Maxtech Updates First Phase Panama Lake Drill Program Fall Program Planning Begins
1 of 2
Maxtech Updates First Phase Panama Lake Drill Program
Fall Program Planning Begins
Vancouver, Canada – July 14, 2020 – Maxtech Ventures (“Maxtech” or the “ Company“) (CSE: MVT)
(Frankfurt: M1N) (OTC: MTEHF) provides an update on Phase One drilling and field activities on its
Panama Lake gold project, in the Red Lake mining district, Ontario.
The field team traversed as much of the property as possible under good weather conditions by truck,
foot, boat and helicopter , covering most sectors o f the property. Whereas outcrops are relatively
common along the shores of the main lake that cut s diagonally across much of the property, they are
relatively sparse elsewhere. This will necessitate reliance upon secondary evaluative methods in any
follow-up efforts, including the geophysical and geochemical survey data generated by previous
workers, along with data accumulated in the field during this recent exploration effort.
The property is dominated by a folded sequence comprised mainly of mafic to intermediate volcanics
with interspersed intervals of sediments. Shearing was commonly observed to be conformable with
stratigraphy, focused along sedimentary -volcanic and related contacts between lithologies of
contrasting rheology. Sheared contacts suc h as this comprise excellent conduits and hosts for later
hydrothermal fluids including those that may carry gold, and are typical features of orogenic gold
systems.
Just over 1,800 meters were drilled in four holes, to test two targets , as planned. Holes 3 and 4 to the
northwest did contain slightly more quartz-carbonate veins and veinlets when compared to the first two
holes. A combination of interpreted geophysical data and associated gold occurrences documented by
previous workers formed the basis for the delineation both targets. Whereas anomalous gold was
documented in association with minor quartz -carbonate veining at a number of intervals within all four
holes, low gold values in combination with an absence of related features diagnostic of a poten tial
orogenic gold system.
Maxtech’s efforts are now focused on the balance of the near 100 square kilometer property, including
the integration of the results of the field program that was completed in tandem with the drilling
program, with the objective of delineating drill targets for the Company’s Phase Two, 2,000 meter
drilling program.
2 of 2
Peter Wilson, CEO, comments: “ The Panama Lake gold project ’s proximity to the world-class Red Lake
gold mining district is important. Mineralization hosted at Red Lake is not indicative of mineralization
that may be hosted on the Company’s Panama Property. We are now making plans for the next phase of
drilling and field exploration on the property . Once aga in I would like to personally thank the Maxtech
team for doing a superb job on the first phase of our Panama Lake drill program. Looking forward to the
fall program. ”
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 corporation, 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 t he 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 thi s 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 t he 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.