Maximus Ventures Ltd. ("Maximus") (TSX VENTURE: MXV) and NFX Gold
Inc. ("NFX") (TSX VENTURE: NFX) are pleased to report new results
from the follow-up drilling program on the Bear Lake gold zone of
the Larder Lake Property located in northeastern Ontario. Hole #49
intersected, at 750 meters vertical depth, 9.5 meters of
carbonate-type mineralization grading 19.4 g/t gold, including a
section of 6.5 meters grading 27.9 g/t gold. This intercept is
located 100 meters down dip and 150 meters to the east of hole #44,
which intersected 15.1 meters grading 13.6 g/t gold, as reported in
a press release dated June 4, 2008.
The high grade gold intercept in hole #49 confirms the deeper
extension and continuity of high-grade gold values along the Bear
Lake gold zone to depths of 750 meters vertical, more than 75
meters deeper than any prior intercept. Furthermore, the alteration
(albitization, silicification) and the mineralization intersected
to date all seem to increase in strength with depth, suggesting the
Bear Lake Gold Zone remains open to depth.
"Although our primary target is the flow-type mineralization, we
are pleased with the continuity and high grade of the
carbonate-style mineralization, now developing as a primary target
as well," stated Francois Viens, president and CEO of Maximus.
"Both mineralized systems show great strength and continuity and
are still open at depth and to the east".
Drilling Strategy
Most of the high-grade intersections obtained to date occur
within "carbonate-type" mineralization, and were intersected in
drill holes completed from north to south. Testing the parallel
"flow-type" mineralization from the north has not been successful
below 700 meters vertical and thirteen holes had to be abandoned
either for technical problems or because of the strongly altered
shear zone that lies between the carbonate-type and flow-type
mineralization. However, approximately 60% of the gold produced at
the now-closed Kerr Addison mine, located 5 kilometres east of the
Bear Lake gold zone came from flow-ore, which historically produced
higher and more consistent gold grades than the carbonate-ore
(Smith, P., 1991, Archean Au-Ag-(W) Quartz Vein Mineralization
within the Larder Lake-Cadillac Break, Kerr-Addison-Chesterville
System, North-East Ontario, Master Thesis, U. of Toronto).
Considering the significance of both types of mineralization in the
exploration model at Bear Lake, the current drill program has been
adjusted so that holes designed to test the Bear Lake gold zones at
depths below 700 meters vertical are drilled from south to north in
order to test the flow-type mineralization (before reaching the
shear zone), and from north to south to test the carbonate-type
mineralization.
Holes #47, also drilled at Bear Lake, deviated much more than
anticipated and intersected 5.5 meters of altered flow-type
mineralization at a depth of 415 meters vertical, which assayed
0.5g/t of gold, and intersected 2.0 meters of strongly altered
carbonate-type mineralization grading 2.5g/t of gold at 600 meters
vertical. These highly anomalous gold values, coupled with the
strong alteration encountered in all the holes drilled below 400
meters, demonstrate the presence of a large gold mineralized system
in the Bear Lake area.
Assay results from holes #46 and #48 drilled, at Fernland
(located 2.3 kilometers west of Bear Lake), were also received and
are reported in Table 1. Both holes tested favourable high-iron
mafic volcanics (possible "flow-type" mineralization), west of the
Fernland shaft and down-plunge from hole NFX06-15 (5.3 meters
grading 1.8g/t gold, including 1.5 meters which assayed 4.7g/t
gold). Although sub-economic, the strength of the alteration
observed in the holes, and the significant widths of the flow-type
mineralization intersected, seem to indicate a strong mineralized
system below 400 meters vertical, which opens up a large area that
warrants additional deeper drilling.
Highlights of recent results are presented below and complete
results are presented in Table 1 available at the following
address: http://media3.marketwire.com/docs/maximus_0904.pdf
Highlights of Recent Drilling Results at Larder Lake are
available at the following address:
http://media3.marketwire.com/docs/maximus_1_0904.pdf
Project Update
Three drill rigs are currently active at the Larder Lake Gold
Project. Of the budgeted 43,000-meter drilling program that started
in September 2007 at Larder Lake, a total of 25,000 meters of
diamond drilling has been completed to date, in 45 holes. The
drilling program will continue to test the Bear Lake gold zone with
two drill rigs directed at down-plunge extensions of the high grade
gold mineralization discovered to date, and a third drill rig is
directed at strike extensions, all testing to a vertical depth of
over 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.
Larder Lake Property
Maximus has a 60% interest in the Cheminis, Bear Lake and
Fernland projects and a 45% interest in the Barber Larder project,
which together comprise the Larder Lake Gold Project located in
northeastern Ontario. NFX has a 40% and 55% interest, respectively,
in these projects.
NFX-Maximus Merger
As previously announced, Maximus and NFX have entered into a
definitive arrangement agreement providing for the acquisition by
NFX of all outstanding common shares of Maximus (the "Business
Combination") in consideration of which each shareholder of Maximus
will receive one (1) common share of NFX pursuant to a plan of
arrangement under the Business Corporations Act (British Columbia)
(the "Arrangement"). Currently, Maximus has approximately 74
million common shares issued and outstanding while NFX has
approximately 53 million common shares issued and outstanding.
Based on the one for one share exchange ratio, the Maximus and NFX
shareholders will own approximately 58% and 42%, respectively, of
the combined common shares outstanding. The Arrangement must be
approved by two-thirds of the votes cast by shareholders present
and voting at the special meeting of Maximus shareholders called to
consider the Arrangement.
Maximus and NFX currently expect to hold their respective
shareholder meetings on September 11, 2008 and to close the
transaction on or about September 16, 2008.
The completion of the Business Combination is subject to the
approval of the Supreme Court of British Columbia, the TSX Venture
Exchange and all applicable regulatory authorities, and is further
subject to other customary conditions set out in the arrangement
agreement.
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 is done 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.,
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 and NFX
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 and NFX based on information currently
available to them. Forward-looking statements are subject to a
number of known and unknown risks and uncertainties beyond Maximus
and NFX's control including uncertainties related to the completion
of the proposed business combination, potential mineralization,
exploration results, completion of work program, and availability
of equipment necessary for the drilling program and future plans
and objectives of the companies. 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 for various reasons discussed from time to time in
filings made by the companies with securities regulatory
authorities. This cautionary statement qualifies all
forward-looking statements herein. Accordingly, readers should not
place undue reliance on forward-looking statements. Maximus and NFX
undertake 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 NFX Gold Inc. Thomas G. Larsen President
and CEO 416-360-8006 / Toll Free: 800-360-8006 416-361-1333 (FAX)
www.nfxgold.com
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