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Re: News Release - Tuesday, July 18, 2006
Maximus and NFX Report Assays From Larder Lake Gold Project,
Ontario
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Toronto and Vancouver: July 18, 2006 - NFX Gold Inc. ("NFX") (TSX
Venture Exchange Inc.: NFX) and Maximus Ventures Ltd. ("Maximus") (TSX
Venture Exchange Inc.: MXV) announced today assay results from the
first two diamond drill holes at the Larder Lake Gold Project, which
are part of an exploration program of up to 24 holes to be drilled in
2006. The project is being explored under an Option and Joint Venture
Agreement between NFX and Maximus. These two holes were drilled
adjacent to the historic Cheminis gold mine to explore for gold
mineralization along extensions of known fault zones, as described in a
joint news release by Maximus and NFX dated June 5, 2006. The Cheminis
mine area and other targets being explored by Maximus lie on the Larder
Lake Break, a larger zone of connected faults that extends over 200
kilometers east from Kirkland Lake, through Larder Lake, to Val d'Or,
along which numerous large gold mining districts are located.
"Gold mineralization was intersected in both holes." noted Frederick T.
Graybeal, Maximus' President, "and the two intersections in hole
CH-06-15 are both candidates for offset drilling later in the program.
Maximus is encouraged that each of the first two holes in a program
of up to 24 exploration holes have intersected potentially important
zones of gold, but these are step-out exploration holes and
interpretation of the results will require additional drilling."
Exploration Objectives
The objectives of the 2006 drill program are to test areas where
iron-rich basalt flows and ultramafic rocks have been cut by strong
fault zones and altered to mixtures of sericite, fuchsite, pyrite,
quartz veins, and carbonate minerals, all commonly associated with gold
mineralization. Areas for drilling are shown on Figure 1 at the end of
this release; target types are generally as follows:
1. High grade gold mineralization adjacent to the Cheminis gold mine,
as well as the Fernland and Bear Lake prospects, along the southern
strand of the Larder Lake Break;
2. Shallow, near-surface zones of gold mineralization for their
potential to host resources that might be amenable to open pit mining;
and
3. Shallow and deeper gold targets on three additional, recently
recognized, regional scale fault zones north of the Cheminis mine for
Kerr Addison type deposits.
Most of the holes planned for the 2006 program will be widely spaced
and designed to test areas with few or no previously known drill holes.
Assays may not be easily correlated with other holes in the project
area so their importance may be difficult to interpret until additional
drilling is completed. As a matter of policy for reporting assays in
the future, NFX and Maximus will release all assay results from the
drill program either when the drilling has been completed or at such
earlier time as NFX and Maximus deem the results to be material or
consider that results can be presented in the correct geological
context.
Drill Program Details
Since June 2, 2006, two diamond drill holes (1150 meters) were
completed and a third hole was started in western part of the Larder
Lake Property. Assays received to date are as follows:
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Hole From To Length Gold Mineralization
Numbers (m) (m) (m) (1) (g/t) (2) Type (3)
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PR-06-13 301.15 303.40 2.25 3.88 Flow
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including 302.10 302.40 0.30 15.63 Flow
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PR-06-15 371.60 375.65 4.05 5.12 Flow
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including 372.15 374.40 2.25 7.30 Flow
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And 483.40 487.75 4.35 5.69 Carbonate
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including 484.35 485.75 1.40 10.18 Carbonate
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Notes:
(1) Meters. Length is reported in meters of drilled core and is not
necessarily the "true" width.
(2) Au g/t. Gold grades are reported in units of grams per tonne gold.
All gold assays were performed by Expert Laboratories in Rouyn, QC
using standard fire assaying protocols. Assay results from the 2006
drill program are considered accurate, precise and free of
contamination as determined from assay results of quality control
certified reference standards, field blank standards and duplicate
samples submitted during the program. Core recovery generally exceeded
95%. All other assays are less than 1.00 g/t Au
(3) Flow - contains abundant pyrite in altered volcanic rock.
Carbonate - contains abundant ankerite, quartz veins, occasional
visible gold, and only minor pyrite.
The technical content of this news release has been reviewed by Martin
Bourgoin, PGeo, responsible for supervising the drilling campaign and
is the qualified person for Maximus under the guidelines of National
Instrument 43-101.
Larder Lake Geology
The Cheminis mine hosts an in situ Measured and Indicated Mineral
Resource of 1,619,082 tons grading 0.175 oz/ton gold and an in situ
Inferred Mineral Resource of 924,275 tons grading 0.189 oz/ton gold
(see NFX's National Instrument 43-101 Technical Report dated November
20, 2003, prepared by MRB & Associates, available on SEDAR). These
estimates were prepared by G.M. Hogg in 1998, in accordance with
National Policy 2A, the requirement in 1998 when the resource estimates
were made, and as such, are not NI 43-101 compliant. Since these
estimates were prepared before the introduction of NI 43-101, they
should be treated as historical estimates only. Investors are
cautioned that recent independent verification has not been completed
and Maximus has not completed sufficient work to independently verify
the historical resource and reserve estimates. Maximus is not treating
the historical estimates as NI 43-101 defined resources and reserves
verified by a qualified person and the historical estimates should not
be relied upon.
Most of the 876 holes drilled previously at Larder Lake have focused on
a single fault strand that controls gold mineralization at the Cheminis
mine and Fernland, Bear Lake and Barber Larder prospects. However, an
analysis of assays and geologic information in the property database by
consultants to NFX and Maximus has identified 3 additional altered and
mineralized fault zones north of the Cheminis mine. These three fault
zones extend across a cumulative 11 kilometers of the project and a
compilation of historic data indicates very limited drilling along
these important, ore controlling structures. The northernmost of these
structures may extend through the site of the now-closed Kerr Addison
mine (11 million ounces of gold produced at a grade of 0.29 oz Au),
located 2 kilometers to the east of the project property boundary.
Further information on the Larder Lake Property can be found in a
Maximus report titled "Technical Report, NI-43-101 & 43-101F1, LARDER
LAKE PROPERTY, Larder Lake, Ontario", dated February 20, 2006, prepared
by MRB & Associates, and also filed on SEDAR.
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 definitive Option and Joint Venture
Agreement between NFX and Maximus signed March 3, 2006 Maximus acquired
the right to earn a 60% interest in NFX's interest at Larder Lake by
expending $6 million on exploration thereon by December 31, 2008.
Minimum expenditures must total $700,000 by July 31, 2006 to continue
the option.
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
Frederick T. Graybeal
President and CEO
Maximus Ventures Ltd.
Telephone: (973) 635-8262
Facsimile: (973) 635-4991
www.maximusventures.com
The TSX Venture Exchange has neither approved nor disapproved of the
contents of this news release.
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) 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 Wed Jul 19, 2006 at 9:50:44 AM Pacific Time
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