Maxtech Ventures Inc. (“Maxtech” or the “Company”) (CSE:MVT)(Frankfurt:M1N) (OTC PINK:MTEHF) is pleased to announce that their partner Magabra Resources Corporation has received a preliminary metallurgical report entitled “Ore Characterization and Process Flowsheet Development for the St Anthony’s Mine” by Independent Metallurgical Operations Pty (IMO) of Perth, Australia. The scope of the metallurgical study was to determine the head grade, expected gold recovery and rock comminution from a 100 kg sample of a historic waste rock pile located on the Anthony Gold Mine property. Initial results from the preliminary IMO report indicate
- The Head Grade by typical fire assay (10.7 g/t) and by calculated gravity and cyanide leach circuit (11.4 g/t) are similar,
- The gravity and cyanide circuit recovered >95% of the gold with the concentrator and cyanide leach circuit recovering 68.5% of the gold alone,
- The absence of organic carbon and low levels of copper indicate high efficiency in the leachate circuit,
- Comminution tests (crushing) characterize the sample material as soft with a medium abrasiveness which is typical of a sample containing a high quartz (65%) component so no unexpected maintenance costs due to excessive wear,
- This preliminary metallurgical testing indicates the majority of the gold hosted in the quartz vein material is recoverable through traditional processing,
- Further work remains to be done including: gravity recoverable gold (GRG), gold leach optimization tests plus variability test work on other rock types to confirm gold recovery and comminution characteristics.
The St. Anthony Gold Property is located in the Kenora-Patricia Mining District of Ontario and is 85 km east of the town of Sioux Lookout, or 13 km south of the smaller town of Savant Lake. The St Anthony Gold Mine operated intermittently over the period 1905 to 1942 producing 63,310 ounces of gold and 16,341 ounces of silver. A Phase 1 drill program designed to outline and expand the gold mineralization at the St. Anthony mine is planned to commence shortly.
Maxtech’s CEO, Peter Wilson, stated: “These initial metallurgical results, demonstrating exceptional head grades and recoveries, are very encouraging data points. We are keen to get started drilling on the St. Anthony Gold Property in the next few week and are confident the property has excellent potential given historical drilling and hope to show this with results of our phase 1 in fill and expansion drilling program”
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.
For additional information see the Company’s web site at
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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 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. 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.
SOURCE: Maxtech Ventures Inc.
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