|
NFX and Maximus Announce New
Drilling Results Extending the Bear Lake Gold Zone at Larder Lake
Hole #24AW intersects 1.4 meters
grading 10.2g/t Gold and
Hole 24A cuts 1.9
meters assaying 9.1 g/t Gold
 Toronto, Ontario
and Longueuil, Quebec: July 9, 2008. NFX Gold Inc.
("NFX") (TSX.V:NFX) and Maximus Ventures Ltd.
("Maximus") (TSX.V: MXV) 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."
Click here for a link of the
highlights of recent results at Bear Lake. Click here for a link
of complete results from the Bear Lake Gold Zone.
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.
|