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Re: News Release - Thursday, August 16, 2007
Two New High-Grade Gold Zones Discovered at Larder Lake
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Hole 11 intersected 10.4g/t Au over 5.2m and 13.3g/t Au over 6.0m
Toronto, Ontario and Longueuil, Quebec: August 16, 2007. Maximus
Ventures Ltd. ("Maximus") (TSX Venture Exchange: MXV) and NFX Gold Inc.
("NFX") (TSX Venture Exchange: NFX) are pleased to announce the
discovery of two new high-grade gold zones at their Larder Lake Gold
Project located in eastern Ontario, Canada. Hole 11 cut 5.2 meters (m)
averaging 10.4 g/t gold at 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 1.5m @ 20.8g/t Au. 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 85� 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.
Bear Lake Area Assay Results - Larder Lake project (2007)
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From To Length Au
Hole no. (m) (m) (m) (g/t) Mineralization Type
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NFX07-07 96.8 108.5 11.7 0.4 "Flow"-type
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Including 98.2 98.7 0.5 2.5 "Flow"-type
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Including 106.5 106.9 0.4 4.2 "Flow"-type
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NFX07-08 92.9 96.4 3.5 0.3 "Flow"-type
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197.5 268.5 71.0 0.3 Qz-carb veining + 1-5% Py
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Including 197.5 198.0 0.5 6.8 Qz-carb veining + 5-10% Py
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Including 208.4 233.3 24.9 0.2 Qz-carb veining + 1-5% Py
(loc. 15%)
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Including 254.4 255.8 1.4 4.3 Qz-carb veining + 1-5% Py
(loc. 15%)
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Including 267.0 268.5 1.5 4.3 Qz-carb veining + 1-5% Py
(loc. 15%)
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694.5 732.0 37.5 0.4 Interm. dyke, stockwork
qz-albitite (10-15% Py)
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Including 708.7 709.5 0.8 4.2 Strong albitization + 20% Py
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NFX07-10 573.2 576.2 3.0 0.8 Altered basalt - stockwork
qtz-carbonates (25%)
"Flow"-type; fuchsite;
5-15% Py
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NFX07-11 538.4 543.6 5.2 0.4 Altered ultramafic; fuchsite;
cut by interm. dyke,
(5-10% Py)
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Including 538.4 538.7 0.3 2.5
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587.5 592.7 5.2 10.4 Ultramafic, strong sil.;
albitized ("Carbonate"-type);
tr-1% Py
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Including 588.0 589.5 1.5 20.8
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667.0 673.0 6.0 13.3 Altered basalt - stockwork
qtz- carbonates (5-40%) -
"Flow"-type; up to 30% Py
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Including 668.85 673.0 4.15 18.6
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NFX 09: No significant assay
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Larder Lake Property
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.
For further information please contact:
Thomas G. Larsen
President and CEO
NFX Gold Inc.
Telephone: (416) 360-8006
Facsimile: (416) 361-1333
Toll Free: (800) 360-8006
www.nfxgold.com
Fran�ois Viens
President and CEO
Maximus Ventures Ltd.
Telephone: (450) 677-1009
Facsimile: (450) 677-2601
www.maximusventures.com
The TSX Venture Exchange has neither approved nor disapproved of the
contents of this news release.
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.
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Copyright (c) 2007 MAXIMUS VENTURES LTD. (MXV) All rights reserved.
For more information visit our website at
http://www.maximusventures.com/ or send mailto:info@maximusventures.com
Message sent on Thu Aug 16, 2007 at 10:16:32 AM Pacific Time
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