Vancouver, British Columbia – February 10, 2020 – Maxtech Ventures Inc. (CSE: MVT) (Frankfurt: M1N) (OTC: MTEHF) (“Maxtech” or the “Company”) reports continued drill program preparations on its Panama Lake Gold Project.
Maxtech signed a binding option agreement with Benton Resources Inc. pursuant to which it has the option to earn up to a 100% interest in Benton’s 100%-owned Panama Lake Gold Project in the Red Lake Mining district, Ontario, in a Company release on October 24, 2019.
Drilling Program Highlights:
Maxtech intends to conduct up to a $1 million, 4,000-meter diamond drill program on its Panama Lake property.The goal of the program is to test several new high priority targets identified from a recently completed magnetic survey. The regional geology and fault architecture of the Great Bear and Panama Projects appear to be the same and this is something Maxtech is focused on given its bearing on Archean gold systems and deposits.
The property is located just 60 km east of and possibly on the same structural trend as Great Bear Resources’ “Dixie Lake“ discovery in the Red Lake mining district. Benton Resources’ 2018 drill program intersected 1.58 grams per tonne (“gpt”) gold over 7.6 meters confirming the 1989 Noranda Exploration results of up to 1.2 gpt over 15 meters including 2.8 gpt gold over 4.3 meters. Additionally, the property hosts the highest gold grain counts in the Red Lake district obtained from till sampling completed by the Ontario Geological Survey (OGS). Benton’s 2019 geophysical survey traced known mineralized structures and has helped to outline extensions and new structural trends and drill targets.
Highlights from Benton’s Phase I drill is as follows (see NR dated March 27, 2019):
|Hole||From (m)||To (m)||Interval (m)||Gold (g/t)||Composite|
|PL-19-01||79.6||87.2||7.6||1.58||1.58 g/t over 7.6 m|
|incl||79.6||84.3||4.7||2.34||2.34 g/t Au over 4.7 m|
|PL-19-02||148.5||155||6.5||1.23||1.23 g/t Au over 6.5 m|
|PL-19-03||79.6||85.4||5.8||1.21||1.21 g/t Au over 5.8 m|
|incl||82.4||84.4||2||2.55||2.55 g/t Au over 2 m|
|PL-19-04||72.8||78.6||5.8||1.07||1.07 g/t Au over 5.8 m|
|incl||75.8||78.6||2.8||1.67||1.67 g/t Au over 2.8 m|
|PL-19-05B||77.5||93.6||16.1||0.57||0.57 g/t Au over 16.1 m|
|incl||89||91||2||2.07||2.07 g/t Au over 2 m|
|PL-19-06||82||83||1||0.427||0.427 g/t Au over 1 m|
|PL-19-07||35.4||36.4||1||0.563||0.563 g/t Au over 1 m|
|PL-19-08||270.5||279||8.4||0.18||0.18 g/t Au over 8.4 m|
|PL-19-09||100||102||2||0.425||0.425 g/t Au over 2 m|
Note: Reported intercepts are core lengths not true widths.
“This property is ripe for a discovery. We know there is gold in the system as every single hole drilled in February/ March 2019 by Benton Resources intersected gold. They then completed and interpreted a detailed magnetic survey just weeks prior to our partnership, which yielded brand new information and has now formed the basis for our high priority drill program targets. Through the magnetic survey interpretation, we are able to see fold nose closure structures on our property similar to those present on Great Bear Resources’ property. Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of the mineralization hosted on the Company’s property. We plan to begin our drilling program as soon as possible,” stated Peter Wilson, Maxtech, CEO
Avrom E. Howard, MSc, PGeo, Maxtech Ventures Inc’s, Qualified Person under National Instrument 43-101, has approved the technical contents of this news release.
About Maxtech Ventures Inc.
Maxtech Ventures Inc., a Canadian-based diversified industries corporation, is focused on identifying and advancing high-value mineral properties.
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.