Re: News Release - Thursday, September 21, 2006 Maximus Resumes Drilling at the Hope Bay Gold Project, Nunavut; 1,000 Meters in 4 Holes on Chicago Gold Target ==================================================
Vancouver - Maximus Ventures Ltd. (MXV - TSX-V) announced today that diamond drilling has resumed at the Chicago project within the Hope Bay gold district of Nunavut, Canada. The Chicago and Twin Peaks projects consist of two separate claim blocks encompassing 114 square kilometers and held under an option from Miramar Mining Corporation.
Drilling at Chicago will comprise 4 diamond drill holes for a total of approximately 1,000 meters, targeting the most prospective areas identified to date. Exploration work completed by Miramar on behalf of Maximus in 2006 has identified numerous strong and coincident electromagnetic conductors, rock and humus sample geochemical anomalies, and quartz-sericite-pyrite alteration zones along a 2 kilometer length of felsic volcanic rocks near a contact with overlying basaltic volcanic rocks. This geologic setting is suggestive of potential for a combination base & precious metal mineralization, perhaps with volcanogenic massive sulphide affinities. Drill locations and significant geologic features of the Chicago targets are shown on the accompanying map. Additional drill targets are being evaluated on the Twin Peaks claim block for possible drilling during early 2007.
"The coincident conductors, geochemical anomalies, and altered volcanic rocks at Chicago identify several attractive targets of significant size with potential for gold and associated base metals," noted Frederick T. Graybeal, Maximus' President and CEO. "This year's drilling will provide Maximus with its first look at the geology in the third dimension and give a much improved understanding of the mineral potential in the Chicago area."
Exploration is conducted under an option and joint venture agreement with Miramar, which allows Maximus to earn a 75 percent interest in the Chicago and Twin Peaks claim groups. Terms of the agreement require cumulative expenditures and advances of at least $3,250,000 by April 30, 2007, $5,250,000 by April 30, 2008, and $7,250,000 by April 30, 2009 to vest in a joint venture interest. To date Maximus has advanced and spent $2,200,000 on the project. Field work is done by Miramar under contract to Maximus.
In addition to the properties at Hope Bay, Maximus is currently drilling on the Larder Lake gold property in eastern Ontario under a joint venture option agreement with NFX Gold Inc., and has purchase options and claims on an early stage gold-silver property in the western United States.
For further information: Frederick T. Graybeal, President and CEO (973) 635-8262 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) 2006 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 Sep 21, 2006 at 11:24:49 AM Pacific Time ==================================================
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