Maxtech Accelerates Option to 100% of the St. Anthony Gold Property/Advancing Exploration and Drilling Plans
VANCOUVER, BC / ACCESSWIRE / March 19, 2021 / Maxtech Ventures Inc. (« Maxtech » or the « Company« ) (CSE:MVT)(FRA:M1N)(OTC PINK:MTEHF) is pleased to announce that it has accelerated the path to its 100% interest at the St. Anthony gold property in northwestern Ontario and has advanced its exploration and drilling plans.
« This is a once in a lifetime opportunity for myself and Maxtech’s shareholders. The St. Anthony gold mine must return to production, as it is a major Canadian gold mine having had its beginnings before WWII and located in a top mining jurisdiction and with excellent infrastructure. Maxtech has increased our commitment to Magabra Resources Corp. and the avenue to acquire 100% of the property. Preparation work has begun and the next phase of drilling will commence shortly. I look forward to positive assays and resource reports when they become available to release, » said Peter Wilson, CEO of Maxtech Ventures Inc.
Magabra and Maxtech have agreed to advance Maxtech’s exclusive option to acquire an unencumbered 100% interest in the St. Anthony gold mine property. The first phase will continue as a 5000 meter initial drill program and Magabra led by Perry Heatherington, remains the operator with respect to drilling and production at the property.
Magabra and Maxtech have agreed to accelerate the first option to a 30% Maxtech ownership interest in the property. Under this option, Maxtech had already committed to the first 5000 meters drill program of approximately $1,500,000. Maxtech will issue for their interest 30,000,000 restricted common shares. These shares will be subject to trading restrictions that include 10% or 3,000,000 common shares being issued with a 4 month hold legend, with the balance of common shares being released on the basis of 15% every 6 months for 36 months. Magabra also has the right to appoint 2 directors to the board of Maxtech; timing to be agreed to by Maxtech and Magabra.
Magabra and Maxtech have additionally agreed to accelerate the second option to earn an additional 35% interest in the property for a total of 65%. This option includes the next drill phase of 10,000 meters at an approximated drill budget cost of $1,500,000 per 5000 meters. Magabra will be required to produce a 43-101 report of mineral reserves after the 15,000 meter drill program.
Maxtech can acquire the last 35% interest for a full 100% ownership at the St. Anthony gold property by committing to another drill program for further exploration on the property of $3,000,000.
About Maxtech Ventures Inc.
Maxtech Ventures Inc., a Canadian-based diversified industries corporation, is focused on identifying and advancing high-value mineral properties.
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SOURCE: Maxtech Ventures Inc.