Maximus and NFX Begin a 43,000 m Drilling Program at Larder Lake
10 Januar 2008 - 3:00PM
Marketwired
LONGUEUIL, QUEBEC AND TORONTO, ONTARIO (TSX VENTURE: MXV) and
NFX Gold Inc. ("NFX") (TSX VENTURE: NFX) announced today that a
planned $3.75 million, 43,000 metre follow-up diamond drilling
program has commenced at NFX's Larder Lake Gold Property in
Ontario.
The 2008 drilling program will systematically test the Bear Lake
high-grade gold zones intersected in hole #11: 10.4 g/t Au over 5.2
m, including 20.8 g/t Au over 1.5 m and 8.0 g/t Au over 10.2 m,
including 18.6 g/t over 4.2 m as reported on August 16, 2007. The
program will investigate the zone along strike and down-plunge to a
vertical depth of 1000 m. Results from the five holes completed to
date on the Bear Lake Gold Zone confirmed the presence of an
extensive very continuous gold mineralization system encompassing
both high-grade and low-grade lenses. Furthermore, the style
("carbonate"-type and "flow"-type) and grade (ranging from 9 to 11
g/t Au) of the mineralization are typical of the world class
Kerr-Addison deposits located only 5km to the east, along the same
geological structure. An aggressive drilling program consisting of
a minimum of 39 holes totalling 34,000 m, spaced 125 to 150 m
apart, is underway at Bear Lake in order to delineate the
higher-grade lenses occurring within the gold zone. Since part of
the drilling has to be completed from the ice surface on Bear Lake,
two to three drill rigs will be used to complete the drilling
before break-up.
In addition, 5,000 metres of drilling will test the down-plunge
extension of the Fernland high-grade zone intersected in hole #13,
grading 6.9 g/t Au over 13.5 m, and including 13.1 g/t Au over 6.0
m as reported in the November 1 and 6, 2007 press releases. This
new high-grade intersection, located 2.5 km west of Bear Lake,
occurs at a relatively shallow depth (less than 200 m below
surface) and indicates that there is excellent potential for the
discovery of additional high-grade gold mineralization on the
Larder Lake Property, along geologic units very similar to those
hosting the historic Kerr-Addison mine. Drilling at Fernland will
start after the completion of the program at Bear Lake. By then,
all assay results from the late-2007 drilling program should have
been received and compiled and the location of the new proposed
holes will be adjusted based on the results.
Approximately 4,000 metres of additional drilling is planned to
test newly interpreted targets on the Larder Lake Property along
relatively unexplored parallel structures characterized by altered
iron-rich rock units similar to those that controlled the high
grade gold mineralization at the Kerr Addison mine. In addition,
the 2007 and historic shallow drilling results from the Barber
Larder portion of the Larder Lake property are currently being
evaluated. Similar lower grade gold intersections to those that
lead to the discoveries of the high grade gold zones at Bear Lake
and Fernland are being identified on the Barber Larder portion of
the property for follow-up drilling in 2008.
Tom Larsen, President and CEO of NFX, stated, "NFX is pleased
with the aggressive exploration drilling program Maximus has
planned for 2008 on the Larder Lake Property. The high quality
targets indicated by the first few holes in each of the gold zones
at Bear Lake and Fernland merit the proposed program budgets and
highlight the need to further explore the entire Larder Lake
Property."
NFX will be required to fund approximately $600,000 of the
estimated $3.75M budget for 2008 after Maximus spends the initial
$2.25M to complete exploration expenditures totaling $6M required
to vest their interest in the Larder Lake Property. Tom Larsen
further stated, "NFX will be pleased to fund its equity share of
exploration expenditures after Maximus completes their earn-in and
the project proceeds to the joint venture phase. We look forward to
advancing the Larder Lake project to development with our
partners."
Larder Lake Property
Maximus is conducting the drilling program pursuant to the
Option and Joint Venture Agreement between Maximus and NFX, whereby
Maximus has the right to earn a 60% interest in NFX's 100% interest
in the Cheminis, Fernland and Bear Lake claims and 45% interest in
NFX's 100% owned Barber Larder claims, by expending $6 million on
exploration by December 31, 2008.
As part of its QA/QC program, Maximus carries out check assays
on the high-grade intersections with no discrepancies found in the
assay results. The turnaround time for the reception of assay
results from the lab has been very slow since September, due to the
very large amount of samples received with the end of the field
season. The situation is gradually returning to normal.
The technical content of the information, related to Larder
Lake, was reviewed by Mr. Bernard Boily, P. Geo., responsible for
supervising the drilling program and qualified person for Maximus
under the guidelines of National Instrument 43-101. The analytical
method for gold is one (1) assay-ton fire assay, AA determination
with gravimetric finish on all samples reporting over 2 grams per
tonne (g/t) gold. Assaying is done at Laboratoire Expert Inc. in
Rouyn-Noranda, Quebec. The quality control process includes
inserting blank samples and certified standards within each batch
sent to the laboratory.
Forward-looking Statements
This release contains certain "forward-looking statements". All
statements, other than statements of historical fact, that address
activities, events or developments that the Company believes,
expects or anticipates will or may occur in the future, are
forward-looking statements. Forward-looking statements are often,
but not always, identified by the use of words such as "seek",
"anticipate", "believe", "plan", "estimate", "expect", and "intend"
and statements that an event or result "may", "will", "can",
"should", "could" or "might" occur or be achieved and other similar
expressions. These forward-looking statements reflect the current
internal projections, expectations or beliefs of the Company based
on information currently available to the Company. Forward-looking
statements are subject to a number of risks and uncertainties,
including those detailed from time to time in filings made by the
Company with securities regulatory authorities, that may cause the
actual results of the Company to differ materially from those
discussed in the forward-looking statements, and even if such
actual results are realized or substantially realized, there can be
no assurance that they will have the expected consequences to, or
effects on, the Company
The TSX Venture Exchange has neither approved nor disapproved of
the contents of this news release.
Contacts: Maximus Ventures Ltd. Francois Viens President and CEO
450-677-1009 450-677-2601 (FAX) www.maximusventures.com Maximus
Ventures Ltd. Gerri Paxton/Louise Quinn Investor Relations
450-677-2054/677-3523 gpaxton@maximusventures.com
lquinn@maximusventures.com NFX Gold Inc. Thomas G. Larsen President
and CEO 416-360-8006 or Toll Free: 800-360-8006 416-361-1333 (FAX)
www.nfxgold.com
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