Maxtech Ventures Inc (CSE:MVT) (OTCMKTS:MTEHF) is not wasting any time at the Panama gold project in Red Lake, Ontario and revealed Tuesday that it had just completed a brief, late season exploration program there.
As reported last week, the firm has now finalized its option deal with Benton Resources over the 74 sq km asset, allowing it to earn up to 100% of the property.
READ: Maxtech Ventures finalizes option deal with Benton Resources over Panama gold project in Red Lake
The firm dispatched a prospecting crew to the project on October 17 to carry out field follow-up on a number of gold targets, which had been identified by Benton.
"We are already in possession of a substantial and encouraging data base, the reason for us acquiring the project to begin with,” said Maxtech’s chief executive Peter Wilson.
"The recently completed field program will provide us with more up-to-date information regarding additional targets identified by our predecessor that had yet to be examined in the field."
Wilson added: "We wanted to get this done before the snow flies, so we are better positioned to plan our next steps on this exciting property.”
An airborne survey at Panama recently identified some priority targets, including a fold around 250 m along strike from the Panama Zone.
There is also a visible gold occurrence in the northeast part of the project and the property hosts some of the highest unsourced gold grains in glacial till discovered by the Geological Survey of Canada in 1999.
Shares in Toronto were unchanged at C$0.08 each.
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