Closed On $726,000 First Tranche Drill Financing
VANCOUVER, BC / ACCESSWIRE / February 17, 2021 / Maxtech Ventures Inc. ("Maxtech" or the "Company") (CSE:MVT)(Frankfurt:M1N)(OTC PINK:MTEHF) is pleased to announce the mobilization of Full Force Diamond Drilling Ltd. to the St. Anthony Gold Property (the "Project") during the week of February 22, 2021. Mobilization of staff is currently underway with setup of the core shack and drillholes being spotted. The Company's joint venture partner and operator recently installed a bridge and upgraded access into the project enabling vehicle access available year-round.
As announced on February 11, 2021. Maxtech closed on a first tranche financing of $726,000 and expects a second closing in the near future.
The Phase 1 drill program will total 5,000 m and focus on the former producing St. Anthony Mine twinning shallow drill holes for due diligence plus extending the gold bearing zone(s) to the north and south while in-filling between historical drill holes. The Phase 2 drilling program will test the Dawson White deposit plus the Buckshaw, Couture Lake and Lucky Bones showings as well as follow-up on Phase 1 in-fill drill results.
Dan Hill, CEO of Full Force Drilling Stated, "Full Force Drilling is excited about returning to the St Anthony mine, it's a great property especially with the historically reported grades at current gold prices."
Maxtech's CEO, Peter Wilson, stated: " We are very excited to get the drilling started at the St Anthony Mine and, at the same time begin surface preparation and sampling on the second phase drill plan. Full Force has a great team with direct drilling experience at the St Anthony mine. There is no better team to work on St Anthony than the ones that know the property best. We look forward to repeating and enhancing the success of the past drill programs as we move towards creating a significant and compliant gold and silver resource".
About Full Force Drilling:
Full Force Diamond drilling was established in 2004. They have fully equipped shops in Peachland B.C and Smithers B.C to support drilling and exploration across North America. Full Force has a fleet of custom A5 and Hydracore drills to suit any job requirements. The drill crews and management are well versed in all types of drilling. With successful programs including directional drilling, wedging, ice drilling, remote helicopter jobs and underground drilling. Full Force has held a DECK certification and is currently COR certified.
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) 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.
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.
To ensure a working environment that protects the health and safety of the staff and contractors, Maxtech is operating under federally and provincially mandated and recommended guidelines during the current COVID-19 alert level.
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.
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.
SOURCE: Maxtech Ventures Inc.