Drilling Program Begins at Panama Lake GOLD Project, Red Lake, Ontario
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DRILLING PROGRAM BEGINS AT PANAMA LAKE GOLD PROJECT,
RED LAKE, ONTARIO
Expanded Field Exploration Program
Vancouver, Canada – May 12, 2020 – Maxtech Ventures (“Maxtech” or the “ Company“) (CSE: MVT)
(Frankfurt: M1N) (OTC: MTEHF) is pleased to announce that the drill program on its flagship Panama Lake
gold property including a month long expanded field program will begin this Friday May 15th. The crew
from Chibougamau Diamond Drilling Ltd. is en route to Red Lake, Ontario and drill rigs are being mobilized.
Maxtech has delineated priority drill targets based upon the interpretation of historical and recently
compiled data on the Panama Lake property.
Maxtech’s drilling will test locations where gold mineralization has been previously documented. The first
location is up-ice from where glacial till sampling in 1999 by the Geological Survey of Canada documented
107 gold grains described as “pristine”, meaning that they had not been transported very far. It is in the
same area where sampling by the previous operators obtained a sample of arsenopyrite -bearing quartz
vein material in a carbonate-rich shear zone that ran 6.17 grams per tonne gold (Benton Resources news
release dated September 18, 2018). The second drill site will test west of where drilling was completed
in 2019 by Benton Resources that intersected 1.58 grams per tonne gold over 7.6 meters ( Benton
Resources news release dated March 27, 2019), which in turn confirmed drilling by Noranda Exploration
in 1989 that intersected 2.8 grams per tonne gold over 4.3 meters (true or apparent width unknown). It
is in this same area that the magnetic survey data indicated folding that could represent a foc us for
potentially mineralized hydrothermal fluids.
The geological team will follow up on fieldwork completed on the property in October 2019, which
documented quartz veins, shear zones and other gold-related features of potential significance. Operating
from a base in Ear Falls, Ontario, the Company geological team will log and sample core in accordance
with industry standards including quality assurance – quality control protocols.
The Maxtech Panama Lake Gold Project sits just 60 kilometers east of Great Bear’s Dixie Lake discovery.
On May 11, 2020, Great Bear Resources press release stated that their “LP Fault drill hole BR -085
(originally reported on April 9, 2020) was extended from 524 meters to a downhole depth
of 1509 meters to intersect the adjacent Dixie Limb zone at depth. It has approximately doubled the
confirmed vertical depth of the Dixie Limb zone, intersecting the zone's deepest, widest, and highest -
grade interval to date . The drill hole also intersected gold bearing quartz veins that may represent the
lateral and vertical extension of the Hinge zone at depth.”
Peter Wilson, Maxtech’s CEO comments: “Maxtech has been working hard through this difficult period to
get our long-planned program started and I’m thrilled that we’re about to embark on this significant step
forward. We congratulate Great Bear Resources on their latest discovery yesterday. The Company will
release updates and results on a timely basis from the Panama Lake property.”
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Avrom E. Howard, MSc, PGeo (Ontario) is a Qualified Person within the meaning of National Instrument
43-101. Mr. Howard has reviewed and approved the technical contents of this news release.
About Maxtech Ventures Inc.
Maxtech Ventures Inc. is a Canadian -based diversified industries corporation focused on 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
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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
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contained herein.