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Ontario's Red Lake Mining District Has Become Canadas's Gold Capital 

CSE: MVT - OTC: MTEHF -Frankfurt: M1N

The Panama Gold Project is located in the gold rich Red Lake Mining District, 55 km northeast of  Ear Falls.

While Canada has had many prolific gold producing regions over the years, including many famous gold rushes, lately the Gold Capital of Canada rests in Red Lake, Ontario. Like much gold in Ontario and Quebec, deposits are found in a greenstone formation at Red Lake. Most of the gold production in the district has come from structurally controlled vein-type gold deposits near regional mafic volcanic-sediment contact or ‘breaks.

MaxTech announced on September 10, 2019 the signing of a binding letter of intent to acquire 100% of the Panama Gold Project from Benton Resources Inc.

The property is located in the historic Red Lake mining district in Ontario, Canada which has produced more than 28 million ounces of high-grade gold. The Panama Gold project is located 50km away from and on trend with Great Bear Resources Dixie Project and has excellent exploration and discovery potential within a relatively underexplored area of the camp.

Recently, a high-detail airborne magnetic survey was completed and interpreted leading to help identify several high priority targets for immediate follow up. These targets include a distinct fold approximately 250m along strike from the Panama Zone which has not been previously identified. Benton Resources has also recently discovered an old assessment file containing a visible gold occurrence in the northeast part of the project which needs to be investigated. In addition, the Panama project is host to some of the highest unsourced gold grains (107 grains) in glacial till discovered by the Geological Survey of Canada, 1999 (Open File 3038).


Panama Lake Gold Project
Highly Prospective Mineralized Trends


• Gold is hosted within a silicified shear zone
within strongly deformed and
hydrothermally altered metavolcanic and
metasedimentary rocks
• Similar geology as the Cochenour and
Madsen mines in Red Lake
• Panama Zone: wide-spaced drilling over 1.2
km by Noranda. Results include 1.2 g/t Au
over 15 m and 2.8 g/t Au over 4.5 m
• Slate Lake Zone: 107 pristine gold grains in
GSC till sample and grab samples in the area
returned grades of up to 6.17 g/t Au
‒ Arsenopyrite-rich quartz veins within a
carbonate-altered shear zone


Panama Lake Gold Project
2019/2020 Drill Program


2019
• Drill program by previous operator (Benton
Resources) confirmed mineralization at the
Panama Zone
• Intersected anomalous gold (0.18 g/t Au over
8.4 m) at the Slate Lake Zone (remains highly
prospective)

2020
• First phase of diamond drilling program completed
in mid-June
• First two holes (totaling 1,800 m) tested an area
immediately up-ice from where pristine gold
grains were documented in glacial till in 1999
• Second drill site to test area west of drilling where
in Benton intersected 1.58 g/t Au over 7.6 m
during 2019 program
• Program also included prospecting and mapping to
better define gold targets
• Planning trench program at Ben Lake in early fall

Results from Benton’s 2019 Drill Program


Since 1925, Red Lake has produced 28 operating mines and 28 million oz of gold


Dome Mines Crew on Howey claims, Red Lake c.1926

Red Lake Gold Timeline

In 1938, the mill started at the Madsen Mine. It would produce for the next 36 years.

In 1948 and 1949 respectively, the Arthur White Mine (later Dickenson and Red Lake) mine and then the Campbell Mine went into production.

In 1989, Rob McEwen gained control of an underperforming mine previously known as the Arthur White Mine and then the Dickenson Mine. McEwen, the CEO of Goldcorp, knew the mine could have similar grade and potential to the surrounding mines such as the Campbell Mine.

In 1995, the High Grade Zone was discovered. Nine drill holes averaged 9.08 ounces of gold over 7.5 feet, but the company still found the overall geology to be challenging.

In July 2017, Great Bear Resources entered into a purchase agreement with Newmont Mining to acquire Newmont’s 33% stake in the Dixie Project in Red Lake and in 2018 Great Bear completed the purchase of 100% royalty-free interest in the Dixie Gold Project. Rob McEwen and McEwen Mining participated as part of a $10 million financing completed in September 2018.

      PANAMA LAKE SAMPLES

PANAMA LAKE SAMPLES

Stock information

Symbol
CSE: MVT OTC: MTEHF Frankfurt: M1N

ISSUED & OUTSTANDING SHARES: 96,624,313

RESERVED FOR ISSUANCE: 28,434,278

For a comprehensive listing of current filings and news releases by Maxtech Ventures Inc., see the company’s official document archive on the SEDAR website under the symbol CSE: MVT

Pursuing The Next High-Grade Gold Discovery in Ontario

CSE: MVT OTC: MTEHFFrankfurt: M1N

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