VANCOUVER, BC / ACCESSWIRE / June 24, 2021 / Maxtech Ventures Inc. ("Maxtech" or the "Company") (CSE:MVT)(Frankfurt:M1N)(OTC PINK:MTEHF) is pleased to announce completion of its first 3 diamond drill holes for a total of 919 metres, as part of its Phase One diamond drilling program on the St Anthony gold mine property located in the Kenora-Patricia Mining District, Ontario.
- The holes with pending assay results display wide mineralized intervals in drill core (pyrite with trace sphalerite and galena within quartz veining and strong alteration) that are visually comparable to previously disclosed gold-bearing intervals (see reports).
- Of particular interest, visible gold has been observed in the first three holes (SA21-15, SA21-16 and SA21-17).
- Combined with historical drilling the first 3 holes have completed a section through the known mineralization on 50 metre centers.
- Maxtech is planning a Phase II 10,000 m drill program based on the strong initial results of the current phase.
Update on the program:
- Two holes tested Zones 1 and 2 with the third hole testing Zone 1 and the Hangingwall Zone for a total so far of 919 metres drilled.
- Assays pending for all of them with results expected in the coming weeks.
- Hole SA21-15 was a twin of a 2010 hole. SA21-16 and SA21-17 were delineation holes to complete coverage on 50-metre centres.
- A total of 354 drill core samples have been sent to ALS Global Laboratories (ALS Global).
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.
Peter Wilson, CEO, stated: "Maxtech's exploration targets were selected based on a combination of the following parameters: on past production, previous drill assays, alteration mapping and structural interpretation. Maxtech considers the exploration and resource potential of St. Anthony and in the vicinity to be excellent."
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.
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.