MXV Maximus Ventures Ltd Com Npv

LONGUEUIL, QUEBEC (TSX VENTURE: MXV) is pleased to announce today the beginning of a 3,600m drilling program on its Unity project located in Idaho. The work will focus on testing the lateral and down-dip extensions of historically very high-grade (30 to 150g/t gold) and very extensive (up to 2km long) quartz veins. A first phase of work includes testing two of the richest gold veins, namely the Little Giant and Rescue veins and investigating other gold-rich veins on the property including Charity and Gun Metal. Should the drilling program be successful, a pre-feasibility study to justify the rehabilitation of old workings and additional underground development would then be commissioned?

A striking feature of this project is the extent of the gold-rich narrow quartz vein system. While individual veins range from few centimetres to often over 1 metre in thickness, they can be traced for hundreds to thousands of meters along strike and occur over an area of over 4 square kilometres. The veins are locally very high-grade and are reported to have locally-yielded grades of up to several hundred ounces of gold per tonne. However, production grades were generally recorded at 30 to 150 grams per tonne (1 to 5 ounces per ton) according to historic information (John C. Reed, 1937; Geology and Ore Deposits of the Warren Mining District, Idaho County, Idaho). Over 1.2 million ounces of gold was historically produced from the area, both from underground and alluvial operations. Maximus believes that there is excellent potential to develop resources both in previously-mined veins and in veins that are yet to be explored by diamond drilling.

To date, 41 different gold-bearing quartz veins have been identified on the property, of which the Rescue, the Little Giant and the Charity are three of the 18 better-known veins and supplied most of the reported historic gold production. These veins are still open laterally and down-dip and, with limited exploration and development work, their extensions could potentially be mined again from an existing 1,600m long adit.

No previous drilling has been recorded on the property and all previous exploration efforts were conducted using trenching and underground drifting along the veins. There are strong geological indications that significant mineralization remains in place along the three principal veins already exposed by old workings (either laterally or down-dip). Furthermore, many other gold-bearing quartz veins, parallel to or intersecting the main veins remain, to be explored.

Unity Property

Maximus, through its wholly-owned US subsidiary, Walker Lane Gold LLC (Walker), can earn a 60% joint venture interest from Unity GoldSilver Mines Inc. by spending US$1.0 million in exploration and development work on the property and by completing a positive feasibility study on or before November 30, 2010. The property located in Township 22N, Idaho County, Idaho consists of 8 patented claims and 51 leased (staked) claims covering 420 hectares. The objective of the work program planned for Unity is to complete, as soon as possible, a feasibility study to evaluate the economic viability of reopening the Unity gold mine.

Qualified Person

The technical content of the information contained in this news release was reviewed and approved by Mr. Bernard Boily, P. Geo., and 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 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 based on information currently available to it. Forward-looking statements are subject to a number of known and unknown risks and uncertainties beyond Maximus' control including uncertainties related to the exploration program, 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. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. Maximus undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

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

Maximus Ventures Ltd Com Npv (TSXV:MXV)
Historical Stock Chart
Von Jun 2024 bis Jul 2024

Maximus Ventures Ltd Com Npv (TSXV:MXV)
Historical Stock Chart
Von Jul 2023 bis Jul 2024