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Maxtech Ventures eyeing high grade manganese as it files for exploration licences in Zambia

The licences have detailed exploration and production outlines for up to four years, covering rights for various commodities

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Zambia is a world-class mining jurisdiction, said the firm's chief Peter Wilson

Maxtech Ventures Inc (CSE:MVT) told investors it has filed for two large-scale exploration licences in Zambia, where there is the potential for high grade manganese.

The licences have detailed exploration and production outlines for up to four years, covering cobalt, vanadium, nickel and copper mining rights.

READ: Maxtech Ventures bolsters Brazilian manganese aims with new joint venture for Goias state

"Zambia is a world class mining jurisdiction," Peter Wilson, chief executive of Maxtech, said.

"Applying for our first wholly owned license areas is in step with creating a larger manganese footprint utilising our global strategic relationships and potential offtake partners in foreign markets."

The two areas have already demonstrated the potential for high-grade manganese mineralisation with grades up to 70% as well as for vanadium from initial research by Maxtech's Zambian-based geology team, GeoQuest.

Geoquest will manage all the firm's operations on the ground in Zambia.

Work will initially focus on searching for commercially viable quantities and grades of manganese ore with a view to applying for mining licenses as quickly as possible.

Subsidiary Maxtech Zambia lies in Lusaka and registered as an exploration and quarrying company and has begun operations.

Last month, the manganese focused group revealed that its aims in Brazil had 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.

READ THE BIG PIC - Maxtech’s high-grade pure-play manganese offering is one of a kind in a potentially very lucrative market

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.

The state is reportedly due to receive foreign investments of US$730mln during 2017-2018 in mining projects.

The total figure, about US$450mln, will be invested by giants like AngloGold Ashanti (JSE:ANG), Anglo American (LON:AAL), Codelco, China Molybdenum Corp (CMOC), Vale and Yamana.

Goias is home to large mineral developments such as Anglo American's Barro Alto and Codemin ferronickel operations, Yamana's Chapada gold mine, and Vale's Catalao fertilizer complex, among others.

Maxtech shares ticked up in Toronto 1.28% to C$0.40.

Quick facts: Maxtech Ventures, Inc.

Price: 0.085 CAD

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