Maximus/NFX cut the Highest Gold Grade Intersected to Date in the Bear Lake Area at Larder Lake
31 März 2008 - 2:30PM
Marketwired
LONGUEUIL, QUEBEC and TORONTO, ONTARIO (TSX VENTURE: MXV) and
NFX Gold Inc. ("NFX") (TSX VENTURE: NFX) are pleased to announce
today the results from the first four holes from its 2008 follow-up
drilling program targeting the Bear Lake area of the Larder Lake
Property in Ontario. Hole NFX08-35 intersected 4.8 metres of
flow-type mineralization grading 18.3g/t gold, including a section
of 0.5 meter, which yielded 163.5g/t gold. Hole NFX08-35 was
drilled 450m up-dip and 50m east from hole NFX07-11, which
intersected 10.2 meters grading 8.0 g/t Au (as reported on August
16, 2007). The intercept in hole NFX08-35 contains the highest
single gold value encountered to date in the Bear Lake area.
The intercept in hole NFX08-35 was cut at 120m below surface,
clearly showing that high-grade gold mineralization at Bear Lake
occurs close to surface and extends at least 550m down-plunge and
is open laterally for over 500m. This new intersection opens up a
large area where significant tonnage and high gold grades could be
present. Additional assay results from other intersections of hole
NFX08-35 are pending.
Assay results from holes NFX08-26, 27 and 28 were also received
and, although all holes did cut flow-type mineralization, they did
not yield significant gold values. Based on geological
interpretation of the ore zones at the now-closed Kerr-Addison Mine
located 5km east of Bear Lake, both high-grade and low-grade shoots
are to be expected within carbonate-type and flow-type
mineralization at Bear Lake.
After a slow start-up in early February, due to the poor
condition of the ice, a total of 11 holes (holes NFX08-24 to 35,
totalling 4,480 metres) have been completed at Bear Lake during
2008 (see figure). The results from hole NFX08-35 are very
encouraging and there are currently 3 drills working on the ice at
Bear Lake. Drilling will continue to systematically test the Bear
Lake Gold Zone along strike and down-plunge to a vertical depth of
1,000m, using a 125m to 150m hole spacing. This spacing will be
adjusted as new assay results are received.
Highlights of Larder Lake Assay Results - Bear Lake Area
Core
From To Length Au
Hole no. (m) (m) (m) (g/t) Mineralization Type
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NFX08-35 (partial) 137.8 142.6 4.8 18.3 "Flow"-type; 2-10% Py
---------------------------------------------------------------------------
Including 137.8 138.3 0.5 163.5
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NFX07-11(a) 587.5 592.7 5.2 10.4 "Carbonate"-type;
---------------------------------------------------------------------------
Including 588.0 589.5 1.5 20.8
---------------------------------------------------------------------------
664.6 674.8 10.2 8.0 "Flow"-type; up to 30% Py
---------------------------------------------------------------------------
Including 667.0 673.0 6.0 13.3
---------------------------------------------------------------------------
Or 668.8 673.0 4.2 18.6
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NFX07-14(a) 470.9 479.8 8.9 0.5 "Carbonate"-type; 1-5% Py
---------------------------------------------------------------------------
647.5 652.7 7.0 0.5 "Flow"-type; up to 20% Py
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NFX07-15(a) 593.0 598.5 5.5 1.2 "Carbonate"-type; tr-1% Py
---------------------------------------------------------------------------
701.0 711.7 10.7 3.9 "Flow"-type; up to 25% Py
---------------------------------------------------------------------------
Including 705.6 709.7 4.1 7.0
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NFX07-16(a) 658.0 664.0 6.0 1.8 "Flow"-type; 3-5% Py
---------------------------------------------------------------------------
Including 662.2 662.7 0.5 4.2
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NFX07-17A(a) 600.5 601.0 0.5 12.2 Graphitic Fault Zone
---------------------------------------------------------------------------
686.5 691.3 4.8 6.0 "Carbonate"-type; 2-3% Py
---------------------------------------------------------------------------
Including 690.0 691.3 1.3 9.7
---------------------------------------------------------------------------
736.9 745.0 8.1 4.9 "Flow"-type; 2-5% Py
---------------------------------------------------------------------------
Including 738.0 741.0 3.0 11.4
---------------------------------------------------------------------------
Holes # 26, 27 and 28: No significant gold value
(a)Holes NFX07-11, 14, 15, 16 and 17A previously released
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. To date, Maximus have spent
approximately $4,800,000.
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 assays reported are the uncut average grades of
all determinations from the same samples. The turnaround time for
the reception of assay results from the lab is around 1.5 week
(rush) to 3 weeks.
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. All assays reporting over 10g/t Au are
automatically re-checked using the rejects. 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.
To view a map of the Larder Lake Property, please visit the
following link: http://media3.marketwire.com/docs/NFX0331.pdf.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Maximus Ventures Ltd. Francois Viens President and CEO
(450) 677-1009 (450) 677-2601 (FAX) Maximus Ventures Ltd. Gerri
Paxton Investor Relations (450) 677-2054 Email:
gpaxton@maximusventures.com Maximus Ventures Ltd. Louise Quinn
Investor Relations (450) 677-3523 Email: lquinn@maximusventures.com
Website: www.maximusventures.com NFX Gold Inc. Thomas G. Larsen
President and CEO (416) 360-8006 or Toll Free: 1-800-360-8006 (416)
361-1333 (FAX) Website: www.nfxgold.com
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