PRESS RELEASE /
DATED June 4, 2008
Maximus and NFX intersect new high gold
grades in the Bear Lake area at Larder Lake
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:
June 4, 2008. Maximus Ventures Ltd. ("Maximus")
(TSX.V: MXV) and NFX Gold Inc. ("NFX") (TSX.V: 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
TABLE 1 - Highlights of
Larder Lake Assay Results - Bear Lake Area are 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.
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.
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
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