NFX, Maximus drill 18.4 m of 2.0 g/t Au at Larder Lake
2007-02-07 09:50 ET - News Release
See News Release (C-NFX) NFX Gold Inc
Mr. Thomas Larsen reports
Maximus and NFX Report Assays From Larder Lake Gold Project, Ontario
Wednesday February 7, 9:00 am ET
TORONTO, ONTARIO and VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Feb 7, 2007 -- NFX Gold Inc. (CDNX:
NFX.V -
News) and Maximus Ventures Ltd. (CDNX:
MXV.V -
News) today announced assay results from additional diamond drill holes completed in 2006 at the Larder Lake Gold Project. 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 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 by December 31, 2008.
Twenty-three diamond drill holes (11,994 meters) were completed in 2006 and all assay results are now available. Assays received since the previous news release of December 6, 2006 are listed below:
Holes From To Length Grade Zone
----- ----- --- ------- ----- ----
(m) (m) (m) g/t
----- --- --- gold
----
NFX06-17 586.7 587.7 1.0 1.8
NFX06-18 253.0 256.3 3.3 3.8 SE extension Cheminis A/B zones
including 254.5 255.4 0.9 6.5
NFX06-19 5.3 9.9 4.7 0.7
33.2 58.7 25.5 1.1
includes 35.0 38.2 3.2 3.2 Twin CA-80-9 - 4.51 gpt/5.79m,
Cheminis A/B zone
NFX06-20 263.3 281.6 18.4 2.0
includes 263.3 266.0 2.7 3.3 Twin 97-18 - 9.22 gpt/3.05m, S. Sed
zone
and 272.9 273.9 1.0 3.7
and 274.4 278.2 3.8 3.0
NFX06-21 58.0 68.5 10.5 1.6
includes 58.0 61.9 3.9 4.0 Twin NFX-32-04 - 6.36 gpt/3.0m,
Fernland zone
NFX06-22 79.7 90.3 10.6 1.5 Down-plunge SW Fernland NFX-32-04
includes 86.9 89.1 2.3 4.9 intersection
NFX06-23 95.9 107.2 11.3 1.0 Down-plunge SW Fernland NFX-32-04
includes 95.9 97.8 1.9 3.3 intersection
NFX06-24 618.0 629.6 11.6 1.9 Cheminis "D" Zone "Flow Ore"
includes 618.0 621.8 3.8 4.2 in-fill and North Carbonate Zone
NFX06-25 no significant result Twin CB-87-3 - 3.54 gpt/4.33m, "A"
"flow ore" zone
NFX06-26 no significant result "A" zone easterly strike extension
NFX06-27 no significant result "A" & S. Sed. zone easterly strike
extension
Some distances have been rounded to the nearest decimal.
A significant portion of the 2006 drill program focused around the old Cheminis and Fernland mines. Results date confirm the presence of historically identified resources in several zones at each of the mines with some potential to extend resources. In addition to the historically identified zones, several of the 2006 drill hole intersections occurred in parallel structures to those hosting the historically known zones. The historical zones at Cheminis deserve additional work to delineate the full extent of the resources and possible smaller high grade shoots within them. In 2007 however, Maximus plans to drill approximately 10,000m to investigate the potential along the relatively unexplored parallel structures with indicated mineralization, one of which appears to control mineralization at the now-closed Kerr Addison mine (approx. 11 million ounces of gold produced at a grade of 0.29 oz/t Au) located 2 kilometers to the east of the project property boundary. These parallel potential flow ore and carbonate ore units have been identified from 2005 and 2006 drilling on the property and offer significant exploration potential. Drilling is expected to commence later this month. Additional information on the Larder Lake drilling program is available from the previous news releases dated December 6, October 19 and July 18, 2006.
The technical content of the information related to Larder Lake has been reviewed by Mr. Martin Bourgoin, P. Geo., who is responsible for supervising the drilling campaign and is the qualified person for Maximus under the guidelines of National Instrument 43-101.
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.