Maxtech Signs Option to Acquire Utah Vanadium Claims Long History of Past Production Strengthens Strategic Partnership With GeoXplor
VANCOUVER, British Columbia, October 2, 2018 – Maxtech Ventures Inc. (CSE: MVT) (Frankfurt: M1N) (OTC: MTEHF) (“Maxtech” or the “Company”) announces it has signed a letter of intent for an option to purchase a 100% interest in vanadium mineral claims located in Emery County, Utah.
Mining for vanadium and uranium in the Temple Mountain district began in 1914, sixteen years after its initial discovery in 1898. Artisan mining activities were present between the years of 1922 and 1978. The optioned area is situated just north of the Utah State Park of Goblin Valley. Temple Mountain is the most prominent and highest topographical feature of the San Rafael Swell.
The Temple Mountain 43-101 report states that there are 52 contiguous lode mining claims staked covering a total of 1,074 acres or approximately 435 hectares. The entire claim group has a maximum north-south extension of about 3.2 km and a maximum east-west extension of approximately 1.8 km. Historical assay results from exploration holes show maximum values of uranium (U3O8) of up to 1.85% and vanadium (V2O5) oxide of up to 4.97%, indicating pockets or restricted lenses of high-grade ore and uranium grades of up to 4% were also reported. (U.S. Geological Survey Bulletin 1192 by C.C. Hawley, D.G. Wyant & D.B. Brooks, 1965)
Energy Fuels announced September 27th that they will restart operations in Blanding Utah and will resume vanadium production at its White Mesa Mill in mid-November 2018. The principal domestic sources of uranium and vanadium deposits is widespread and found on the Uravan mineral belt which includes areas in southwestern Colorado and the adjoining parts of Utah, Arizona, and New Mexico. (U. S. Atomic Energy Commission Geological Survey Bulletin 988-A0)
Peter Wilson, CEO Stated “Demand for vanadium as a strategic metal has exploded as price surges hit recent highs from approximately $9.00 per pound last year to about $22.63 per pound supported by a high global demand. As a result, mining companies are retuning to explore for vanadium with vigor.”
About Maxtech Ventures Inc.
Maxtech Ventures Inc. is a Canadian-based diversified industries corporation focused primarily on manganese mineral properties.
For additional information see the Company’s web site at http://www.maxtech-ventures.com
Further information about the Company is available on www.SEDAR.com under the Company’s profile.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this release may constitute “forward-looking statements” or “forward-looking information” (collectively “forward-looking information”) as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
Maxtech Ventures Inc.
SOURCE Maxtech Ventures Inc.