Zimtu Capital Corp. Announces Transaction with Maxtech Ventures Inc. for Lac Patu Vanadium Project
Vancouver, British Columbia (FSCwire) - Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) (the “Company” or “Zimtu”) is pleased to announce that the Company and one of its prospecting partners have signed an Option Agreement with Maxtech Ventures Inc. (CSE: MVT; FSE: M1N; OTC: MTEHF) (“Maxtech Ventures”) whereby over a 2 year period, Maxtech Ventures can earn a 100%-interest in the Lac Patu Vanadium Project located in the Nunavik Region, Quebec.
For its participation in the transaction, Zimtu will receive $92,500 and 1,6250,000 common shares of Maxtech Ventures on or before September 30, 2020. Zimtu’s prospecting partner will receive cash and share considerations equal to that of Zimtu. The vendors will collectively retain a 2% Net Smelter Royalty on production; 1% of which can be purchased by Maxtech Ventures for C$1 million.
Lac Patu Vanadium Project
The Lac Patu Vanadium Project was staked directly north and along the trend of Uranor’s uranium discovery at Lac Minowean. In 2008, Uranor, with the collaboration of Areva Quebec Inc. conducted an airborne geophysical survey over their Lac Minowean Project and outlined several distinct areas of high magnetism. Consequently in 2009, Uranor and Areva 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 9 drill 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.
Zimtu, along with its prospecting partners, continues to evaluate and acquire prospective resource properties for sale or joint venture. As part of the Company's business, Zimtu provides mineral property project generation and advisory services and helps to connect companies with mineral properties of interest.
About Zimtu Capital Corp.
Zimtu Capital Corp. is a public investment issuer that invests in, creates and grows natural resource companies thereby providing a way for shareholders to indirectly participate and profit in the public company building process. The Company also provides mineral property project generation and advisory services helping to connect companies to properties of interest.
Zimtu Capital trades on the TSX Venture Exchange under the symbol “ZC” and the Frankfurt Stock Exchange under the symbol “ZCT1.” For more information please visit the corporate website at http://www.zimtu.com.
On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.
“David Hodge”
David Hodge
President & Director
Phone: 604.681.1568
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include that Maxtech Ventures can earn a 100%-interest in the Lac Patu Vanadium Project located in Quebec, Canada; that in consideration for its interest, Zimtu will receive cash and share payments from Maxtech Ventures, and that Zimtu, along with its prospecting partners, continue to evaluate and acquire prospective resource properties to make available for sale or joint venture. It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company’s Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
To view the original release, please click here
Source: Zimtu Capital Corp. (TSX Venture:ZC, FWB:ZCT1)
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