Maxtech Announces Additional High Grade Assay Results from St Anthony Gold Mine Drill Program
Maxtech Ventures Inc. (OTC PINK:MTEHF) announced assay results from its St. Anthony gold mine's Phase One drilling program, revealing significant gold intersections from drill hole SA21-17. Key findings include grades up to 23.5 grams per tonne. The program is currently paused due to ongoing forest fires in Northern Ontario, with assays pending for four additional holes. Historically, the St. Anthony mine produced 63,310 ounces of gold prior to World War II, indicating substantial underground potential. The company will monitor conditions for safe resumption of activities.
- High-grade gold assay results with multiple intersections indicating a larger gold system than previously recognized.
- Drill hole SA21-17 yielded up to 23.5 grams per tonne gold over 0.5 m.
- Historical production data showing a total of 63,310 ounces of gold extracted from the site, suggesting strong past viability.
- Drilling program paused due to dangerous forest fire conditions, hindering exploration progress.
VANCOUVER, BC / ACCESSWIRE / July 26, 2021 / Maxtech Ventures Inc. ("Maxtech" or the "Company") (CSE:MVT)(Frankfurt:M1N)(OTC PINK:MTEHF) is pleased to announce assay results from the third diamond drill hole from its Phase One diamond drilling program on the St Anthony gold mine property located in the Kenora-Patricia Mining District, Ontario.
Highlights:
Hole SA21-17 intersected anomalous gold values in five separate intervals over a core length of 149 m. These multiple gold intersections indicate that a much larger gold system is present than originally recognized by previous operators of the property. Hole SA21-17 encountered:
- 11.8 grams per tonne over 1 m at 7.0 m depth including a high of 23.5 grams per tonne over 0.5 m,
- 6.35 grams per tonne over 1 m at a depth of 118 m,
- 18.45 gpt over 0.87 m at a depth of 144 m,
- 2.47 gpt over 0.44 m at a depth of 152.4 m and,
- 19.2 gpt over o.40 m in hanging-wall mafic volcanics at 156.6 m.
Update on the program:
- The Company reports that its drilling program at the St Anthony Mine Property has thus been paused due to a very active fire season across Northern Ontario with high temperatures, dry conditions and frequent thunderstorms contributing to multiple large forest fires, and thus temporarily rendering the field environment unsafe for drilling on the Property. Maxtech will monitor the situation closely and will safely resume its full exploration and drilling activities immediately after the Emergency Area Order is lifted
- Assays pending for the next 4 holes including the second twinned hole are currently at the ALS Global Laboratories (ALS Global) representing more than 1,000 drill core samples. .
The Company will maintain complete assay results from 2021 drill program and a mine plan map can be found on the website www.maxtechventures.com.
The two main zones at St. Anthony consist of Zone 1 and Zone 2. Zone 1 is broadly defined over a strike length of 350 metres, with a minimum depth of 200 metres and a true width averaging about 8 metres, based on past production. Historical production focused solely on the vein material and not the adjacent mineralized wallrock.
Zone 2 has had no development work and is largely parallel the Zone 1over a known strike length of 200 metres. Past drilling indicates Zone 2 is potentially a wider zone with several quartz veins within a wider sericite alteration halo about a quartz stockwork of 20-30 metres.
Drilling contract and analytical protocols:
The drilling contract was awarded to Full Force Diamond Drilling Ltd. Drill core samples will be sent to ALS Global of Thunder Bay for gold (Au-AA23) and multi-element (ME-MS61) analysis plus spectral mineralogy data will be collected from selected samples through the mineralized envelope to assist in vectoring to additional gold bearing structures. Maxtech applies industry-standard quality assurance/quality control procedures to the program. Certified reference materials, blanks and field duplicates are included in all drill core batches sent to the laboratory.
About The St. Anthony Gold Project:
The St. Anthony Gold Mine is located in the Kenora-Patricia Mining District of Ontario and encompasses four historical mining operations including the largest past-producing mine in the area, the St. Anthony. The mine produced 63,310 ounces of gold from 332,720 tons for an average grade of 5.95 grams per tonne (or 0.191 ounces per ton) up until World War II when gold production was halted. (source: Technical Report on the St. Anthony and Best/King Bay Properties, prepared by Graeme Evans BSc, PGeo, June 16, 2015). The property consists of 233 contiguous claims totaling 4,224 hectares (42.24 sq. km). In addition to the historical underground workings over 20 gold (-silver) occurrences have been documented, some hosting visible gold, many of which have seen little if any exploration work for several decades. Previous workers in the area include Aubet, Can Con and Falconbridge, companies that carried out work focused on the bulk tonnage potential of a mineralized area hosted within a quartz-feldspar porphyry intrusive located within the property. The St. Anthony Gold Project is located 85 km east of the town of Sioux Lookout, or 13 km south of the smaller town of Savant Lake.
Andrew Tims obtained his B.Sc. in Geology from Carleton University in Ottawa, Ontario, and is a Registered Professional Geologist in Ontario and Manitoba and a Qualified Person under NI 43-101. He has reviewed and 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.
For additional information see the Company's web site at
http://www.maxtechventures.com
Email to info@maxtechventures.com
Contact: Peter Wilson CEO - 604-649-0945
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.
Further information about the Company is available on www.SEDAR.com under the Company's profile.
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.
SOURCE: Maxtech Ventures Inc.
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