Maxtech Ventures Inc (CSE:MVT)(OTCMKTS:MTEHF) said it will focus on current properties with potential manganese and vanadium mineralization after ending deal talks with American Strategic Metals.
Vancouver-based Maxtech said in a press release Friday that it will discontinue further acquisition discussions with American Strategic Metals and will concentrate on strategic battery and technology metals.
"Vanadium is a newly emerging energy and strategic metal for a new class of cost-effective battery storage technologies,” CEO Peter Wilson said in a statement. "Maxtech is motivated to begin work programs on our vanadium prospects and to continue to explore for predevelopment projects that fit our core 2019 focus."
Maxtech said in September that it had signed a letter of interest for an option to purchase 100% of American Strategic Metals and its Lost Sheep fluorspar project and Lost Sheep mine in Utah.
Earlier this month, the company said it was preparing for a summer exploration program at the Lac Patu vanadium project in Quebec.
The company reported in a filing Friday a loss of C$236,866 for the quarter ended October 31, compared with a C$77,680 loss a year earlier. During the period, the company acquired a vanadium project in Quebec.
—This story was updated to give financial results—
Contact Dennis Fitzgerald at [email protected]