Last week, the junior miner announced an agreement to acquire the early-stage exploration project from Benton Resources Inc.
The new land covers at least one historical gold occurrence and lies along the same fault that crosscuts the existing property, bringing Panama Lake’s total area to over 88 square kilometres.
Vancouver-based Maxtech’s property expansion comes just after its Red Lake neighbour Great Bear Resources Ltd (CVE:GBR) (OTCMKTS:GTBDF) announced yet another bonanza gold discovery at its Dixie project.
“Great Bear Resources has made Red Lake, once again, the center of attention in Canadian mining,” said Maxtech’s CEO, Peter Wilson in a statement.
“We believe that there is similar potential at nearby Panama Lake and have increased our land position to cover additional areas of interest based upon our knowledge of historically documented prospects there.”
Three additional blocks covering nearly ten square kilometres to the southwest were staked to cover an area where Newmont Goldcorp Corporation (TSE:NGT) (then Goldcorp) conducted historical exploration work. Recent aeromagnetic data showed “features of interest,” Maxtech said in a statement.
The company told investors that it believes a recently completed prospecting program was successful in locating the occurrence near the Upper Slate Lake area of the property.
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