Maxtech Ventures is a Canadian resource exploration and development company with diversified mining assets in Canada and internationally.
|March 16, 2012|
Project Update - Lalitpur District, India
|Maxtech Ventures Inc. (TSX.V -- MVT / Frankfurt: O3X) through its wholly owned Indian subsidiary, Maxtech Resources (Private) Ltd, was granted a Reconnaissance Permit (RP) in 2010 covering 212.75 square kilometres in Lalitpur District, Uttar Pradesh (U.P.), India. The RP was granted to explore for iron, precious minerals, including the platinum group elements, base metals, uranium and diamonds. To date, the Company's geological team has undertaken an extensive surface sampling and mapping program in order to prioritize drill targets once a Prospecting License (PL) is granted.|
Under the rules of the Reconnaissance Permit, Maxtech will relinquish 50% of the RP by the end of the month. As part of the sampling program, there are currently 300 samples that have been sent to Shiva Analyticals (India) Limited, a certified assay laboratory. These new assays, combined with previous sampling results, historical information and information from the Geological Survey of India (GSI) are being reviewed to determine areas with no indication of significant mineralization. Once the review is complete, the Company will relinquish such areas, in order to conform to the RP rules.
Upon completion of the relinquishing of some 106 square kilometres, the Company will apply for a Prospecting License (PL) on the balance of the RP. Once the PL is granted, the Company will have the right to begin drilling and continue with more in-depth exploration and development work.
Government publications describe the historical resource in the area as follows: "About 100 million tonnes of low grade iron ore containing 25-30% iron has been established in Berwar-Girar area of Lalitpur. The banded iron formations are intersected by basic and ultrabasic rocks. Sporadic gold mineralization is associated in quartz veins within the iron formation. The low grade rocks can be easily beneficiated to produce concentrates carrying 67.3% iron". A qualified person has not done sufficient work to classify these historical estimates as current mineral resources; the Company is not treating the historical estimate as current mineral resources.
The Company has applied for its initial Prospecting License covering 5.5 sq km. The PL covers the known iron deposit comprised of a Banded Iron Formation (BIF) and located within a large airborne magnetic anomaly. The anomaly is some 20 kilometres in length and the eastern half is 6 kilometres wide whereas the western half narrows down to a width of one kilometre. Within the anomalous area, crews have identified three rare earth elements (REE) anomalies. It is expected that this PL will be granted over the next three to four months, at which time the Company will be able to begin drilling.
Reconnaissance surface sampling traverses taken at right angles to the strike were made covering a number of areas within the RP around the known banded iron formation (BIF) in the vicinity of east and west Girar and the ultra-basic rocks around Mandawra in the northwest portion of the RP. Over 200 samples were taken and sent to Shiva Analyticals (India) Limited, for assay. The results were as follows:
Maxtech is continuing to increase its holdings in the region. The Company currently has three additional Reconnaissance Permit applications pending for mineral exploration in the States of Uttaranchal and Himachal Pradesh:
About Maxtech Ventures
Maxtech is an exploration stage mining company with properties in British Columbia, Quebec, and India. The Company's wholly-owned Indian subsidiary, Maxtech Resources Private Limited, holds a Reconnaissance Permit in the Lalitpur District, Uttar Pradesh, India covering a deposit of banded iron ore formation; to explore for platinum group minerals, nickel, cobalt, chromium, lead, zinc, copper, diamonds, gold, and silver mineralization. Maxtech's exploration efforts are supported by a strong and experienced management and technical team who are continually seeking new opportunities to enhance shareholder value. Further information regarding the Company can be found on SEDAR at www.SEDAR.com or by visiting our website at www.maxtechventures.com.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
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