| NFX GOLD INC. |
PRESS RELEASE |
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NFX/Maximus cut the highest gold grade intersected to date in the Bear Lake area at Larder Lake
Hole NFX08-35 intersects 18.3 g/t Gold over 4.8 m, including 163.5g/t Gold over 0.5m
 Toronto, Ontario and Longueuil, Quebec: March 31, 2008. NFX Gold Inc. ("NFX") (TSX.V:NFX) and Maximus Ventures Ltd. ("Maximus") (TSX.V: MXV) are pleased to announce today the results from the first four holes from its 2008 follow-up drilling program targeting the Bear Lake area of the Larder Lake Property in Ontario. Hole NFX08-35 intersected 4.8 metres of flow-type mineralization grading 18.3g/t gold, including a section of 0.5 meter, which yielded 163.5g/t gold. Hole NFX08-35 was drilled 450m up-dip and 50m east from hole NFX07-11, which intersected 10.2 meters grading 8.0 g/t Au (as reported on August 16, 2007). The intercept in hole NFX08-35 contains the highest single gold value encountered to date in the Bear Lake area.
The intercept in hole NFX08-35 was cut at 120m below surface, clearly showing that high-grade gold mineralization at Bear Lake occurs close to surface and extends at least 550m down-plunge and is open laterally for over 500m. This new intersection opens up a large area where significant tonnage and high gold grades could be present. Additional assay results from other intersections of hole NFX08-35 are pending.
Assay results from holes NFX08-26, 27 and 28 were also received and, although all holes did cut flow-type mineralization, they did not yield significant gold values. Based on geological interpretation of the ore zones at the now-closed Kerr-Addison Mine located 5km east of Bear Lake, both high-grade and low-grade shoots are to be expected within carbonate-type and flow-type mineralization at Bear Lake.
After a slow start-up in early February, due to the poor condition of the ice, a total of 11 holes (holes NFX08-24 to 35, totalling 4,480 metres) have been completed at Bear Lake during 2008 (see figure). The results from hole NFX08-35 are very encouraging and there are currently 3 drills working on the ice at Bear Lake. Drilling will continue to systematically test the Bear Lake Gold Zone along strike and down-plunge to a vertical depth of 1,000m, using a 125m to 150m hole spacing. This spacing will be adjusted as new assay results are received.
Highlights of Larder Lake Assay Results (Bear Lake Area)
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 31, 2008. To date, Maximus have spent approximately $4.8 million.
As part of its QA/QC program, Maximus carries 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 turnaround time for the reception of assay results from the lab is around 1..5 weeks (rush) to 3 weeks.
The technical content of the information, related to Larder Lake, was reviewed by Mr. Bernard Boily, P. Geo., responsible for supervising the drilling program 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. All assays reporting over 10g/t Au are automatically re-checked using the rejects. 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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Fran�ois Viens |
Thomas G. Larsen |
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President and CEO |
President and CEO |
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Maximus Ventures Ltd. |
NFX Gold Inc. |
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Telephone: (450) 677-1009 |
Telephone: (416) 360-8006 |
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Facsimile: (450) 677-2601 |
Facsimile: (416) 361-1333 |
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www.maximusventures.com |
Toll Free: (800) 360-8006
www.nfxgold.com | |
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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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