Maxtech to Start 5,000m Drill Program at St. Anthony Gold Project - Northern Ontario
Maxtech Ventures Inc. (CSE:MVT)(Frankfurt:M1N)(OTC PINK:MTEHF) has announced the commencement of a 5,000m Phase 1 drilling program at the St. Anthony Gold property in Ontario. This initiative aims to validate and expand the gold mineralization previously identified in the area, specifically targeting historic results for enhanced confidence in the deposit. The company highlights a potential increase in resources up to 3 million ounces and plans to operate under strict COVID-19 safety guidelines. Additionally, the company has extended the expiry date of 1,705,882 warrants by one year.
- Commencement of a 5000m Phase 1 drilling program targeting gold mineralization.
- Potential to increase resources up to 3 million ounces based on historic findings.
- Extension of the expiry date for 1,705,882 warrants could provide additional financial flexibility.
- Previous exploration activities were delayed due to COVID-19, impacting operational timelines.
VANCOUVER, BC / ACCESSWIRE / April 26, 2021 / Maxtech Ventures Inc. ("Maxtech" or the "Company") (CSE:MVT)(Frankfurt:M1N)(OTC PINK:MTEHF) is pleased to provide an update on its exploration activities at the St. Anthony Gold property. The Company announces that Phase 1 drilling of 5000m is to start immediately.
The exploration program includes drilling focused on the previous exploration and expansion of gold mineralization already discovered and documented at the property and is designed to prioritize the twinning of historic results and expand and increase confidence in the gold deposit. The work program had been delayed as was mining in other local mines due to COVID-19 outbreaks in the regional areas of Sioux Lookout, Savant Lake and Sturgeon Lake. To ensure a working environment that protects the health and safety of the staff and contractors, Maxtech will be operating under federally and provincially mandated and recommended guidelines during the current COVID-19 alert level.
The St. Anthony property area has a high potential for a nearest term bulk tonnage target in the Kenora-Patricia district. Historical work had been focused on the gold potential of only the quartz veins and little to no attention was given to the low-grade mineralization in the altered wall rocks (less than 3 to 5 g/t Au). Successful drill campaigns in 2009 and 2010 focused on the historic St. Anthony mine area but a number of historic occurrences are reported over a much larger area on this property and were the focus of the fall 2011 prospecting program. The 2009/ 2010 drilling also showed a non - compliant 1.2 million ounce probability within only a 300m by 300m area over the St. Anthony Mine. The Phase 1 drill program will focus on infill and expansion drilling to prove up more tonnage and looking to increase up to 3 million ounces by opening up the current deposit in other directions and by properly assaying for nugget effect gold. An infill-drilling program is being utilized to confirm the extent of mineralization between previous drill holes and hopefully expand the St. Anthony mineralization zones. (source: Technical Report on the St. Anthony and Best/King Bay Properties, prepared by Graeme Evans BSc, PGeo, June 16, 2015).
"We are very excited to begin drilling and to systematically test the targets identified through the current research we have been conducting over the past several months and begin the Phase 1, 5000m program." said Peter Wilson, CEO.
Property Summary:
The St. Anthony Gold Mine 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) and approximately 16,000 oz of silver 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.
Corporate Update: Warrant Extension
Maxtech has extended the expiry date of an aggregate of 1,705,882 previously issued warrants ("the Warrants') for an additional one year. The Warrants were originally issued May 8, 2020, with an original expiry date of May 8, 2021. The 1,705,882 Warrants entitle the holder to purchase a common share of the Company at an exercise price of
Andrew Tims, P. Geo., is a "qualified person" as defined in National Instrument 43-101. Mr. Tims has reviewed the technical information and data included in this press release and approved of its contents.
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
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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