Maximus and NFX Intersect New High Gold Grades in the Bear Lake Area at Larder Lake
04 Juni 2008 - 2:30PM
Marketwired
LONGUEUIL, QUEBEC and TORONTO, ONTARIO (TSX VENTURE: MXV) and
NFX Gold Inc. ("NFX") (TSX VENTURE: NFX) are pleased to announce
the results from several additional follow-up drill holes located
in the Bear Lake area of the Larder Lake Property in Ontario. Hole
#44 intersected 15.1 meters of carbonate-type mineralization
grading 13.6 g/t gold, including a section of 4.4 meters grading
41.9 g/t gold. The intersection in hole #44 is located 300 m
down-dip of the high-grade gold zone intersected in previously
announced hole #11 which intersected 5.2 meters grading 10.4 g/t
gold which is also in carbonate-type mineralization, as reported on
August 16, 2007. Hole #44 is still in progress and has not yet
reached the flow-type mineralization horizon target. Furthermore,
hole #38 cut a 2.9 meter section of flow-type mineralization
assaying 6.5 g/t gold, including 1.9 meters which yielded 8.9 g/t
gold, and could represent a different mineralized shoot within the
Bear Lake gold zone.
Other new intercepts along the Bear Lake gold zone also include
hole #29 which intersected a 53.5 meter section of carbonate-type
mineralization grading 0.3 g/t gold. The 2008 drilling program aims
to test both carbonate and flow-type mineralization along the Bear
Lake gold zone, laterally, up-plunge and down-plunge (down to 1,000
m vertical) of the intercept in hole #11.
A summary of the assay results received to date is presented in
Table 1. Two holes (#33 and #37) were abandoned before reaching the
mineralized zones due to technical problems and holes #40 and #41
had to be stopped prematurely before intersecting their respective
targets due to the deteriorating ice conditions on Bear Lake this
past April. These four holes will be re-drilled from new locations
later this year.
All holes, except for holes #32 and #36, intersected both
carbonate-type and flow-type mineralization. Typically, the results
obtained to date at Bear Lake confirm the presence of high-grade
and low-grade mineralized shoots occurring within carbonate-type
and flow-type mineralization. They also indicate that the strongest
alteration (albitization, silicification) and best mineralization
occur below 400 meters vertical and improve with depth. These
distinctive features were characteristic of the now-closed
Kerr-Addison Mine located 5 km east of Bear Lake. The location of
the future drill holes at Bear Lake will be adjusted to reflect
this interpretation.
Project Update
Drilling from the ice surface at Bear Lake was terminated in
mid-April and currently all drilling is being carried out from
land. Three drill rigs are currently active. Of the budgeted 43,000
meter drilling program, a total of 15,700 meters has been completed
to date at Larder Lake, of which 26 holes totalling 13,600 meters
investigated the Bear Lake gold zone exclusively. Six holes were
abandoned due to technical difficulties and will be re-drilled
later. To date, the results from 16 holes drilled at Bear Lake have
been released. The drilling program will continue to systematically
test the Bear Lake gold zone along strike and down-plunge to a
vertical depth of 1,000 meters, using a 125 meter to 150 meter hole
spacing.
The 2008 drilling program will also test other promising gold
targets on the Larder Lake Property. These targets are all located
within the same rock units that host most of the gold occurrences
along the Cadillac-Larder Lake Break, including the former
Kerr-Addison mine. To date, approximately 20% of all the samples
submitted to the laboratory for assaying are still outstanding. In
order to improve the turn-around time for assays results, Maximus
is now also sending samples to Polymet Labs located in Cobalt,
Ontario.
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 31st, 2008. To date, Maximus has spent
approximately $5,800,000.
Quality Assurance and Control
As part of its QA/QC program, Maximus carried 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 analytical method for
gold is one (1) assay-ton fire assay, with gravimetric finish on
all samples. All assays reporting over 2 g/t Au are automatically
re-checked using the rejects. Assaying was done at Laboratoire
Expert in Rouyn-Noranda, Quebec and at Polymet Labs in Cobalt,
Ontario. The quality control process includes inserting blank
samples and certified standards within each batch sent to the
laboratory.
Qualified Person
The technical content of the information contained in this news
release was reviewed and approved by Mr. Bernard Boily, P. Geo.,
Maximus' Vice President of Exploration. Mr. Boily is responsible
for supervising the drilling program and is a qualified person
under National Instrument 43-101.
TABLE 1 - Highlights of Larder Lake Assay Results - Bear Lake
Area is available at the following address:
http://media3.marketwire.com/docs/maximus0604.pdf
Forward-looking Statements
This news release contains certain "forward-looking statements".
All statements, other than statements of historical fact, that
address activities, events or developments that Maximus believes,
expects or anticipates will or may occur in the future, are
forward-looking statements. These forward-looking statements
reflect the current internal projections, expectations or beliefs
of Maximus' management based on information currently available to
Maximus. Forward-looking statements are subject to a number of
known and unknown risks and uncertainties beyond Maximus' control
including uncertainties related to potential mineralization,
exploration results, completion of work program, and availability
of equipment necessary for the drilling program and future plans
and objectives of Maximus. Resource exploration, development and
operations are highly speculative, characterized by a number of
significant risks, which even a combination of careful evaluation,
experience and knowledge may not eliminate, including, among other
things, unprofitable efforts resulting not only from the failure to
discover mineral resources but from finding mineral deposits which,
though present, are insufficient in quantity and quality to return
a profit from production. There can be no assurance that such
statements will prove to be accurate and actual results could
differ materially from those suggested by these forward-looking
statements for various reasons discussed from time to time in
filings made by the Company with securities regulatory authorities.
All forward-looking statements herein are qualified by this
cautionary statement. Accordingly, readers should not place undue
reliance on forward-looking statements. The Company undertakes no
obligation to update publicly or otherwise revise any
forward-looking statements, except as may be required by law.
Maps of Larder Lake Property Plan View and Bear Lake Area
Longitudinal Section are available at the following address:
http://media3.marketwire.com/docs/larder_lake.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) www.maximusventures.com Investor
Relations Maximus Ventures Ltd. Gerri Paxton/Louise Quinn
450-677-2054/677-3523 gpaxton@maximusventures.com
lquinn@maximusventures.com NFX Gold Inc. Thomas G. Larsen President
and CEO 416-360-8006 / Toll Free: 800-360-8006 416-361-1333 (FAX)
www.nfxgold.com
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