Maxtech Signs Letter of Interest on 40,000 Hectares in Pará, Brazil
March 27, 2018 (Source) — Maxtech Ventures Inc. (CSE: MVT) (Frankfurt: M1N) (OTC: MTEHF), (“Maxtech” or the “Company”) is pleased to announce that it has signed a letter of interest to form a joint venture to explore 40,000 Hectares with Andorra Participacoes e Empredimentos Ltda in the State of Pará, Brazil.
The Company is immediately organizing a site visit with Andorra and MLB Mining Brazil, Maxtech’s in-country manager who has led numerous successful manganese exploration teams in the region. MLB Mining will complete an extensive due diligence report on the 40,000 hectares and the potential of the Mn mineralization photographed on the claims by Andorra Participacoes. The areas of interest are located in the municipality of Jacareacanga, in the southwest portion of the State of Pará. The claims under discussion have geological structures in three main directions, NW-SE, NNE-SSW and EW, being the most significant possibly due to the influence of a tectonic event and magnetic discontinuities. The claims are located in the Teles Pires River Basin, in the Southwest portion of the State of Pará, belonging to the meso-region of the Lower Amazon region of North Brazil. There is easy accessibility to the areas by paved highways, the airport of Jacareacanga, and the local ferry terminal.
The mining sector represents 14% of the Gross Domestic Product (GDP) of the State, originating mainly from the extraction of iron, bauxite, manganese, limestone, tin, and gold. The term of the Letter of Interest will be effective for a period of one hundred and twenty (120) days, closing no later than June 23rd 2018. Andorra Participacoes e Empredimentos Ltda and Maxtech discussions are around a joint venture and contingent upon successful due diligence including licencing verifications and initial sample assay results.
“Maxtech’s strategy for the first quarter is to joint venture with companies in the Brazil who have already located high-grade manganese areas of interest. Now that the rainy season in the region is over, our operations will ramp up quickly and research and technical site visits will increase,” noted Peter Wilson, CEO of Maxtech.
About Maxtech Ventures Inc.
Maxtech Ventures Inc. is a Canadian based diversified industries corporation focused primarily on manganese mineral properties.
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Further information about the Company is available on www.SEDAR.com under the Company’s profile.
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