Maximus - Miramar amend agreementMaximus Ventures Ltd. has amended the option and joint venture agreement with Miramar Mining Corp. covering two claim blocks in the Hope Bay gold belt in northern Nunavut. The Eastern Contact block has been dropped from the agreement and the Chicago claim block at the south end of the belt has been added. The Twin Peaks block, part of the original agreement, was retained.
Diamond drilling in 2004 and 2005 in the Eastern Contact area evaluated gold-quartz vein showings carrying visible gold, but the results from 25 drill holes on seven different veins indicated that gold values were not sufficiently continuous to justify further work. Drilling during 2005 in the Twin Peaks area focused on sulphide-rich veins, in which grades of up to 8.4 grams of gold over 0.3 metre were intersected, but gold values lacked continuity as reported in news in Stockwatch dated Nov. 7, 2005. However, Twin Peaks also has potential for large-tonnage disseminated gold deposits, which will be drill tested during 2006. The recently added Chicago claim block has potential for both gold and base metal mineralization.
Exploration financing terms were amended to require cumulative expenditures of at least $3.25-million by April 30, 2007, $5.25-million by April 30, 2008, and $7.25-million by April 30, 2009, to earn a 75-per-cent interest in the Chicago and Twin Peaks claim blocks. Other terms in the agreement remain unchanged and the fieldwork will continue to be carried out by Miramar under the direction of Maximus.
"Maximus is pleased that exploration and the association with Miramar will continue at Hope Bay," said Frederick T. Graybeal, president of Maximus. "Geophysical and geochemical surveys to pick drill sites on known altered and mineralized zones will start in late April, 2006, with drilling planned in late July."