NFX Gold Inc. Begins Drilling Program South of Larder Lake and Appoints Exploration
Team
Toronto:
March 4, 2008 - NFX GOLD INC. ("NFX")
(TSX Venture Exchange Inc:
NFX) is pleased to announce that it has commenced
drilling on its 100% owned Kirkland-Wright property (the
"Kirkland-Wright Property"), located 8 kms south of its Larder
Lake properties, currently being drilled pursuant to a joint
venture with Maximus Ventures Ltd.
The Kirkland-Wright Property consists of 16 claims covering 3,216 hectares
and is located 1.5 km
north-east of the former producing Martin-Bird Gold Mine which, according
to a non-National Instrument 43-101 compliant report (Thompson, 1949),
contains an historical resource of 157,600 tons grading 0.14 oz/ton gold
(uncategorized) and 23,500 tons grading 0.21 oz/ton gold
(uncategorized).� These estimates
are historical in nature, and as such, are not National Instrument 43-101
compliant.
NFX acquired the Kirkland Wright Property in April 2006, and has
since completed geoscientific compilation work which has led the company
to initiate the 800 m
drilling program.
The
area of interest is transected by the northeast-trending Milky Creek
fault, one of a series of large-scale faults secondary to the
"Larder Lake-Cadillac Break", known worldwide as a major
gold-bearing structure.
The
claim group is predominantly underlain by Archean mafic and ultramafic
volcanic and sedimentary rocks (2679+/-3 Ma) intruded by felsic volcanic
rocks (syenite) and lamprophyre. Previous drilling in the area by Lac
Minerals (1983) described strong chloritization and silicification, as
well as occurrences of green carbonate and fuchsite-rich agglomerate. Although
only sporadic low gold grades have been intersected in the historic drill
holes, the current geological model suggests that grades, widths and
continuity of gold zones improves at depth The current 800 m drill program is
designed to test a magnetic-low/conductivity-high/electromagnetic-high
anomaly that is coincident with the Milky Creek fault.
NFX
is encouraged by the structural, geophysical and geological environment
around this target. The Kirkland-Wright Property has significant
exploration potential for the discovery of high-grade gold mineralization
beneath the 120 m
vertical penetration of historic drilling. This is consistent with the
larger high-grade gold deposits of the area. A complete set of analytical
results will be released by NFX once the drilling program has been
completed.
The
drill program is being carried out by NFX personnel under the supervision
of John Langton, M.Sc., P.Geo., a qualified person consistent with
National Instrument 43-101, and NFX's newly appointed Exploration
Manager, Ontario.
NFX
is also pleased to announce new appointments to its exploration team,
bringing combined experience in excess of 75 years. Mr. Martin Bourgoin,
P.. Geo. has been appointed Executive Vice President, Mr. Alexander
Horvath, P. Eng, a director of NFX since April 2006, has been appointed
Executive Vice President, Exploration, and Mr. John Langton, M.Sc., P.
Geo. has been appointed as Exploration Manager, Ontario. NFX President
and CEO, Thomas Larsen, stated, "On behalf of the board of directors
and management team at NFX, I would like to welcome our new exploration
team and look forward to their contributions in mineral exploration and
strategic planning as NFX's Larder Lake exploration program
advances."
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