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Maxtech Ventures is planning an aggressive exploration program at its newly acquired gold project in Red Lake

Panama Lake consists of 70 claims that intersect part of a major shear structure over a 50-kilometre trend

gold nuggets
Red Lake is one of the most prolific gold districts in the world

Maxtech Ventures Inc (CSE:MVT) has ambitious plans for its newly-acquired Panama Lake gold project in Red Lake, Ontario.

The Vancouver-based company told shareholders on Thursday that the transaction refocuses the junior’s attention on one of the most prolific areas for gold discovery in Canada.

Panama Lake consists of 70 claims that intersect part of a major shear structure over a 50-kilometre trend that continues toward the Dixie property owned by Great Bear Resources Ltd (CVE:GBR) (OTCMKTS:GTBDF), where high-grade gold was uncovered this year.

READ: Maxtech Ventures set to buy Panama gold project in famous Red Lake area of Ontario

"It is clear, with the recent exploration success of Great Bear Resources in the Red Lake District, that the world is once again looking closely at this exceptional region of Canada as a future supply of gold," said Maxtech CEO Peter Wilson in a statement. 

"We believe the Panama Lake Project has the potential to meet that rising global demand for gold."

The structural trend on the Panama Lake property wraps to the northwest near an area where significant gold mineralization was recently discovered, according to Maxtech. The firm told investors that what appears to be a splay off of the structure cuts across the middle of the gold project.

A recent preliminary drill program conducted by Benton Resources Ltd (CVE:BEX) in 2019 confirmed gold mineralization within a shear zone, with intercepts of 7.6 metres of 1.6 grams per ton gold and 16.1 metres of 0.6 grams per ton gold reported.

Maxtech announced it was acquiring Panama Lake in September after signing a letter of intent with Benton.

CEO Wilson told shareholders that the company will have more data and new analysis in the “very near future.”

Maxtech is planning an aggressive exploration program across Panama Lake, including diamond drilling this season.

Shares of Maxtech jumped 15.4% in Toronto at C$0.08.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Maxtech Ventures, Inc.

Price: 0.085 CAD

CSE:MVT
Market: CSE
Market Cap: $4.89 m
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