Maxtech Ventures Inc's (CNSX:MVT) manganese aims in Brazil have been bolstered after it inked a joint venture with Fabio Cardoso Carneiro and Daniel Geyerhahn of Goldmen Resources Brazil (FCD) in the state of Goias.
It means Maxtech will be able to access projects currently controlled by FCD and or currently under negotiation. It is currently evaluating several new FCD claims.
READ: Maxtech’s high-grade pure-play manganese offering is one of a kind in a potentially very lucrative market
The state is reportedly due to receive foreign investments of US$730mln during 2017-2018 in mining projects.
"Maxtech and Maringa Ferro visited FCD in Goias last September, joining forces with FCD, [and] exploring for manganese together seemed like a natural transition," said Peter Wilson, chief executive at Maxtech.
"Building an accomplished team in Brazil especially in the strong mining jurisdiction of the state of Goias increases the potential to find larger manganese resources throughout Brazil and is pivotal to growing our pure play manganese exploration status."
Last month, Maxtech revealed it may form a joint venture to explore 40,000 hectares in the state of Para, Brazil.
The potential partner is Andorra Participacoes and the firm is already organising a site visit with Andorra and MLB Mining Brazil, Maxtech's in-country manager.
The areas of interest lie in the Teles Pires River basin in the southwest portion of the state and the claims have geological structures in three main directions, the firm said.
The LOI (letter of intent) is effective for 120 days, closing no later than June 23 this year.
Shares added 3.7% in Toronto to 42 cents.