Maxtech Ventures announces summer exploration program at Lac Patu vanadium project

Maxtech Ventures Inc (CNSX:MVT) (OTCMKTS:MTEHF) told investors it was poised for a summer exploration program at the Lac Patu vanadium project in Quebec.

The Quebec Ministère de l’Énergie et des Ressources Naturelles (MERN) has been notified that the following activities will be undertaken on the claims starting on June 1 next year.

They include:

• An on-site visit
• surface geochemical sampling and mapping
• A ground-based 1,000 line km geochemical survey

“Vanadium is a newly emerging energy and strategic metal for a new class of cost effective battery storage technologies,” Peter Wilson, the CEO of the Vancouver-based company, said in a statement.

“As the vanadium price-per-pound continues to reach all-time highs, Maxtech is motivated to begin phase one work programs on our Lac Patu vanadium prospect in Quebec.”

READ: Maxtech Ventures taps industry veteran to advance Brazil vanadium exploration program

Maxtech’s project comprises 72 mineral titles encompassing an area of 3,420 hectares. It is staked directly north and along the trend of Uranor’s uranium discovery at Lac Minowean.

In 2009, Uranor and Areva conducted what’s called a Versatile Time Domain Electro Magnetic (VTEM) survey over the area locating several targets, and only those with high radioactivity were drilled.

These nine holes on the east side of Lac Minowean found uranium, copper, cobalt and vanadium.

Geochemical values from drilling were reported as 8.03% vanadium (14.0% V2O5), 1.76% cobalt and 1.50% copper over 0.5 meters in the underling dolomite.

The Lac Patu project lies in the area of the highest electromagnetic response identified by this VTEM survey, which is 3km from Uranor’s discovery drilling.

Shares in Maxtech are unchanged in Toronto at $0.21 at the time of writing.

Contact Giles Gwinnett at [email protected]

Follow him on Twitter @Gile74

Story by ProactiveInvestors