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Maxtech Ventures (CSE: MVT) announced initial high-grade results from its manganese project in Brazil

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Phase I exploration of surface and sub-surface sample results from pitting and auger drilling returned a range of 51.4% to 55.9% manganese.

Additional Information:

Company: Maxtech Ventures
Website: http://www.maxtech-ventures.com
Stock Symbol: CSE:MVT
Date Published: May 4, 2017
Transcript: Available

Video Transcript:

I’m Bethany Rae for Investmentpitch Media

Maxtech Ventures announced initial high-grade results from its manganese project in Brazil.

Phase I exploration of surface and sub-surface sample results from pitting and auger drilling returned a range of 51.4% to 55.9% manganese.

As these are selected samples, they are not necessarily representative of the mineralization.

Surface exploration by the company’s prospecting team uncovered previously unknown manganese bearing clasts and cobbles.

Peter Wilson, CEO, stated: “Maxtech has now amassed approximately 57,000 hectares of exploration claims in Brazil, which is one of the largest manganese mineral exploration claim sets in the country. In addition to entering our second stage of exploration in Brazil, the Company is actively reviewing potential acquisitions outside of Brazil in Northern Africa and Europe.”

Brazil has 10% of global manganese reserves, with manganese being the 4th most widely used metal worldwide.

Nearly 90% of manganese output is used in the steel industry, but its applications also include the manufacture of fertilizers, animal food and cars.

Maxtech plans to procure the highest grade possible, which can be used in the Lithium Manganese Dioxide batteries, which contain 4% lithium, 61% manganese and 35% oxygen by atomic weight.

The company announced a non-brokered private placement, and plans to raise up to $2 million through an offering of up to 5 million units at a price of $0.40 per unit.

Each unit consists of 1 share and 1 warrant, with each warrant exercisable at $0.50 in the first year and $0.60 in the second year, subject to an acceleration clause, should the shares trade higher than $0.70 for a 14 day period.

The shares are trading at $0.48 and with 45.6 million shares currently outstanding, the company is capitalized at $21.9 million.

For more information, please visit www.maxtech-ventures.com, contact Peter Wilson at 604-330-3119 or email info@maxtech-ventures.com.

I’m Bethany Rae for Investmentpitch Media