Maxtech Details Exploration License Submissions in Zambia
Vancouver, British Columbia (FSCwire) - Maxtech Ventures Inc. (CSE: MVT) (Frankfurt: M1N) (OTC: MTEHF) (“Maxtech” or the “Company”) and Maxtech Mining Zambia Limited (MMZL) provide details of area of interest exploration licenses filed to the Minister of Mines and Mineral Development of Zambia.
- The first area of interest submitted is for the application of a new Large Scale Exploration License in the Mukambala area within the Mkushi District of the Central Province. The claim is 63 sq kilometers. The presence of a broad apparently tabular extent of manganese mineralization in an area of recognized manganese potential is seen as a positive sign. The area is one of widespread, consistently high (but variable) water table in a flat-lying landscape that creates conditions favorable for protracted, in-situ chemical weathering, factors that are conducive for the creation of near-surface, supergene style manganese mineralization. Additionally of interest is an extensive area of mapped ferricrete, that is worthy of inspection as such extensive ferricrete areas are sometimes associated with underlying concealed manganese mineralization.
- The second area of interest submitted is for an application of a new Large Scale Exploration License in the Kabamba area within the Masaiti & Mkushi Districts of the Copperbelt and Central Provinces. The claim is 73 sq kilometers. The manganese mineralization appears to be hosted within a specific sedimentary unit, albeit with subsequent tectonic controls which may be localized. The strike length of these quartzose units is considerable – often running for several km’s and, resultantly, the potential for along-strike continuation of the mineralization must be viewed as the principal exploration objective. High vanadium potential and, possibly, precious metal mineralization in the form of gold mineralization could provide additional incentives for further exploration.
The exploration licenses submitted cover in addition to manganese, the mining rights to iron, cobalt, vanadium, nickel, copper, zinc, lead, gold and chromium on the areas. Once approval is granted for the large scale exploration licenses, MMZL will continue to utilize the services of Lusaka based geological/exploration consultants GeoQuest Limited to conduct exploration work that will primarily concentrate on the search for and evaluation of commercially viable quantities and grades of manganese ore. The Company will file for new mining licenses if initial results are favorable. The Total Estimated Budget Expenditure (Years 1- 4) is between US$1,000,000 to US$3,000,000 depending upon results and how fast work can proceed.
GeoQuest’s exploration activities will include initially: the production of an environmental project brief, pegging/beaconing of license areas, geological mapping, rock chip and soil sampling over the new license areas. A planned program of diamond core and /or RC drilling as well as possibly pitting and trenching to fully evaluate prioritized manganese areas for continuity, grade / purity (deleterious material) and thickness. They will also do the freighting and assaying of the samples.
Assuming that results are positive then the following program will also be considered: follow up diamond core and/or RC drilling, bulk sampling, initial resource estimation, pit optimization, hydrogeological, environmental as well as preliminary financial studies and any other work required to reach ‘decision to mine’ as quickly possible.
GeoQuest Limited will be Maxtech Zambia Mining Limited’s authorized agent to prepare all documentation submitted to the Minister of Mines and Mineral Development of Zambia. The technical information prepared in Zambia will be reviewed by Qualified Persons Mr. Julian Green and / or Mr. Harris Lucas with respect to MMZL manganese projects as defined under National Instrument 43-101.
“MMZL exploration licenses submissions are just the start of our African activities. We are presently researching opportunities in Namibia, and Zimbabwe to add to our expansion plans this quarter,” stated Peter Wilson, CEO of Maxtech Ventures.
About Maxtech Ventures Inc.
Maxtech Ventures Inc. is a Canadian-based diversified industries corporation focused primarily on manganese mineral properties.
For additional information see the Company’s web site at http://www.maxtech-ventures.com
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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 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. (CSE:MVT, OTC Pink:MTEHF)
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