Maxtech Announces Completion of the First Drill Hole at St Anthony Mine and 5,000 m Program Underway
Rhea-AI Summary
Maxtech Ventures Inc. (CSE:MVT)(Frankfurt:M1N)(OTC PINK:MTEHF) has completed its first diamond drill hole, SA21-15, at the St. Anthony mine in Ontario. This marks the start of a 15-hole drill program targeting 5,000 meters aimed at verifying historical drilling. The company intends to enhance its mineral resource estimate, with a goal of increasing the current non-compliant estimate of 1.2 million ounces to 3 million ounces. Additionally, Maxtech issued 5 million stock options at $0.10 each, valid for two years.
Positive
- Completion of the first diamond drill hole, SA21-15, as part of a 5,000 m drilling program.
- Aiming to expand mineralization and potentially increase gold resources from 1.2 million ounces to 3 million ounces.
- Drilling program includes infill and peripheral drilling to confirm and expand mineralization.
Negative
- None.
News Market Reaction – MTEHF
On the day this news was published, MTEHF gained 11.02%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
VANCOUVER, BC / ACCESSWIRE / June 15, 2021 / Maxtech Ventures Inc. ("Maxtech" or the "Company") (CSE:MVT)(Frankfurt:M1N)(OTC PINK:MTEHF) is pleased to announce completion of its first diamond drill hole, SA21-15, as part of its Phase One diamond drilling program on the St Anthony mine property located in the Kenora-Patricia Mining District of North Western Ontario. Hole SA21-15 is the first of two planned twinned holes in a 15-hole drill program targeting a total of 5,000 m.
Twinning drill holes is a traditional technique used for QA-QC verification of historical drilling to provide data necessary for completing a National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate. Hole SA21-15 twinned a 2011 drill hole with the second twinned hole setting up adjacent to a 2010 drill hole. The remaining drill holes in the work program will be a combination of infill and peripheral drilling to expand the mineralization along strike and down dip.
Drill core samples will be sent to ALS Global 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.
Peter Wilson, CEO stated, "the 2009/2010 drilling 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)."
The Company also announced that is has issued 5,000,000 options under its Stock Option Plan to officers, directors and consultants. Each option is exercisable at
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 - 604-484-0355
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.
View source version on accesswire.com:
https://www.accesswire.com/651721/Maxtech-Announces-Completion-of-the-First-Drill-Hole-at-St-Anthony-Mine-and-5000-m-Program-Underway
FAQ
What is the significance of the first drill hole SA21-15 for Maxtech Ventures Inc.?
What are the objectives of Maxtech's Phase One drilling program?
How many stock options did Maxtech Ventures issue and at what price?
What is the location of the St. Anthony Gold Project?
