{"id":1137672,"date":"2019-09-11T08:15:10","date_gmt":"2019-09-11T13:15:10","guid":{"rendered":"https:\/\/www.mining.com\/?p=1001536"},"modified":"2019-09-11T08:15:10","modified_gmt":"2019-09-11T13:15:10","slug":"benton-and-maxtech-sign-loi-for-ontario-gold-project","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1137672","title":{"rendered":"Benton and Maxtech sign LoI for Ontario gold project"},"content":{"rendered":"<p>Benton Resources (TSXV: BEX) and Maxtech Ventures (CSE: MVT) signed a binding letter of intent in which MVT will have the option to earn a 100% interest in Benton&#8217;s 100%-owned Panama gold project located in Ontario&#8217;s Red Lake mining district.&nbsp;<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>In order to go ahead with the deal, Maxtech has to issue 2,000,000 Maxtech common shares to Benton and pay $600,000 in cash or share equivalent and in scheduled installments through a four-year period.&nbsp;<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>According to Benton, the Panama project is host to some of the highest unsourced gold grains (107 grains) in glacial till discovered by the Geological Survey of Canada<\/p>\n<\/blockquote>\n<\/figure>\n<p>Benton will retain a 2% NSR on the project with MVT having the option to buy back 1% for $1 million in cash.<\/p>\n<p>According to the companies, the letter of intent contains a 2-kilometre area of influence that covers the project&#8217;s claim cell boundary.&nbsp;<\/p>\n<p>Panama is located 50 kilometres away from and on trend with Great Bear Resources&#8217; Dixie project.<\/p>\n<p>Benton acquired the property by staking and has completed various phases of exploration including a recently completed drill program and high-detail airborne mag survey which -according to the company- has helped identified several high-priority targets for immediate follow-up.&nbsp;<\/p>\n<p>&#8220;The opportunity for Maxtech to explore such an advanced project at this stage of the gold price cycle is very timely,&#8221; Peter Wilson, Maxtech&#8217;s CEO <g class=\"gr_ gr_4 gr-alert gr_gramm gr_inline_cards gr_disable_anim_appear Punctuation only-ins replaceWithoutSep\" id=\"4\" data-gr-id=\"4\">and<\/g> director, said in a media statement. &#8220;Red Lake has had multiple high-grade discoveries during the last several years and is host to Gold Corp., Pure Gold Mining and Great Bear Resources, among others.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Maxtech Ventures will have the option to earn a 100% interest in the Panama gold project.<\/p>\n","protected":false},"author":92,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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