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Mineralization Confirmed At Hope Bay Chicago Zone. Drill Results
In 2007 Improved Grade In Wide Mineralized Zone.
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Longueuil, June 28th, 2007.
Maximus Ventures Ltd. (TSX Venture Exchange: MXV) announced today the
results from the first three diamond drill holes on its Hope Bay
Project, located in Nunavut, Canada. The 684 meters drilling program
focused on the Chicago area as a follow up to test the extension and
continuity of the mineralized zone encountered in September 2006 in
hole #6 which intersected chloritized felsic volcanics with up to 15%
pyrite in stringers and returned 108m @ 0.2g/t Au. The first three
holes drilled this year (#10, #11 and #12) targeted the mafic/felsic
contact and provided some overlap with hole #6. The 2007 drilling
program began in April and was stopped on May 22nd due to snow and ice
conditions and was resumed on June 27th.
"The confirmation of the thick mineralized zone previously intersected
in hole #6, coupled with the presence of locally very high grades is
significant news for Maximus" says Francois Viens, President and CEO of
Maximus. "Now that the drilling has resumed after spring break-up, we
will follow up with drilling along strike to define the potential
direction and controls of the higher grade mineralization. We hope that
we are now vectoring in on the stronger, wider mineralization and that
could lead us to a significant mineralized system".
Chicago Zone
Hole #10, drilled on the same section as hole #6, was collared 130m
east and up-dip of hole #6 and encountered even stronger chlorite
alteration and locally more pyrite than hole #6, (over 140m with up to
15% pyrite). Assay results from hole #10 returned 0.5g/t gold over 82
meters, including two high grade gold intersections of 9.8g/t gold over
1.5m and 4.6g/t gold over 1.5m (see table below). This hole did not
reach the contact with the mafic volcanics due to drill rig limitation.
The wider intercept, stronger mineralization and locally high grades
are encouraging and suggest that the mineralization is strengthening in
this direction.
Hole #11, drilled on the same section as holes #6 and #10 and collared
125m east of hole #10, intersected the mafic/felsic volcanics contact,
which is marked by a narrow unit of bedded sediment or tuff, locally
weakly mineralized with pyrite. No significant mineralization was
intersected in the hole. It however confirmed the position of the
contact between felsic and mafic volcanics on the property and direct
exploration away from this area.
Hole #12 was drilled on a different section, approximately 115m south
of hole #6. As in hole #10, it intersected strongly chloritized and
locally pyritized felsic volcanics, but over narrower widths. A 53m
section in the hole yielded 0.2g/t gold. The hole was stopped
prematurely at 232m due to bad ice and snow conditions.
Hope Bay (Chicago) Assay Results
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Hole From (m) To (m) Length (m) Au (g/t)
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#10 36.5 118.9 82.4 0.5
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Including 102.5 104.0 1.5 9.8
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108.5 110.0 1.5 4.6
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#12 116.8 170.0 53.2 0.2
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Including 120.4 121.3 0.9 1.2
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Including 162.0 162.8 0.8 1.1
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172.5 227.0 54.5 0.1
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#6 (re-sampling) 1.8 36.5 34.7 0.2
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Including 3.0 4.5 1.5 1.2
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136.5 244.0 107.5 0.2
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Including 150.0 150.8 0.8 2.2
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Including 167.8 168.3 0.5 1.1
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Hole # 11: No significant assay
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- Silver assay results are not yet available and will be
announced at a later date.
The drilling program was stopped on May 22nd due to bad ice and snow
conditions and resumed on June 27th.
Since most of the samples in hole #6 returned anomalous gold and silver
values in 2006, Maximus decided to sample all remaining sections of the
hole. The results increased the thickness of the gold and silver
anomalous zones intersected last year by at least 25m and confirmed
that the top of the hole (first 36m) as well as the last 136m are
mineralized with gold and silver (see table).
The style of mineralization at Chicago is similar to the Bousquet
environment in Abitibi (gold-rich pyritic volcanogenic massive sulfides
or VMS). Preliminary whole rock lithogeochemical results on samples
collected from the 2006 drilling showed typical footwall alteration
proximal to a VMS deposit (low Na2O, high FeO and MgO). Furthermore,
although not yet economic, the anomalous gold values intersected on
Chicago are characteristics of those found close to the heart of
alteration systems associated with Gold-rich VMS deposits.
The next two holes will be drilled respectively 150m west of
(underneath) hole #6 and 125m north of the section on which holes #6,
#10 and #11 were drilled. It is well known that volcanogenic massive
sulfide deposits occur along geological contacts where they are
cross-cut by an alteration zone. However, at Chicago, the trend of the
alteration system is still unknown. These two additional holes should
provide us with vectors to focus the next holes of the program towards
the locus of intersection between the gold- mineralized altered zone
and the felsic/mafic volcanic contact where high concentrations of
sulfides can be found.
Twin Peaks and Discovery Zones
Drilling on the Twin Peaks-Discovery area will follow the program at
Chicago. The Twin Peaks -- Discovery area hosts numerous gold showings
that lie within zones of strong ironcarbonatization and/or
silicification. These are also associated with major and subsidiary
faults and with corridors of high strain or strong foliation. Gold
mineralization accompanied by anomalous silver, copper, lead and zinc
values, occurs in quartz-carbonate veins, along structures in highly
altered rock. The geological environment has strong analogies to a
Timiskaming-type model. The Twin Peaks-Discovery area therefore shows
good potential for large tonnage gold deposits such as those located in
the Porcupine or Kirkland Lake mining camps.
The technical information in this release was prepared in accordance
with Canadian regulatory requirements set out in NI 43-101 and reviewed
by Bernard Boily, P. Geo. and Exploration Manager for Maximus. The ana
lytical method for gold is by gravimetric assay, with metallic screen
assays for all samples assaying over 20 grams per tonnes (g/t) gold.
The analytical method for silver is done by mass spectrometer and
atomic emission spectrometer (AES) multi-element ICP (Inductively
Coupled Plasma). Any silver values reporting greater than 100 grams per
ton (g/t) are re-analyzed and finished by atomic absorption method
complete with appropriate standards. Assaying is done by TSL
Laboratories of Saskatoon, Saskatchewan.
Check assays are completed by ACME laboratories from Vancouver. Blank
samples and standards with known amounts of metal were submitted as
part of the quality control process.
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 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 authoritie s, 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.
Additional information
Additional information about the Company is available through regular
filings and press releases on SEDAR and on the Company's website. For
further information please contact:
Maximus Ventures Ltd.
Fran�ois Viens, President & CEO
Email: fviens@maximusventures.com
Website: www.maximusventures.com
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
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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
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