Maxtech Ventures makes another move in vanadium with Quebec acquisition
Date: Aug 22, 2018
Maxtech will also pay a 2% net smelter royalty (NSR) on production but have the option to buy back half the royalty for C$1mln.
Maxtech Ventures Inc (CSE:MVT) revealed it is set to buy the Lac Patu vanadium project in Quebec.
Under the option deal, Maxtech will pay Zimtu Capital Corp and Soraya Jamal C$185,000 and 3.25mln shares on or before September 30, 2020.
Maxtech will also pay a 2% net smelter royalty (NSR) on production but have the option to buy back half the royalty for C$1mln.
The project consists of 72 mineral titles encompassing an area of 3,420 hectares on the brink of the Labrador Trough and consists of mineralized horizons of sedimentary terrain.
It is staked north and along the trend of Uranor’s uranium discovery at Lac Minowean.
In 2009, Uranor and Areva Quebec Inc conducted a follow up versatile time domain electro magnetic (VTEM) survey over the area locating several targets, and only those with high radioactivity were drilled.
These nine holes found uranium, copper, cobalt and vanadium and values from drilling were reported as 8.03% vanadium (14.0% V2O5 – vanadium pentoxide), 1.76% cobalt and 1.50% copper over 0.5 meters.
