mhlld
16 years ago
Maximus and NFX Report More High-Grade Results From the Bear Lake Gold Zone at Larder Lake
Thursday September 4, 8:48 am ET
Hole #49 intersects 9.5 meters grading 19.4g/t Au
LONGUEUIL, QUEBEC and TORONTO, ONTARIO--(Marketwire - Sept. 4, 2008) - Maximus Ventures Ltd. ("Maximus") (TSX VENTURE:MXV - News) and NFX Gold Inc. ("NFX") (TSX VENTURE:NFX - News) 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.
Contact:
Francois Viens
Maximus Ventures Ltd.
President and CEO
450-677-1009
450-677-2601 (FAX)
www.maximusventures.com
Gerri Paxton/Louise Quinn
Maximus Ventures Ltd.
Investor Relations
450-677-2054/677-3523
gpaxton@maximusventures.com
lquinn@maximusventures.com
Thomas G. Larsen
NFX Gold Inc.
President and CEO
416-360-8006 / Toll Free: 800-360-8006
416-361-1333 (FAX)
www.nfxgold.com
--------------------------------------------------------------------------------
Source: Maximus Ventures Ltd., NFX Gold Inc.
http://biz.yahoo.com/ccn/080904/200809040483761001.html?.v=1
mhlld
16 years ago
Maximus and NFX Announce Arrangement Agreement
Tuesday July 29, 8:30 am ET
TORONTO, ONTARIO AND LONGUEUIL, QUEBEC--(Marketwire - July 29, 2008) - Further to their June 13, 2008 news release, Maximus Ventures Ltd. ("Maximus") (TSX VENTURE:MXV - News) and NFX Gold Inc. ("NFX") (TSX VENTURE:NFX - News) are pleased to announce that they have entered into a definitive arrangement agreement (the "Arrangement Agreement") providing for the acquisition by NFX of all outstanding common shares of Maximus 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"). Under the terms of the Arrangement, each holder of a Maximus option will receive a replacement option to acquire one (1) common share of NFX and each holder of a Maximus warrant will receive, upon subsequent exercise of each warrant, one (1) common share of NFX. The board of directors of each of Maximus and NFX have unanimously approved the Arrangement and the Arrangement Agreement.
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. The board of directors of Maximus has unanimously resolved to recommend that its shareholders vote their securities in favour of the Arrangement. NFX will hold a special meeting of its shareholders to consider, among other things, the issuance of shares to the Maximus shareholders as consideration for the Arrangement. Maximus and NFX have provided notice of, and expect to hold, their respective shareholder meetings on September 11, 2008, and the record date for each respective shareholder meeting is August 12, 2008.
The Arrangement is subject to the approval of the Supreme Court of British Columbia, the TSX Venture Exchange and all applicable regulatory authorities. Completion of the Arrangement is further subject to additional conditions set out in the Arrangement Agreement. Maximus and NFX expect to close the transaction on or about September 16, 2008.
Under the terms of the Arrangement Agreement, Maximus and NFX have each agreed that neither party will solicit or initiate inquiries or proposals regarding alternative transactions, including, but not limited to, mergers, take-over bids or the sale of material assets. The Arrangement Agreement provides for a mutual expense reimbursement fee of $250,000 if the Arrangement is not completed in certain circumstances.
As previously announced on June 13, 2008, the objective of the combination of Maximus and NFX is to create a larger, stronger company that will be better positioned to exploit the tremendous upside potential of the Larder Lake gold project, which is the primary asset of both Maximus and NFX. The Arrangement will consolidate and increase the combined company's land positions in the Larder Lake area, as well as create a higher profile company within the financial community.
Subject to the requisite securityholder approvals of each of Maximus and NFX, the board of directors of the company resulting from the combination of Maximus and NFX will consist of five nominees from Maximus and three nominees from NFX. David Fennell, currently Chairman of Maximus, will become Chairman and Thomas Larsen, currently CEO of NFX, will become Vice Chairman. Francois Viens, currently President and CEO of Maximus, will become President and CEO.
Dundee Securities Corporation is acting as financial advisor to Maximus and Primary Capital Inc. is acting as financial advisor to NFX.
A copy of the Arrangement Agreement will be filed on SEDAR and will be available for viewing under the profiles of Maximus and NFX at www.sedar.com.
Forward-looking Statements
This news release contains certain forward-looking information as defined in applicable securities laws (referred to herein as "forward-looking statements"). Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Specifically, this press release includes forward-looking statements regarding the intended business combination of NFX and Maximus. These forward-looking statements reflect the current internal projections, expectations or beliefs of NFX and Maximus, based on information currently available to them. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by NFX and Maximus with securities regulatory authorities, that may cause actual outcomes to differ materially from those discussed in the forward-looking statements. The completion of the proposed business combination is subject to a number of risks, including, without limitation, the shareholders of NFX and Maximus not approving the transaction or required regulatory or court approvals not being obtained. Even if the business combination is completed, which cannot be guaranteed, anticipated synergies and efficiencies or other intended benefits of the transaction may not be realized, and the prospects of the combined entity will remain subject to all the general risks associated with mineral exploration and public securities markets.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.
Contact:
Francois Viens
Maximus Ventures Ltd.
President and CEO
450-677-1009
450-677-2601 (FAX)
www.maximusventures.com
Investor Relations
Maximus Ventures Ltd.
Gerri Paxton/Louise Quinn
450-677-2054/677-3523
gpaxton@maximusventures.com
lquinn@maximusventures.com
Thomas G. Larsen
NFX Gold Inc.
President and CEO
416-360-8006 or Toll Free: 800-360-8006
416-361-1333 (FAX)
www.nfxgold.com
--------------------------------------------------------------------------------
Source: Maximus Ventures Ltd., NFX Gold Inc.
http://biz.yahoo.com/ccn/080729/200807290476567001.html?.v=1
mhlld
16 years ago
Maximus Ventures Begins a 3,600m Drilling Program at the Unity Project in Idaho
Monday July 14, 8:30 am ET
LONGUEUIL, QUEBEC--(Marketwire - July 14, 2008) - Maximus Ventures Ltd. ("Maximus") (TSX VENTURE:MXV - News) is pleased to announce today the beginning of a 3,600m drilling program on its Unity project located in Idaho. The work will focus on testing the lateral and down-dip extensions of historically very high-grade (30 to 150g/t gold) and very extensive (up to 2km long) quartz veins. A first phase of work includes testing two of the richest gold veins, namely the Little Giant and Rescue veins and investigating other gold-rich veins on the property including Charity and Gun Metal. Should the drilling program be successful, a pre-feasibility study to justify the rehabilitation of old workings and additional underground development would then be commissioned?
A striking feature of this project is the extent of the gold-rich narrow quartz vein system. While individual veins range from few centimetres to often over 1 metre in thickness, they can be traced for hundreds to thousands of meters along strike and occur over an area of over 4 square kilometres. The veins are locally very high-grade and are reported to have locally-yielded grades of up to several hundred ounces of gold per tonne. However, production grades were generally recorded at 30 to 150 grams per tonne (1 to 5 ounces per ton) according to historic information (John C. Reed, 1937; Geology and Ore Deposits of the Warren Mining District, Idaho County, Idaho). Over 1.2 million ounces of gold was historically produced from the area, both from underground and alluvial operations. Maximus believes that there is excellent potential to develop resources both in previously-mined veins and in veins that are yet to be explored by diamond drilling.
To date, 41 different gold-bearing quartz veins have been identified on the property, of which the Rescue, the Little Giant and the Charity are three of the 18 better-known veins and supplied most of the reported historic gold production. These veins are still open laterally and down-dip and, with limited exploration and development work, their extensions could potentially be mined again from an existing 1,600m long adit.
No previous drilling has been recorded on the property and all previous exploration efforts were conducted using trenching and underground drifting along the veins. There are strong geological indications that significant mineralization remains in place along the three principal veins already exposed by old workings (either laterally or down-dip). Furthermore, many other gold-bearing quartz veins, parallel to or intersecting the main veins remain, to be explored.
Unity Property
Maximus, through its wholly-owned US subsidiary, Walker Lane Gold LLC (Walker), can earn a 60% joint venture interest from Unity GoldSilver Mines Inc. by spending US$1.0 million in exploration and development work on the property and by completing a positive feasibility study on or before November 30, 2010. The property located in Township 22N, Idaho County, Idaho consists of 8 patented claims and 51 leased (staked) claims covering 420 hectares. The objective of the work program planned for Unity is to complete, as soon as possible, a feasibility study to evaluate the economic viability of reopening the Unity gold mine.
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 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 based on information currently available to it. Forward-looking statements are subject to a number of known and unknown risks and uncertainties beyond Maximus' control including uncertainties related to the exploration program, potential mineralization, exploration results, completion of work program, and availability of equipment necessary for the drilling program and future plans and objectives of Maximus. 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. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. Maximus undertakes 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.
Contact:
Francois Viens
Maximus Ventures Ltd.
President and CEO
450-677-1009
450-677-2601 (FAX)
www.maximusventures.com
Gerri Paxton/Louise Quinn
Maximus Ventures Ltd.
Investor Relations
450-677-2054/677-3523
gpaxton@maximusventures.com
lquinn@maximusventures.com
--------------------------------------------------------------------------------
Source: Maximus Ventures Ltd
http://biz.yahoo.com/ccn/080714/200807140473852001.html?.v=1
mhlld
16 years ago
Maximus and NFX announce new drilling results extending the Bear Lake Gold Zone at Larder Lake
Hole #24AW intersects 1.4 meters grading 10.2g/t Au and
hole 24A cuts 1.9 meters assaying 9.1 g/t Au
Longueuil, Quebec and Toronto, Ontario: July 9, 2008. Maximus Ventures Ltd. ("Maximus") (TSX.V: MXV) and NFX Gold Inc. ("NFX") (TSX.V: NFX) 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.”
Highlights of recent results are tabulated below and c
ighlights of New D further omplete results are presented in attached Table 1
The Highlights of recent drilling results are available at the following address: http://media3.marketwire.com/docs/highlights_recent_drilling_results.pdf
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.
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. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. Maximus and NFX undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
For further information please contact:
Francois Viens
President and CEO
Maximus Ventures Ltd.
Tel: 450-677-1009
Fax: 450-677-2601
www.maximusventures.com
Gerri Paxton/Louise Quinn
Investor Relations
Maximus Ventures Ltd.
Tel: 450-677-2054/677-3523
gpaxton@maximusventures.com
lquinn@maximusventures.com
Thomas G. Larsen
President and CEO
NFX Gold Inc.
Tel: 416-360-8006
Fax: 416-361-1333
Toll Free: 800-360-8006
www.nfxgold.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Table 1 (Larder Lake Assay Results - Bear Lake Area) is available at the following address: http://media3.marketwire.com/docs/table1_larder_lake_assay_results_bear_lake.pdf
Larder Lake Property Plan View, Bear Lake Area Longitudinal Section - Carbonate-type Mineralization Map and Bear Lake Area Longitudinal Section - Flow-type Mineralization Map are available at the following address: http://media3.marketwire.com/docs/ImageMap_0709.pdf
mhlld
16 years ago
New Analyst Reports for QUEENSTON MINING INC, GREAT BASIN GOLD LTD, MAXIMUS VENTURES LTD, and CGX ENERGY INC
6/17/2008 1:49:02 PM - Market Wire
NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by Maybach
LONDON, Jun 17, 2008 (MARKET WIRE via COMTEX News Network) --
MaybachFinancial.com is one of the fastest growing independent and unbiased research firms in the world. Through our numerous partnerships with many of the top investment minds in the world, we provide research on companies making a move in the markets. Investors seeking genuine analyst opinions on their investments for QUEENSTON MINING INC (TSX: QMI), GREAT BASIN GOLD LTD (TSX: GBG), MAXIMUS VENTURES LTD (TSX-V: MXV), and CGX ENERGY INC (TSX-V: OYL) should take this opportunity to get free in-depth research by signing up for a free membership at www.maybachfinancial.com. Our coverage of any company will include research in the following areas:
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Reports vary by sector and markets and look at various aspec
mhlld
16 years ago
Maximus and NFX Announce Agreement to Combine Companies
Consolidation of 100% Interest in the Larder Lake Gold Project
Creation of a Larger, Stronger Company
Friday June 13, 9:09 am ET
TORONTO, ONTARIO and LONGUEUIL, QUEBEC--(Marketwire - June 13, 2008) - Maximus Ventures Ltd. ("Maximus") (TSX VENTURE:MXV - News) and NFX Gold Inc. ("NFX") (TSX VENTURE:NFX - News) are pleased to announce that they have reached an agreement in principle 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.
"The combination of Maximus and NFX creates a larger, stronger company that is better positioned to exploit the tremendous upside potential of the Larder Lake gold project, which is the primary asset of both Maximus and NFX," said Francois Viens, Maximus' President and CEO. "This transaction will consolidate and increase the combined companies' land positions in the Larder Lake area, as well as create a higher profile company within the financial community."
The Cadillac-Larder Lake break is a major Canadian greenstone gold belt located in northeastern Ontario that hosts several past-producers. The Cadillac-Larder Lake break is a 200 km long east-west deformation zone along which numerous well known gold mines have been situated, including the historic Kerr Addison mine (11 million ounces of gold produced at an average grade of 9.9 g/t Au), located two kilometers to the east of the Larder Lake project property boundary. Since 2006, Maximus and NFX have been exploring their extensive Larder Lake holdings with considerable success, discovering significant new areas with high-grade gold mineralization, including Bear Lake, Fernland and Cheminis, hosted in both flow-type and carbonate-type settings which were major contributors to Kerr Addison's world-class gold production. On June 4, 2008, NFX and Maximus announced drill hole #44 at Bear Lake, which intersected 13.6 g/t Au over 15.1 m, including 41.9 g/t Au over 4.4 m. Hole #44 was a follow up to hole #35 announced on March 31, 2008, which intersected 18.3 g/t Au over 4.8 m, including 163.5g/t Au over 0.5m.
"We see this combination as a logical development in our strategy for growth. With consolidated ownership of the Larder Lake project, the combined company will have increased flexibility in how it proceeds with the continued exploration and development of the excellent recent results and will be in a better position to take full advantage of this outstanding asset," said Thomas Larsen, NFX's President and CEO.
Currently Maximus has approximately 74 million common shares issued and outstanding while NFX has approximately 53 million common shares issued and outstanding. Under the terms of the proposed business combination, Maximus and NFX shareholders, respectively, would own approximately 58% and 42% of the shares outstanding on completion of the transaction.
The board of directors of the company resulting from the business combination will consist of five nominees from Maximus and three nominees from NFX. David Fennell, currently Chairman of Maximus, will become Chairman and Thomas Larsen, currently CEO of NFX, will become Vice Chairman. Francois Viens, currently President and CEO of Maximus, will become President and CEO.
Maximus and NFX have entered into a letter agreement in respect of the business combination transaction. 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
Maximus and NFX have agreed to the following. Prior to the completion of the business combination neither company shall issue any further securities or amend the terms of any issued and outstanding securities, and both companies have agreed to conduct business only in the ordinary course. Neither of the companies (nor their affiliates nor associates) will acquire nor dispose of securities of the other for the duration of the letter agreement or a period extending six months after any termination of the letter agreement. They also agreed to exclusivity and non-solicitation provisions subject to an exception for superior proposals. The definitive transaction documentation will provide that in certain circumstances where one party does not complete the business combination, it shall pay the other party an expense reimbursement payment of $250,000. The structure of the business combination will be determined by the two companies in consultation with their professional advisors
Dundee Securities Corporation is acting as financial advisor to Maximus and Primary Capital Inc. is acting as financial advisor to NFX.
The technical content of this news release related to Larder Lake was reviewed by Mr. Bernard Boily, P. Geo., Vice-President, Exploration of Maximus, the person responsible for supervising the drilling program at Larder Lake and a "qualified person" under the guidelines of National Instrument 43-101.
Forward-looking Statements
This news release contains certain forward-looking information as defined in applicable securities laws (referred to herein as "forward-looking statements"). Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Specifically, this press release includes forward-looking statements regarding the intended business combination of NFX and Maximus. These forward-looking statements reflect the current internal projections, expectations or beliefs of NFX and Maximus, based on information currently available to them. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by NFX and Maximus with securities regulatory authorities, that may cause actual outcomes to differ materially from those discussed in the forward-looking statements. The completion of the proposed business combination is subject to a number of risks, including, without limitation, the shareholders of NFX and Maximus not approving the transaction or required regulatory or court approvals not being obtained. Even if the business combination does complete, which cannot be guaranteed, anticipated synergies and efficiencies or other intended benefits of the transaction may not be realized, and the prospects of the combined entity will remain subject to all the general risks associated with mineral exploration and public securities markets.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.
Contact:
Francois Viens
Maximus Ventures Ltd.
President and CEO
450-677-1009
450-677-2601 (FAX)
www.maximusventures.com
Gerri Paxton/Louise Quinn
Maximus Ventures Ltd.
Investor Relations
450-677-2054/677-3523
gpaxton@maximusventures.com
lquinn@maximusventures.com
Thomas G. Larsen
NFX Gold Inc.
President and CEO
416-360-8006 / Toll Free: 800-360-8006
416-361-1333 (FAX)
www.nfxgold.com
--------------------------------------------------------------------------------
Source: Maximus Ventures Ltd., NFX Gold Inc.
http://biz.yahoo.com/ccn/080613/200806130468224001.html?.v=1
mhlld
16 years ago
Maximus and NFX Intersect New High Gold Grades in the Bear Lake Area at Larder Lake Jun 04, 2008 08:30 ET
Hole #44 intersects 13.6 g/t Au over 15.1 m, including 41.9 g/t Au over 4.4 m
LONGUEUIL, QUEBEC and TORONTO, ONTARIO--(Marketwire - June 4, 2008) - Maximus Ventures Ltd. ("Maximus") (TSX VENTURE:MXV) and NFX Gold Inc. ("NFX") (TSX VENTURE:NFX) are pleased to announce the results from several additional follow-up drill holes located in the Bear Lake area of the Larder Lake Property in Ontario. Hole #44 intersected 15.1 meters of carbonate-type mineralization grading 13.6 g/t gold, including a section of 4.4 meters grading 41.9 g/t gold. The intersection in hole #44 is located 300 m down-dip of the high-grade gold zone intersected in previously announced hole #11 which intersected 5.2 meters grading 10.4 g/t gold which is also in carbonate-type mineralization, as reported on August 16, 2007. Hole #44 is still in progress and has not yet reached the flow-type mineralization horizon target. Furthermore, hole #38 cut a 2.9 meter section of flow-type mineralization assaying 6.5 g/t gold, including 1.9 meters which yielded 8.9 g/t gold, and could represent a different mineralized shoot within the Bear Lake gold zone.
Other new intercepts along the Bear Lake gold zone also include hole #29 which intersected a 53.5 meter section of carbonate-type mineralization grading 0.3 g/t gold. The 2008 drilling program aims to test both carbonate and flow-type mineralization along the Bear Lake gold zone, laterally, up-plunge and down-plunge (down to 1,000 m vertical) of the intercept in hole #11.
A summary of the assay results received to date is presented in Table 1. Two holes (#33 and #37) were abandoned before reaching the mineralized zones due to technical problems and holes #40 and #41 had to be stopped prematurely before intersecting their respective targets due to the deteriorating ice conditions on Bear Lake this past April. These four holes will be re-drilled from new locations later this year.
All holes, except for holes #32 and #36, intersected both carbonate-type and flow-type mineralization. Typically, the results obtained to date at Bear Lake confirm the presence of high-grade and low-grade mineralized shoots occurring within carbonate-type and flow-type mineralization. They also indicate that the strongest alteration (albitization, silicification) and best mineralization occur below 400 meters vertical and improve with depth. These distinctive features were characteristic of the now-closed Kerr-Addison Mine located 5 km east of Bear Lake. The location of the future drill holes at Bear Lake will be adjusted to reflect this interpretation.
Project Update
Drilling from the ice surface at Bear Lake was terminated in mid-April and currently all drilling is being carried out from land. Three drill rigs are currently active. Of the budgeted 43,000 meter drilling program, a total of 15,700 meters has been completed to date at Larder Lake, of which 26 holes totalling 13,600 meters investigated the Bear Lake gold zone exclusively. Six holes were abandoned due to technical difficulties and will be re-drilled later. To date, the results from 16 holes drilled at Bear Lake have been released. 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 former Kerr-Addison mine. To date, approximately 20% of all the samples submitted to the laboratory for assaying are still outstanding. In order to improve the turn-around time for assays results, Maximus is now also sending samples to Polymet Labs located in Cobalt, Ontario.
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 31st, 2008. To date, Maximus has spent approximately $5,800,000.
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.
TABLE 1 - Highlights of Larder Lake Assay Results - Bear Lake Area is available at the following address: http://media3.marketwire.com/docs/maximus0604.pdf
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 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 Maximus' management based on information currently available to Maximus. Forward-looking statements are subject to a number of known and unknown risks and uncertainties beyond Maximus' control including uncertainties related to potential mineralization, exploration results, completion of work program, and availability of equipment necessary for the drilling program and future plans and objectives of Maximus. 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 Company with securities regulatory authorities. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
Maps of Larder Lake Property Plan View and Bear Lake Area Longitudinal Section are available at the following address: http://media3.marketwire.com/docs/larder_lake.pdf
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Maximus Ventures Ltd.
Francois Viens
President and CEO
450-677-1009
450-677-2601 (FAX)
www.maximusventures.com
or
Investor Relations
Maximus Ventures Ltd.
Gerri Paxton/Louise Quinn
450-677-2054/677-3523
gpaxton@maximusventures.com
lquinn@maximusventures.com
or
NFX Gold Inc.
Thomas G. Larsen
President and CEO
416-360-8006 / Toll Free: 800-360-8006
416-361-1333 (FAX)
www.nfxgold.com
http://www.marketwire.com/mw/release.do?id=864512&k=maximus
mhlld
16 years ago
Maximus/NFX cut the Highest Gold Grade Intersected to Date in the Bear Lake Area at Larder Lake
Monday March 31, 8:30 am ET
Hole NFX08-35 intersects 18.3 g/t Au over 4.8 m, including 163.5g/t Au over 0.5m
LONGUEUIL, QUEBEC and TORONTO, ONTARIO--(Marketwire - March 31, 2008) - Maximus Ventures Ltd. ("Maximus") (TSX VENTURE:MXV - News) and NFX Gold Inc. ("NFX") (TSX VENTURE:NFX - News) are pleased to announce today the results from the first four holes from its 2008 follow-up drilling program targeting the Bear Lake area of the Larder Lake Property in Ontario. Hole NFX08-35 intersected 4.8 metres of flow-type mineralization grading 18.3g/t gold, including a section of 0.5 meter, which yielded 163.5g/t gold. Hole NFX08-35 was drilled 450m up-dip and 50m east from hole NFX07-11, which intersected 10.2 meters grading 8.0 g/t Au (as reported on August 16, 2007). The intercept in hole NFX08-35 contains the highest single gold value encountered to date in the Bear Lake area.
ADVERTISEMENT
The intercept in hole NFX08-35 was cut at 120m below surface, clearly showing that high-grade gold mineralization at Bear Lake occurs close to surface and extends at least 550m down-plunge and is open laterally for over 500m. This new intersection opens up a large area where significant tonnage and high gold grades could be present. Additional assay results from other intersections of hole NFX08-35 are pending.
Assay results from holes NFX08-26, 27 and 28 were also received and, although all holes did cut flow-type mineralization, they did not yield significant gold values. Based on geological interpretation of the ore zones at the now-closed Kerr-Addison Mine located 5km east of Bear Lake, both high-grade and low-grade shoots are to be expected within carbonate-type and flow-type mineralization at Bear Lake.
After a slow start-up in early February, due to the poor condition of the ice, a total of 11 holes (holes NFX08-24 to 35, totalling 4,480 metres) have been completed at Bear Lake during 2008 (see figure). The results from hole NFX08-35 are very encouraging and there are currently 3 drills working on the ice at Bear Lake. Drilling will continue to systematically test the Bear Lake Gold Zone along strike and down-plunge to a vertical depth of 1,000m, using a 125m to 150m hole spacing. This spacing will be adjusted as new assay results are received.
Highlights of Larder Lake Assay Results - Bear Lake Area
Core
From To Length Au
Hole no. (m) (m) (m) (g/t) Mineralization Type
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NFX08-35 (partial) 137.8 142.6 4.8 18.3 "Flow"-type; 2-10% Py
---------------------------------------------------------------------------
Including 137.8 138.3 0.5 163.5
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NFX07-11(a) 587.5 592.7 5.2 10.4 "Carbonate"-type;
---------------------------------------------------------------------------
Including 588.0 589.5 1.5 20.8
---------------------------------------------------------------------------
664.6 674.8 10.2 8.0 "Flow"-type; up to 30% Py
---------------------------------------------------------------------------
Including 667.0 673.0 6.0 13.3
---------------------------------------------------------------------------
Or 668.8 673.0 4.2 18.6
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NFX07-14(a) 470.9 479.8 8.9 0.5 "Carbonate"-type; 1-5% Py
---------------------------------------------------------------------------
647.5 652.7 7.0 0.5 "Flow"-type; up to 20% Py
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NFX07-15(a) 593.0 598.5 5.5 1.2 "Carbonate"-type; tr-1% Py
---------------------------------------------------------------------------
701.0 711.7 10.7 3.9 "Flow"-type; up to 25% Py
---------------------------------------------------------------------------
Including 705.6 709.7 4.1 7.0
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NFX07-16(a) 658.0 664.0 6.0 1.8 "Flow"-type; 3-5% Py
---------------------------------------------------------------------------
Including 662.2 662.7 0.5 4.2
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NFX07-17A(a) 600.5 601.0 0.5 12.2 Graphitic Fault Zone
---------------------------------------------------------------------------
686.5 691.3 4.8 6.0 "Carbonate"-type; 2-3% Py
---------------------------------------------------------------------------
Including 690.0 691.3 1.3 9.7
---------------------------------------------------------------------------
736.9 745.0 8.1 4.9 "Flow"-type; 2-5% Py
---------------------------------------------------------------------------
Including 738.0 741.0 3.0 11.4
---------------------------------------------------------------------------
Holes # 26, 27 and 28: No significant gold value
(a)Holes NFX07-11, 14, 15, 16 and 17A previously released
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. To date, Maximus have spent approximately $4,800,000.
As part of its QA/QC program, Maximus carries 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 turnaround time for the reception of assay results from the lab is around 1.5 week (rush) to 3 weeks.
The technical content of the information, related to Larder Lake, was reviewed by Mr. Bernard Boily, P. Geo., responsible for supervising the drilling program and qualified person for Maximus under the guidelines of National Instrument 43-101. The analytical method for gold is one (1) assay-ton fire assay, AA determination with gravimetric finish on all samples reporting over 2 grams per tonne (g/t) gold. All assays reporting over 10g/t Au are automatically re-checked using the rejects. Assaying is done at Laboratoire Expert Inc. in Rouyn-Noranda, Quebec. The quality control process includes inserting blank samples and certified standards within each batch sent to the laboratory.
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 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.
To view a map of the Larder Lake Property, please visit the following link: http://media3.marketwire.com/docs/NFX0331.pdf.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Francois Viens
Maximus Ventures Ltd.
President and CEO
(450) 677-1009
(450) 677-2601 (FAX)
Gerri Paxton
Maximus Ventures Ltd.
Investor Relations
(450) 677-2054
Email: gpaxton@maximusventures.com
Louise Quinn
Maximus Ventures Ltd.
Investor Relations
(450) 677-3523
Email: lquinn@maximusventures.com
Website: www.maximusventures.com
Thomas G. Larsen
NFX Gold Inc.
President and CEO
(416) 360-8006 or Toll Free: 1-800-360-8006
(416) 361-1333 (FAX)
Website: www.nfxgold.com
--------------------------------------------------------------------------------
Source: NFX Gold Inc., Maximus Ventures Ltd.
http://biz.yahoo.com/ccn/080331/200803310451772001.html?.v=1
mhlld
16 years ago
MXV and NFX Confirm the Extension of Fernland Mineralization at Larder Lake , Ontario
Thursday February 21, 9:01 am ET
Hole #21 Intersects 28.1 g/t Au over 1.0 m
LONGUEUIL, QUEBEC and TORONTO, ONTARIO--(Marketwire - Feb. 21, 2008) - Maximus Ventures Ltd. ("Maximus") (TSX VENTURE:MXV - News) and NFX Gold Inc. ("NFX") (TSX VENTURE:NFX - News) are pleased to announce today the results from six follow-up drill holes located in the Fernland area of the Larder Lake Property in Ontario. The six holes tested for down-plunge (down to 400m vertical) and lateral (200m east and west) extensions of the high-grade gold zone intersected in hole #13 (6.9 g/t Au over 13.5 m, and including 13.1 g/t Au over 6.0 m as reported in the November 1st and 6th, 2007 press releases). Five of the six follow-up holes intersected gold mineralization, including hole #21 which intersected 28.1 g/t Au over 1.0 m.
Fernland Zone Results
Preliminary geological interpretation, based on the results obtained from all the drilling in the Fernland area, shows that the mineralization is more complex than anticipated. Based on intercepts to date, high-grade gold shoots occurring at Fernland appear to be confined to the immediate vicinity (within 100m) of NW trending faults. This was confirmed by hole #13's gold-rich intersection which is located less than 50m from one of those faults (Fig. 1). Furthermore, holes 19 and 21, both drilled within 100m of the same fault zone all intersected highly anomalous gold values. Hole #18, drilled west of the fault, cut the mineralized horizon which graded 0.5 g/t Au over 21.0 m, including 0.7 g/t Au over 10.7 m. Hole #19 intersected 0.5 g/t Au over 22.9 m, including a section grading 5.9 g/t Au over 1.5 m. Hole #20 followed the fault zone almost all the way down and cut disrupted shreds of the mineralized horizon grading 1.2 g/t Au over 5.8 m, including 3.1 g/t Au over 1.3 m. Hole #21 cut two discontinuous sections of gold mineralization grading 2.1 g/t Au over 0.8 m and 28.1 g/t over 1.0 m respectively. Holes #22 and #23 did not intersect significant gold values along the target horizon and seem to have been drilled outside of the high-grade shoot.
Hole #22 did encounter a gold zone along a different structure from the other holes in the area grading 1.6 g/t Au over 3.0 m, including 3.2 g/t Au over 1.1 m and 5.8 g/t Au over 1.2 m. The intersection is characterized by narrow pyrite-bearing quartz-carbonate veins. The different style of mineralization and the different position of the zone suggest the presence of a new gold zone that will be evaluated for future drilling.
Although apparently somewhat limited (100 to 150 m) in strike length, these mineralized shoots have proved to contain high-grade gold values within large gold-anomalous halos around the fault zones. Based on this, a thorough compilation is underway to fully assess the attitude and economic potential of these high-grade zones at Fernland in order to assist with planning additional drilling.
Highlights of Larder Lake Assay Results - Fernland area
---------------------------------------------------------------------
Hole no. From To Length Au Mineralization Type
(m) (m) (m) (g/t)
---------------------------------------------------------------------
NFX07-12(i) Hole abandoned
---------------------------------------------------------------------
---------------------------------------------------------------------
NFX07-13(i) 177.0 183.0 6.0 13.1 "Flow"-type; 5 to 25% Py
---------------------------------------------------------------------
Including 177.0 180.0 3.0 19.9
---------------------------------------------------------------------
---------------------------------------------------------------------
NFX07-18 198.0 219.0 21.0 0.5 "Flow"-type; 3 to 10% Py
---------------------------------------------------------------------
198.8 209.5 10.7 0.7
---------------------------------------------------------------------
---------------------------------------------------------------------
NFX07-19 250.7 273.6 22.9 0.5 "Flow"-type; 5 to 15% Py
---------------------------------------------------------------------
Including 257.0 258.5 1.5 5.9
---------------------------------------------------------------------
---------------------------------------------------------------------
NFX07-20 406.7 412.5 5.8 1.2 "Flow"-type; 5% Py
---------------------------------------------------------------------
406.7 408.0 1.3 3.1
---------------------------------------------------------------------
---------------------------------------------------------------------
NFX07-21 247.0 247.8 0.8 2.1 Qz-carb veinlets
---------------------------------------------------------------------
282.0 283.0 1.0 28.1 Qz veinlets + v.g.
---------------------------------------------------------------------
---------------------------------------------------------------------
NFX07-22 534.2 535.4 1.2 5.8 Qz-carb veinlets + 1-5% Py
---------------------------------------------------------------------
549.0 552.0 3.0 1.6 Qz veinlets + 5-10% Py
---------------------------------------------------------------------
including 550.3 551.4 1.1 3.2
---------------------------------------------------------------------
---------------------------------------------------------------------
NFX07-23: No significant assay result
---------------------------------------------------------------------
(i) Hole NFX07-12 and 13 previously released
Bear Lake Zone
The 43,000 m drilling program planned at Larder Lake is proceeding as scheduled with three drills operating from the ice surface on Bear Lake. In January, a 34,000 m drill program commenced at Bear Lake in order to systematically test the Bear Lake high-grade gold zones intersected in hole #11 (10.4 g/t Au over 5.2 m, including 20.8 g/t Au over 1.5 m and 8.0 g/t Au over 10.2 m, including 18.6 g/t over 4.2 m as reported on August 16, 2007). The current drill program will investigate the zone along strike and down-plunge to a vertical depth of 1,000 m.
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.
As part of its QA/QC program, Maximus carries out check assays on the high-grade intersections with no discrepancies found in the assay results. The turnaround time for the reception of assay results from the lab has been very slow since September, due to the very large amount of samples received with the end of the field season. The situation is gradually returning to normal.
The technical content of the information, related to Larder Lake, was reviewed by Mr. Bernard Boily, P. Geo., responsible for supervising the drilling program and qualified person for Maximus under the guidelines of National Instrument 43-101. The analytical method for gold is one (1) assay-ton fire assay, AA determination with gravimetric finish on all samples reporting over 2 grams per tonne (g/t) gold. Assaying is done at Laboratoire Expert Inc. in Rouyn-Noranda, Quebec. The quality control process includes inserting blank samples and certified standards within each batch sent to the laboratory.
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 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.
To view a map of the Fernland Area Flow-type Gold Zone, please visit the following link:
http://media3.marketwire.com/docs/NFX221map.pdf
The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.
Contact:
Francois Viens
Maximus Ventures Ltd.
President and CEO
450-677-1009
450-677-2601 (FAX)
www.maximusventures.com
Gerri Paxton/Louise Quinn
Maximus Ventures Ltd.
Investor Relations
450-677-2054/677-3523
gpaxton@maximusventures.com
lquinn@maximusventures.com
Thomas G. Larsen
NFX Gold Inc.
President and CEO
416-360-8006
416-361-1333 (FAX)
Toll Free: 800-360-8006
www.nfxgold.com
--------------------------------------------------------------------------------
Source: Maximus Ventures Ltd
mhlld
16 years ago
Maximus and NFX Begin a 43,000 m Drilling Program at Larder Lake
Thursday January 10, 9:00 am ET
LONGUEUIL, QUEBEC AND TORONTO, ONTARIO--(Marketwire - Jan. 10, 2008) - Maximus Ventures Ltd. ("Maximus") (TSX VENTURE:MXV - News) and NFX Gold Inc. ("NFX") (TSX VENTURE:NFX - News) announced today that a planned $3.75 million, 43,000 metre follow-up diamond drilling program has commenced at NFX's Larder Lake Gold Property in Ontario.
The 2008 drilling program will systematically test the Bear Lake high-grade gold zones intersected in hole #11: 10.4 g/t Au over 5.2 m, including 20.8 g/t Au over 1.5 m and 8.0 g/t Au over 10.2 m, including 18.6 g/t over 4.2 m as reported on August 16, 2007. The program will investigate the zone along strike and down-plunge to a vertical depth of 1000 m. Results from the five holes completed to date on the Bear Lake Gold Zone confirmed the presence of an extensive very continuous gold mineralization system encompassing both high-grade and low-grade lenses. Furthermore, the style ("carbonate"-type and "flow"-type) and grade (ranging from 9 to 11 g/t Au) of the mineralization are typical of the world class Kerr-Addison deposits located only 5km to the east, along the same geological structure. An aggressive drilling program consisting of a minimum of 39 holes totalling 34,000 m, spaced 125 to 150 m apart, is underway at Bear Lake in order to delineate the higher-grade lenses occurring within the gold zone. Since part of the drilling has to be completed from the ice surface on Bear Lake, two to three drill rigs will be used to complete the drilling before break-up.
In addition, 5,000 metres of drilling will test the down-plunge extension of the Fernland high-grade zone intersected in hole #13, grading 6.9 g/t Au over 13.5 m, and including 13.1 g/t Au over 6.0 m as reported in the November 1 and 6, 2007 press releases. This new high-grade intersection, located 2.5 km west of Bear Lake, occurs at a relatively shallow depth (less than 200 m below surface) and indicates that there is excellent potential for the discovery of additional high-grade gold mineralization on the Larder Lake Property, along geologic units very similar to those hosting the historic Kerr-Addison mine. Drilling at Fernland will start after the completion of the program at Bear Lake. By then, all assay results from the late-2007 drilling program should have been received and compiled and the location of the new proposed holes will be adjusted based on the results.
Approximately 4,000 metres of additional drilling is planned to test newly interpreted targets on the Larder Lake Property along relatively unexplored parallel structures characterized by altered iron-rich rock units similar to those that controlled the high grade gold mineralization at the Kerr Addison mine. In addition, the 2007 and historic shallow drilling results from the Barber Larder portion of the Larder Lake property are currently being evaluated. Similar lower grade gold intersections to those that lead to the discoveries of the high grade gold zones at Bear Lake and Fernland are being identified on the Barber Larder portion of the property for follow-up drilling in 2008.
Tom Larsen, President and CEO of NFX, stated, "NFX is pleased with the aggressive exploration drilling program Maximus has planned for 2008 on the Larder Lake Property. The high quality targets indicated by the first few holes in each of the gold zones at Bear Lake and Fernland merit the proposed program budgets and highlight the need to further explore the entire Larder Lake Property."
NFX will be required to fund approximately $600,000 of the estimated $3.75M budget for 2008 after Maximus spends the initial $2.25M to complete exploration expenditures totaling $6M required to vest their interest in the Larder Lake Property. Tom Larsen further stated, "NFX will be pleased to fund its equity share of exploration expenditures after Maximus completes their earn-in and the project proceeds to the joint venture phase. We look forward to advancing the Larder Lake project to development with our partners."
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.
As part of its QA/QC program, Maximus carries out check assays on the high-grade intersections with no discrepancies found in the assay results. The turnaround time for the reception of assay results from the lab has been very slow since September, due to the very large amount of samples received with the end of the field season. The situation is gradually returning to normal.
The technical content of the information, related to Larder Lake, was reviewed by Mr. Bernard Boily, P. Geo., responsible for supervising the drilling program and qualified person for Maximus under the guidelines of National Instrument 43-101. The analytical method for gold is one (1) assay-ton fire assay, AA determination with gravimetric finish on all samples reporting over 2 grams per tonne (g/t) gold. Assaying is done at Laboratoire Expert Inc. in Rouyn-Noranda, Quebec. The quality control process includes inserting blank samples and certified standards within each batch sent to the laboratory.
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 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
The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.
Contact:
Francois Viens
Maximus Ventures Ltd.
President and CEO
450-677-1009
450-677-2601 (FAX)
www.maximusventures.com
Gerri Paxton/Louise Quinn
Maximus Ventures Ltd.
Investor Relations
450-677-2054/677-3523
gpaxton@maximusventures.com
lquinn@maximusventures.com
Thomas G. Larsen
NFX Gold Inc.
President and CEO
416-360-8006 or Toll Free: 800-360-8006
416-361-1333 (FAX)
www.nfxgold.com
--------------------------------------------------------------------------------
Source: Maximus Ventures Ltd, NFX Gold Inc.
http://biz.yahoo.com/ccn/080110/200801100435332001.html?.v=1
mhlld
17 years ago
Maximus and NFX Confirm Extension of the Bear Lake Gold Zone at Larder Lake
Thursday December 20, 9:00 am ET
Hole 17A intersected 11.4 g/t Au over 3.0m and 6.0 g/t Au over 4.8 m
LONGUEUIL, QUEBEC and TORONTO, ONTARIO--(Marketwire - Dec. 20, 2007) - Maximus Ventures Ltd. ("Maximus") (TSX VENTURE:MXV - News) and NFX Gold Inc. ("NFX") (TSX VENTURE:NFX - News) are pleased to announce the results from two more follow-up holes in the Bear Lake Area of the Larder Lake Property located in Ontario, Canada. Two holes, #16 and #17A, were respectively drilled 75 m east and 75 m west of hole #11 that intersected two high grade zones (10.4 g/t Au over 5.2 m and 8.0 g/t Au over 10.2 m), as reported on August 16, 2007. Hole #17A intersected "flow"-type mineralization grading 4.9 g/t Au over 8.1 m, including 11.4 g/t Au over 3.0 m. Hole #17A also intersected "carbonate"-type mineralization that assayed 6.0 g/t Au over 4.8 m, including 9.7 g/t Au over 1.3 m. Hole #16 intercepted modest mineralization.
"Results of the five holes drilled to date show the strong continuity of the mineralization and confirm that a large gold mineralized system is present at Bear Lake with both high grade and low-grade lenses occurring within the mineralized area", said Francois Viens, President and CEO of Maximus Ventures. "The mineralization at Bear Lake shows strong similarities with the ore zones at the historic Kerr-Addison gold mine (6 km to the east), characterized by alternating higher and lower grade ore shoots."
Drilling is on-going in the Fernland area on the Larder Lake property where a six-hole program is testing the extension of the high-grade gold mineralization intersected in hole #13 that graded 6.9 g/t Au over 13.5 m, including 13.1 g/t Au over 6.0 m (see November 1 and 6, 2007 press releases). The results for these step-out holes are still pending.
Once the current program, at Fernland, is completed in January 2008; drilling will resume at Bear Lake with the objective of systematically testing the higher-grade lenses laterally and down-plunge to a vertical depth of 1000 m.
Drill Results Details
The "Carbonate"-type mineralization was intersected at 689 m in hole #17A along with a stockwork of strongly albitized veinlets and 2-3% Py. This section graded 6.0 g/t Au over 4.8 m, including 9.7 g/t Au over 1.3 m. Then, at 740 m, hole #17A intersected "Flow"-type mineralization. Several small grains, of visible gold, were observed in quartz veinlets. Overall, pyrite content varies between 2 to 5%. Assay results from this section returned 4.9 g/t Au over 8.1 m, including 11.4 g/t Au over 3.0 m
Furthermore, a graphitic fault zone intersected at 601 m in hole #17A assayed 12.2 g/t Au over 0.5 m, which indicate that the fault zones in the Bear Lake area might have served as conduits for gold-bearing fluids. The presence of these gold-bearing fault zones in the Bear Lake Area potentially indicates the presence of an extensive gold-rich mineralized system.
Hole #16, drilled 75 metres east from hole #11, did not intersect the "Carbonate"-type mineralization that was faulted-off by a 9 m wide fault zone at 635 m, but intersected the "Flow"-type mineralization at 662 m which returned 1.8 g/t Au over 6.0 m, including a section grading 4.2 g/t Au over 0.5 m. The attitude and extent of this thick fault zone will only be assessed, once more holes are drilled in the area.
The following table shows the results to date from the Bear Lake area.
Highlights of Larder Lake Assay Results
---------------------------------------------------------------------------
From To Length Au
Hole no. (m) (m) (m) (g/t) Mineralization Type
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NFX07-11(i)
587.5 592.7 5.2 10.4 "Carbonate"-type;
---------------------------------------------------------------------------
Including 588.0 589.5 1.5 20.8
---------------------------------------------------------------------------
664.6 674.8 10.2 8.0 "Flow"-type; up to
30% Py
---------------------------------------------------------------------------
Including 667.0 673.0 6.0 13.3
---------------------------------------------------------------------------
or 668.8 673.0 4.2 18.6
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NFX07-14(i) 470.9 479.8 8.9 0.5 "Carbonate"-type;
1-5% Py
---------------------------------------------------------------------------
647.5 652.7 7.0 0.5 "Flow"-type; up to
20% Py
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NFX07-15(i) 593.0 598.5 5.5 1.2 "Carbonate"-type;
tr-1% Py
---------------------------------------------------------------------------
701.0 711.7 10.7 3.9 "Flow"-type; up to
25% Py
---------------------------------------------------------------------------
Including 705.6 709.7 4.1 7.0
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NFX07-16 658.0 664.0 6.0 1.8 "Flow"-type; 3-5% Py
---------------------------------------------------------------------------
Including 662.2 662.7 0.5 4.2
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NFX07-17A 600.5 601.0 0.5 12.2 Graphitic Fault Zone
---------------------------------------------------------------------------
686.5 691.3 4.8 6.0 "Carbonate"-type; 2-
3% Py
---------------------------------------------------------------------------
Including 690.0 691.3 1.3 9.7
---------------------------------------------------------------------------
736.9 745.0 8.1 4.9 "Flow"-type; 2-5% Py
---------------------------------------------------------------------------
Including 738.0 741.0 3.0 11.4
---------------------------------------------------------------------------
(i) Hole NFX07-11, 14 and 15 previously released
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 at the Cheminis, Fernland and Bear Lake claims and 45% interest in NFX's 100% owned Barber Larder claims, that comprise the Larder Lake Property, by expending $6 million on exploration by December 31, 2008.
As part of its QA/QC program, Maximus carries out check assays on the high-grade intersections with no discrepancies found in the assay results. The turnaround time for the reception of assay results from the lab has been very slow since September, due to the very large amount of samples received with the end of the field season. The situation is gradually returning to normal.
The technical content of the information, related to Larder Lake, was reviewed by Mr. Bernard Boily, P. Geo., responsible for supervising the drilling campaign and qualified person for Maximus under the guidelines of National Instrument 43-101. The analytical method for gold is one (1) assay-ton fire assay, AA determination with gravimetric finish on all samples reporting over 2 grams per tonne (g/t) gold. Assaying is done at Laboratoire Expert Inc. in Rouyn-Noranda, Quebec. The quality control process includes inserting blank samples and certified standards within each batch sent to the laboratory.
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 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
The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.
Contact:
Francois Viens
Maximus Ventures Ltd.
President and CEO
450-677-1009
450-677-2601 (FAX)
www.maximusventures.com
Gerri Paxton/Louise Quinn
Maximus Ventures Ltd.
Investor Relations
450-677-2054/677-3523
gpaxton@maximusventures.com
lquinn@maximusventures.com
Thomas G. Larsen
NFX Gold Inc.
President and CEO
416-360-8006 / Toll Free: 800-360-8006
416-361-1333 (FAX)
www.nfxgold.com
--------------------------------------------------------------------------------
Source: Maximus Ventures Ltd, NFX Gold Inc.
http://biz.yahoo.com/ccn/071220/200712200433265001.html?.v=1
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