Maxtech Ventures Inc (CSE:MVT) (OTCMKTS:MTEHF) is aiming to kick off drilling at its Panama Lake property in Red Lake, Ontario, early in the new year.
The project sits on trend with Great Bear Resources' (CVE:GBR) (OTCMKTS:GTBDF) successful Dixie project and hosts a number of historically documented gold occurrences, soil geochemical anomalies and geophysical features indicative of mesothermal gold systems, Maxtech noted.
"I'm excited by the Panama Gold Project and its potential for discovery!" said James Rogers, who is Maxtech's senior vice-president of exploration and a geologist with over 30 years experience at Red Lake.
He recently completed a brief field campaign to identify some of the historically documented features ahead of a wintertime drill campaign and summertime exploration to follow.
"Putting together the most recent work completed on the property by Goldcorp, Noranda and Benton including high quality geological, geochemical and geophysical mapping, has laid the foundation for a successful drilling campaign," said Rogers.
"I am currently talking to experienced drill contractors and geologists that will comprise the team on the ground. The Panama Lake property hosts features indicative of deep-rooted plumbing and shows the structural folding, faulting and rock type contrast necessary to host orogenic gold deposits, not unlike that of the famous Red Lake trend. Our property hosts some excellent targets that we look forward to drilling."
Maxtech said its drill targets to be tested consist of those where existing geophysical data has already indicated potential structural traps, and where soil geochemical gold anomalies were historically documented but never drilled.
Between eight and ten holes are forecasted for a total of 3,500 meters, depending upon what is encountered as drilling progresses, it added.
Canada headquartered Maxtech Ventures is focused on identifying and advancing high-value mineral properties.
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