Two New High-Grade Gold Zones Discovered at NFX's Larder Lake Property
Hole 11 intersected 10.4g/t Au over 5.2m and 13.3g/t Au over 6.0m
Aug. 15, 2007 09:00 PM
TORONTO, ONTARIO and LONGUEUIL, QUEBEC -- (MARKET WIRE) -- 08/15/07 -- Maximus Ventures Ltd. ("Maximus") (TSX VENTURE: MXV) and NFX Gold Inc. ("NFX") (TSX VENTURE: NFX) are pleased to announce the discovery of two new high-grade gold zones at the Larder Lake Gold Project located in eastern Ontario, Canada. Hole 11 cut an average of 10.4 g/t gold over 5.2 meters (m) at a hole depth of 587m in the carbonate ore type, followed by 13.3 g/t Au over 6.0m at a hole depth of 667m in flow-type ore. These ore types are the host to several major gold deposits in the region.
"Hole 11 intersected two of the highest grade zones recorded on the Larder Lake property to date," said Francois Viens, President and CEO of Maximus. "Based on the assay results from holes 7 to 11, all drilled within a 600m stretch of the Bear Lake fault, it appears that the fault acted as a major gold mineralization conduit. Additional drilling is planned to investigate the extent of this high grade mineralization still open in all directions. The Bear Lake area has received very little drilling over 4 kilometers length between the Cheminis and Barber Larder zones of gold mineralization."
Details of Drill Results
Hole NFX07-11, located in the Bear Lake Area, intersected 2 distinct zones of high grade gold mineralization. The first zone, located at 587m (-485m vertical), is within altered ultramafic rocks with 1-2% pyrite ("Carbonate"-type mineralization) and yielded 10.4g/t Au over 5.2m, including 20.8g/t Au over 1.5m. The full length of this intersection remains to be determined as assay results to date show the presence of gold at both the top and bottom of the intersection. Additional core sampling has been completed and assaying is in process to determine the true thickness of the mineralization.
The second gold zone in hole NFX07-11 intersected at 667m (-550m vertical) consists of strongly altered variolitic basalt, cut by several "albitized" and strongly pyritized (up to 30% pyrite) intermediate intrusives and graded 13.3g/t Au over 6.0m, including 18.6g/t Au over 4.2m. This is interpreted as being "Flow"-type mineralization, characteristic of major gold deposits in the region.
Both of these new high-grade gold zones in hole NFX07-11 are open up-dip, down-dip and for at least 400 metres laterally, indicating significant upside potential.
Both high-grade gold zones intersected in hole NFX07-11 are within altered high-iron mafic and/or ultramafic volcanic rocks locally cut by albitized dykes. These rock types are the typical host to significant gold deposits at the nearby Kerr-Addison Mine and other historic and current gold producers in the region. The presence of the albitized dykes is a newly recognized feature on the Larder Lake Property. The occurrence of these dykes has only been identified thus far,in the high-grade "Flow-Ore" shoots at the Kerr-Addison Mine located some 6 km to the East.
Holes #7, #8 and #10, were all drilled on strike within 400m from hole #11, and encountered the same rock units as in hole #11. Although highly anomalous in gold (see table), the host rocks in these holes are less altered and contain less sulphides, suggesting a significant enrichment of gold content towards the Bear Lake Fault Area, which could have acted as a conduit for gold-rich mineralizing fluids.
All the significant gold deposits/zones found to date along the Barber-Larder Break plunge steeply at 85degrees to the East. Therefore, there is a high probability that the new gold zones would also plunge in that direction. The follow-up drilling program, scheduled to start shortly, will reflect that general vector for mineralized trends.
Check assays of the high-grade intersections are in progress; however, Maximus has no reason to believe there could be errors in the results, based on the results of its QA/QC program.
The Larder Lake Project consists of the Cheminis, Bear Lake, and Fernland properties (all 100% NFX owned) and the Barber Larder property (75% NFX owned). Under the Option and Joint Venture Agreement between Maximus and NFX signed March 3, 2006, Maximus has the right to earn a 60% interest in NFX's interest at Larder Lake by expending $6 million on exploration by December 31, 2008.
The technical content of the information related to Larder Lake was reviewed by Mr. Bernard Boily, P. Geo., responsible for supervising the drilling campaign 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:
NFX Gold Inc.
Thomas G. Larsen
President and CEO
(416) 360-8006
(416) 361-1333 or Toll Free: 1-800-360-8006 (FAX)
Website: www.nfxgold.com
Maximus Ventures Ltd.
Francois Viens
President and CEO
(450) 677-1009
(450) 677-2601 (FAX)
Website: www.maximusventures.com
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