Resource group Maxtech Ventures Inc (CSE: MVT, Frankfurt: M1N) has unveiled details of a new joint venture it has struck in Brazil.
The venture will explore for, and evaluate, potential acquisitions of mineral deposits not limited to manganese but for vanadium and other strategic minerals with Daniel Geyerhahn Garcia and partners in the state of Minas Gerais.
"As I have said beforehand, continuing to build an accomplished team and a diversified portfolio of assets in Brazil increases the potential to find larger resources throughout Brazil and is essential for growth," said Peter Wilson, the CEO of Maxtech.
"As we near the last quarter of 2018, the focus of Maxtech has pivoted to building through exploration and the acquisition of globally strategic mineral assets."
This alliance between Maxtech and partners will help fast-track claims with Guias, trial mining licenses, to the next stage submission to the Departamento Nacional de Produção Mineral (DNPM) of Brazil for small-scale mining consents or Lavras that allows for the immediate development of a deposit.
The first claims being assessed are in the Cipó mountain range, Espinhaço chain, which is the watershed between the Atlantic Ocean and the São Francisco River basin in the East of Brazil.
Based on previous research, the firm could verify a large area with the potential for manganese mineralisation occurrences.
Maxtech is currently evaluating these claims and others and will update on their status once a company research report has been completed.
Last month, the group updated on its other Brazilian assets, where it is advancing the Brasnorte manganese project, the Maracás Menchen vanadium Mine and Campbell pit deposit and claims at Santana do Pirapama.
At Brasnorte, the focus is on four claims where assays showed high-grade manganese between 51.4% to 55.9%.
Maxtech said it was meeting with the Departamento Nacional de Produção Mineral (DNPM) to discuss the final stages of approval of the trial mining license (Guia) in order obtain the environmental and operating licenses that it needs to further its exploration and trial production initiatives.
Maxtech shares in Toronto shed 6.25% to stand at $0.225.