VANCOUVER, BC / ACCESSWIRE / August 10, 2021 / Maxtech Ventures Inc. (“Maxtech” or the “Company“) (CSE:MVT)(FRA:M1N)(OTC PINK:MTEHF) is pleased to announce assay results from its continuing Phase One diamond drilling program on the St Anthony gold mine property located in the Kenora-Patricia Mining District, Ontario.
Update on the program:
- Metallic screen fire assay (Au-SCR21) of the Visible Gold noted in SA21-18 is underway at ALS Global Laboratories (ALS Global).
- The Phase One drill program is nearly 50% complete with 2,432 m of the 5,000 m planned drilling completed.
- The pause in the work program is due to a MNRF Emergency Area Order for most of Northwest Ontario due to the forest fire activity. (MNRF Forest Fire Map) Maxtech will monitor the situation closely and will safely resume its full exploration and drilling activities immediately after the Emergency Area Order is lifted. In the meantime, the new data has been integrated into the project database to better refine future drill targets.
- Before the pause in the work program two attempts were made to follow-up on the Visible Gold in hole SA21-18. Both holes (SA21-12 & 22) encountered debris filled voids in unrecorded underground workings before reaching target depth and were abandoned.
Hole SA21-19 tested the northern strike extent of Zone 2 and intersected:
- 2.14 grams per tonne over 1 m at a depth of 99 m,
- 2.38 grams per tonne over 1.25 m at a depth of 203.75 m and
- 1.46 grams per tonne over 1.0 m at a depth of 301.0 m,
Hole SA21-20 was located on the same section as SA21-19 and intersected:
- 1.03 grams per tonne over 1 m at a depth of 165 m,
- 2.34 grams per tonne over 1 m at a depth of 177 m.
Hole SA21-21 was an attempted to follow–up on visible gold encountered in SA21-18 but encountered problems traversing historical mine working and was abandoned. SA21-21 intersected:
- 4.53 grams per tonne over 0.8 m at a depth of 5 m,
- 1.91 grams per tonne over 1 m at a depth of 81 m and
- 5.30 grams per tonne Au over 3.8 m at 141.0 m down the drill.Including 8.54 grams per tonne Au over 2.0 m.
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.
Peter Wilson, CEO, stated: “Maxtech’s exploration program continues to deliver strong results including both in the delineation and twinned holes and is indicating a much broader gold system than previously understood. Additionally, due to the unrecorded underground workings encountered it is likely that more high-grade material was removed than ever previously recorded.”
Drilling contract and analytical protocols:
The drilling contract was awarded to Full Force Diamond Drilling Ltd. of Peachland, British Columbia. 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.
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.