Maxtech’s St. Anthony Gold Property JV with Magabra Receives Positive Preliminary Metallurgical Report
Vancouver, Canada –January 26, 2021 – Maxtech Ventures Inc. (“Maxtech” or the “Company“) (CSE: MVT) (Frankfurt: M1N) (OTC: 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:
1. 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,
2. The gravity and cyanide circuit recovered >95% of the gold with the concentrator and cyanide leach circuit recovering 68.5% of the gold alone,
3. The absence of organic carbon and low levels of copper indicate high efficiency in the leachate circuit,
4. 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,
5. This preliminary metallurgical testing indicates the majority of the gold hosted in the quartz vein material is recoverable through traditional processing,
6. 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.
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