Maxtech Ventures Options St. Anthony Gold Project in Ontario Canada
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Maxtech Ventures Options St. Anthony Gold Project in Ontario Canada
Vancouver, Canada – August 10th 2020 – Maxtech Ventures (“Maxtech” or the “ Company“)
(CSE: MVT) (Frankfurt: M1N) (OTC: MTEHF) is pleased to announce the signing of a Binding Letter
of Intent (“BLOI”) with Magabra Resources Corp. (“MRC”), to earn-in up to 50% of the St. Anthony
Gold Project claims in Ontario, Canada.
The Project:
The St. Anthony Gold Project 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 1 6, 2015). The property consists of 233
contiguous claims totalling 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. The north
part of the property is accessible by road with the balance by floatplane and boat.
The Deal:
Maxtech and Magabra signed a binding letter of intent to acquire and joint venture the claims
at the St. Anthony Gold Project. The joint venture BLOI contemplates that over a 14 month
term MVT will expend up to CDN $18 million for a 50% undivided interest in the claims.
Maxtech agrees to spend up to CDN $6 million in an initial work program with an additional
CDN $12 million on a property work program. MVT will pay to MAGA CDN $300,000 after initial
due diligence and being provided verification of good standing of Magabra and the claims. MVT
will issue MAGA 400,000 options at the price of $0.08 plus 4 million restricted common shares
valued at $0.10 per share. The execution of a definitive joint venture agreement will be signed
in 30 days. Magabra will serve as project manager for all work programs to be conducted on the
claims, and MAGA and MVT will nominate one person each to a committee that shall mutually
agree and approve work on the claims.
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Peter Wilson, CEO, comments : “ Building a larger Canadian asset base in the gold corridor of
Ontario and expansion into the Kenora -Patricia mining jurisdiction is extremely exciting for our
team.”
Avrom E. Howard, MSc, PGeo (Ontario) is a Qualified Person within the meaning of National
Instrument 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 corpo ration, is focused on
identifying and advancing high-value mineral properties.
For additional information see the Company’s web site at
http://www.maxtech-ventures.com
Email to [email protected]
Phone: 604-484-0355
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 info rmation
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.