 | | | Publié le 22 juillet 2007 | New Mineralized Zone Confirmed and Extended at Larder Lake |
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| NFX GOLD INC. |
PRESS RELEASE |
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NEW MINERALIZED ZONE CONFIRMED & EXTENDED AT LARDER LAKE
High grade shoots within a 71m mineralized zone intersected
 Toronto, Ontario and Longueuil, Quebec: July 20, 2007. Maximus Ventures Ltd. ("Maximus")(TSX Venture Exchange: MXV) and NFX Gold Inc. ("NFX")(TSX Venture Exchange: NFX) are pleased to announce assay results from four additional diamond drill holes at the Larder Lake Gold Project located in Ontario, Canada. The Larder Lake Project consists of the Cheminis, BearLake, and Fernland properties (all 100% NFX owned) and the Barber Larder property (75% NFX owned). Under the Option and Joint Venture Agreement between Maximus and NFX signed March 3, 2006, Maximus has the right to earn a 60% interest in NFX's interest at LarderLake by expending $6 million on exploration by December 31, 2008.
Holes NFX07-05 to -08 were all drilled in the Bear Lake area, located 5km west of the Kerr-Addison mine, to test strongly altered iron-rich basalt and ultramafic rock units adjacent to the Bear Lake Fault. These types of rocks are the host to significant gold deposits at the nearby Kerr-Addison Mine and other historic and current gold producers in the region.
Holes NFX07-05 and -07 both intersected the favourable altered basaltic and ultramafic rocks but only hole NFX07-07 cut gold mineralization within these units (0.4g/t Au over 11.7m, including 0..5m averaging 2.5g/t Au and 0.4m grading 4.2g/t Au). Hole NFX07-06 intersected the Bear Lake Fault before reaching the favourable rock units. Although uneconomic, the results obtained in these three holes clearly show an increase in gold content towards the Bear Lake Fault area. This trend was confirmed by hole NFX07-08, which intersected a wide zone of highly anomalous gold values (average of 0.3g/t Au over 71m), including values up to 6.8g/t Au over widths of up to 1.5m (see table). Furthermore, results from hole NFX07-08 confirmed the down-dip extension of the gold mineralization (values up to 15g/t Au) observed at surface, in the Bear Lake Pit and in hole NFX06-08 (57.8m averaging 0.5g/t Au). |
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"The presence of very thick zones of gold mineralization, coupled with narrow high grade intersections, is very encouraging" says Francois Viens, Maximus President and CEO. "These occurrences confirm the presence of a substantial gold mineralizing system. Additional work is warranted to continue the search for significant accumulations of potentially economic mineralization".
An important aspect of the geology of the Bear Lake Area is that alteration and low-grade gold mineralization are found in virtually all rock types while elsewhere on the property, they are concentrated in ultramafics and iron-rich basalts. It has now been demonstrated that, in addition to the well altered and mineralized mafic volcanics (such as the intercept in hole NFX07-08 that yielded 0.3g/t Au over 71.0m, including 0.5m @ 6.8g/t Au, 1.4m @ 4.3g/t Au and 1.5m @ 4.3g/t Au), a new gold bearing unit consisting of an altered (albitized) and pyritized intermediate intrusive rock also occur near the bottom of hole NFX07-08 (grade of 0.4g/t Au over 37.5m, incl. 0.8m @ 4.2g/t Au). The latter unit has never been intersected in any of the previous drilling programs and is potentially a very attractive host rock for gold mineralization. This unit definitely deserves additional drill testing.
Whole rock lithogeochemical results from samples taken in the first four holes of the 2007 program (see April 27, 2007 press release) confirm that the gold-bearing units in this area have similar geochemical signatures to that of the host rocks at the Kerr-Addison mine. These results, coupled with the highly anomalous gold assays obtained in holes NFX07-01 through 04, suggest a vector of increased gold mineralization and alteration pointing down-plunge and to the east. Additional diamond drilling is being planned in this area to test this interpretation |
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ASSAY RESULTS - LARDER LAKE PROJECT
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Hole no. |
From
(m) |
To
(m) |
Length
(m) |
Au
(g/t) |
Mineralization Type |
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NFX07-1 |
105.0 |
130.2 |
25.2 |
0.3 |
"Flow"-type |
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Including |
111.8 |
118.8 |
7.0 |
0.6 |
"Flow "-type |
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NFX07-1 |
141.9 |
155.2 |
13.3 |
0.2 |
"Carbonate"-type |
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NFX07-2 |
555.1 |
598.8 |
43.7 |
0.1 |
"Flow"-type |
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602.8 |
611.8 |
9.0 |
0.1 |
"Carbonate"-type |
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NFX07-3 |
226.5 |
275.2 |
48.7 |
0.1 |
"Flow"-type |
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Including |
269.6 |
275.2 |
5.6 |
0.5 |
"Flow"-type |
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NFX07-4 |
27.7 |
28.1 |
0.4 |
2.2 |
Qz veins + 15-20% Py |
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108.9 |
123.8 |
14.9 |
0.2 |
"Carbonate"-type ? |
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Including |
108.9 |
111.5 |
2.6 |
0.5 |
"Carbonate"-type ? |
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Including |
120.9 |
123.8 |
2.9 |
0.4 |
"Carbonate"-type ? |
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NFX07-07 |
96.8 |
108.5 |
11.7 |
0.4 |
"Flow"-type |
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Including |
98.2 |
98.7 |
0.5 |
2.5 |
"Flow"-type |
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Including |
106.5 |
106.9 |
0.4 |
4.2 |
"Flow"-type |
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NFX07-08 |
92.9 |
96.4 |
3.5 |
0.3 |
"Flow"-type ? |
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197.5 |
268.5 |
71.0 |
0.3 |
Qz-carb veining + 1-5% Py |
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Including |
197.5 |
198.0 |
0.5 |
6.8 |
Qz-carb veining + 5-10% Py |
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Including |
208.4 |
233.3 |
24.9 |
0.2 |
Qz-carb veining + 1-5% Py (loc. 15%) |
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Including |
254.4 |
255.8 |
1.4 |
4.3 |
Qz-carb veining + 1-5% Py (loc. 15%) |
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Including |
267.0 |
268.5 |
1.5 |
4.3 |
Qz-carb veining + 1-5% Py (loc. 15%) |
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694.5 |
732.0 |
37.5 |
0.4 |
Interm. dyke, stockwork qz-albitite (10-15% Py) |
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Including |
708.7 |
709.5 |
0.8 |
4.2 |
Strong albitization + 20% Py |
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NFX07-05 and NFX06-06: No significant assay
NFX07-09: Assay results are pending | |
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The technical content of the information related to LarderLake was reviewed by Mr. Bernard Boily, P. Geo., responsible for supervising the drilling campaign and qualified person for Maximus under the guidelines of National Instrument 43-101. The analytical method for gold is one (1) assay-ton fire assay, AA determination with gravimetric finish on all samples reporting over 2 grams per tonne (g/t) gold. Assaying is done at Laboratoire Expert Inc. in Rouyn-Noranda, Quebec. The quality control process includes inserting blank samples and certified standards within each batch sent to the laboratory. |
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For further information please contact:
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Thomas G. Larsen |
Fran�ois Viens |
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President and CEO |
President |
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NFX Gold Inc. |
Maximus Ventures Ltd. |
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Telephone: (416) 360-8006 |
Telephone: (450) 677-1009 |
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Facsimile: (416) 361-1333 |
Facsimile: (450) 677-2601 |
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Toll Free: (800) 360-8006
www.nfxgold.com |
www.maximusventures.com |
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The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.
Forward-looking Statements
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. | |
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NFX Gold Inc. | 55 Adelaide Street East | Suite 410 | Toronto | M5C 1K6 | Canada
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Données et statistiques pour les pays mentionnés : Canada | Tous Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous
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NFX Gold Inc
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EXPLORATEUR |
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CODE : NFX.V |
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ISIN : CA6289541097 |
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CUSIP : 628954109 |
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NFX Gold est une société d’exploration minière d'or basée au Canada. NFX Gold détient divers projets d'exploration au Canada. Ses principaux projets en exploration sont LARDER LAKE (CHIMINIS), BARBER LARDER MINE et LAKE ABITIBI au Canada. NFX Gold est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 1,4 millions CA$ (1,3 millions US$, 911 083 €). La valeur de son action a atteint son plus bas niveau récent le 30 décembre 2005 à 0,08 CA$, et son plus haut niveau récent le 24 février 2012 à 9,50 CA$. NFX Gold possède 4 690 000 actions en circulation. |
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