MaxTech Ventures Inc. said Dec. 28 that it will not pursue the planned acquisition of American Strategic Metals.

The company will discontinue discussions with American Strategic Metals, which holds the Lost Sheep fluorspar project and the Lost Sheep mine in Utah.

The parties were expected to enter a definitive agreement by Dec. 15.

Maxtech plans to continue its focus on strategic battery and technology metals, primarily with current properties that have potential manganese and vanadium mineralization.

The company secured an option in August to acquire the Lac Patu vanadium project in Quebec, and entered into a joint venture in Brazil focused on on manganese, vanadium and other strategic minerals.

"Maxtech is motivated to begin work programs on our vanadium prospects and to continue to explore for pre-development projects that fit our core 2019 focus," said CEO Peter Wilson.