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Maxtech Ventures begins exploration at Panama Lake in Red Lake

In October this year, the firm revealed it was buying the early-stage exploration project from Benton Resources

Maxtech Ventures Inc -
A prospecting team was sent the project this month and appears to have rediscovered a gold occurrence at Parrot Lake, the company said

Maxtech Ventures Inc (CSE:MVT) (OTCMKTS:MTEHF) is planning a drill program at the Panama Lake property in Red Lake, Ontario and has now begun exploration.

In October this year, the firm revealed it was buying the early-stage exploration project from Benton Resources Inc.

This month, a Maxtech prospecting team was sent the project and appears to have rediscovered a gold occurrence at Parrot Lake, a 1949 report about which was found in government files in Red Lake, the company said.

READ: Maxtech Ventures names Red Lake district 'trailblazer' as new senior VP exploration

The occurrence is structurally hosted and appears to line up with the main Panama Lake trend and will be the focus of planned exploration efforts over coming months.

"It's exciting to begin an exploration program on a property with such a robust historical gold footprint especially in the Red Lake district," said Peter Wilson, the CEO at Maxtech.

"The recent Great Bear gold discovery and the positive geophysical survey results obtained by Benton Resources has led us to move this project forward quickly. The Maxtech team is actively planning to be back at Panama Lake once the ground has frozen and a drill program can begin."

The discovery of gold in the Red Lake district, over 100 years ago, continues expanding even today with gold exploration, discoveries and mining in much of the surrounding area, noted Maxtech.

Details of gold at Panama Lake property date back to 1986 when Noranda Exploration staked land around the property upon obtaining anomalous gold values from historical trenches in the area.

Drilling on the north shore of Panama Lake saw eight holes for 953 meters sunk to test a 20-25 meter wide quartz flooded shear zone delineated during the field program, with the best result of 4.5m averaging 2.8 grams per tonne gold obtained in one hole, between 86.0m and 90.5m. No additional work was undertaken.

Contact the author at [email protected]

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