MAXIMUS VENTURES BEGINS A 3,600M DRILLING PROGRAM
AT THE UNITY PROJECT IN IDAHO
Longueuil, Quebec:
July 14, 2008. Maximus Ventures Ltd. ("Maximus") (TSX.V: MXV) 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.
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further information please contact:
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release.