Maximus and NFX Announce New Drilling Results Extending the Bear Lake Gold Zone at Larder Lake
09 Juli 2008 - 2:30PM
Marketwired
LONGUEUIL, QUEBEC and TORONTO, ONTARIO (TSX VENTURE: MXV) and
NFX Gold Inc. ("NFX") (TSX VENTURE: NFX) are pleased to announce
additional results from the follow-up drilling program on the Bear
Lake Gold Zone of the Larder Lake Property located in northeastern
Ontario. Hole #24AW intersected 5.8 meters of flow-type
mineralization grading 3.0 g/t gold, including a section of 1.4
meters grading 10.2 g/t gold. Furthermore, hole #24A cut a 1.9
meter section of carbonate-type mineralization assaying 9.1 g/t
gold and hole #44W intersected 13.0 meters of carbonate-type
mineralization grading 2.6 g/t gold, including a 1.5 meter section
assaying 7.1 g/t gold and 3.2 meters assaying 5.1 g/t gold.
In addition, hole #35 cut 0.7 meter of pyritized sediments
grading 7.2 g/t gold. This intersection represents a new zone south
of the carbonate and flow-type mineralization and will be subject
to further investigation as the drilling program progresses. "We
are very happy that the drilling consistently hits the
carbonate-type mineralization at Bear Lake" stated Francois Viens,
President and CEO of Maximus. "We have adjusted the program to
target the flow-type mineralization that consistently demonstrated
the best continuity and gold grade at the historic Kerr-Addison
Mine."
Highlights of recent results are tabulated below and complete
results are presented in attached Table 1
The Highlights of recent drilling results are available at the
following address:
http://media3.marketwire.com/docs/highlights_recent_drilling_results.pdf
At Bear Lake, most of the drill intercepts to date are in the
carbonate-type mineralization. Three deeper holes targeting the
flow-type mineralization below 700 meters vertical were abandoned
before reaching their target (e.g. holes #42A, #43 and #44) due to
the presence of a strongly altered shear zone located approximately
half way between the carbonate-type and flow-type mineralized
zones. At the now-closed Kerr Addison mine located 5 kilometers
east of Bear Lake, the flow-ore, which produced 60% of the gold,
yielded higher and more consistent gold grades than the
carbonate-ore which constituted only 40% of the total production.
Considering the significance of the flow-type mineralization in the
exploration model at Bear Lake, the drilling program has been
adjusted so that holes designed to test the Bear Lake gold zones
below 700 meters vertical are drilled from south to north, in order
to intersect the flow-type mineralization before intersecting the
shear zone.
Project Update
Three drill rigs are currently active at Larder Lake. Of the
budgeted 43,000-meter drilling program proposed for Larder Lake in
2008, a total of 19,500 meters of diamond drilling has been
completed to date in 39 holes. 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 historic Kerr-Addison mine. To date, approximately 5%
of all the samples submitted to the laboratory for assaying are
still outstanding.
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. On July 4, 2008, Maximus notified
NFX that it has met its $6 million expenditure commitment. Subject
to NFX's review of the notice and documentation submitted with it,
Maximus will be deemed to have earned a 60% and 45% undivided
interest in the properties as described above.
NFX-Maximus Merger
On June 13, 2008, Maximus and NFX announced that they have
entered into an agreement to combine the two companies on the basis
of one (1) NFX share for each one (1) Maximus share. Based on the
share exchange ratio, the Maximus and NFX shareholders will own
approximately 58% and 42%, respectively, of the combined common
shares outstanding. Completion of the transaction is subject to
usual terms and conditions for such a transaction, including
completion of due diligence, completion and execution of definitive
business combination documentation, receipt of opinions from
qualified investment dealers that the transaction is fair to the
shareholders of NFX and Maximus, receipt of all required regulatory
and securityholder approvals and no material adverse changes
occurring in the financial condition of either company.
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.
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 and NFX
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 management of Maximus and NFX based on information currently
available to them. Forward-looking statements are subject to a
number of known and unknown risks and uncertainties beyond Maximus
and NFX's control including uncertainties related to the completion
of the proposed business combination, potential mineralization,
exploration results, completion of work program, and availability
of equipment necessary for the drilling program and future plans
and objectives of the companies. 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 companies 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. Maximus and NFX
undertakes no obligation to update publicly or otherwise revise any
forward-looking statements, except as may be required by law.
Table 1 (Larder Lake Assay Results - Bear Lake Area) is
available at the following address:
http://media3.marketwire.com/docs/table1_larder_lake_assay_results_bear_lake.pdf
Larder Lake Property Plan View, Bear Lake Area Longitudinal
Section - Carbonate-type Mineralization Map and Bear Lake Area
Longitudinal Section - Flow-type Mineralization Map are available
at the following address:
http://media3.marketwire.com/docs/ImageMap_0709.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 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 / Toll Free: 800-360-8006 416-361-1333 (FAX)
www.nfxgold.com
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