc. is a Canadian-based diversified industries corporation focused primarily on manganese mineral properties.
Further information about the Company is available on www.SEDAR.com under the Company’s profile.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.Certain statements contained in this release may constitute “forward–looking statements” or “forward-looking information” (collectively “forward-looking information”) as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.