Two New High Grade Intersections
Wider than Previously Reported at Fernland and Bear Lake Claims of the
Larder Lake Property
Toronto, Canada: November 6,
2007 – NFX GOLD INC. (NFX: TSX Venture Exchange) NFX Gold Inc.
(“NFX”) and Maximus Ventures Ltd. (“Maximus”) are pleased
to report that additional assays from previously announced drill holes
NFX07-13 and NFX07-15 at the Larder Lake Property indicate that the “flow-ore”
style mineral intersections are wider than previously reported in each
hole. Hole NFX07-13 at Fernland was reported (Nov. 1/07) as intersecting
“flow-ore” style mineralization grading 13.1 gpt Au over 6.0 m. Additional
analysis indicates that this high grade intersection occurs within a wider
zone of the favourable “flow-ore” horizon that grades 6.9 gpt Au over
13.5m.
Similarly, hole NFX07-15 at Bear
Lake was reported (Nov. 1/07) as intersecting “flow-ore” style mineralization
grading 7.0 gpt Au over 4.1m. Additional analysis indicates that this high
grade intersection previously reported also occurs in a wider zone of the
favourable “flow-ore” horizon that grades 3.9 gpt Au over 10.7m. Although
lower grade, the length times grade indicator for the wider zone of mineralization
adds confidence the zone is continuous down-plunge.
Fernland
At Fernland, hole NFX07-13 was
drilled down-plunge from two shallower holes completed in 2006. The 2006
holes, NFX06-05 and NFX06-16, are spaced approximately 200 m along strike
of each other and contain intersections of “flow-ore” mineralization
at vertical depths of 90m and 140m, respectively. The grade of the “flow-ore”
intersections in each hole is 1.56 gpt Au over 9.55m and 1.27 gpt Au over
12.7m, respectively. The success of hole NFX07-13 by intersecting high
grade “flow-ore” mineralization between these holes at a vertical depth
of 160m demonstrates an improved geological understanding of the geometry
of the mineral zones and the importance of diligent follow-up drilling
of lower grade intersections.
A series of six drill holes are
planned at Fernland to follow-up the high grade “flow-ore” intersection
in hole NFX07-13 and delimit the lateral extent and continuity of the zone
along the indicated steep southeast plunge. The drill has moved from the
Bear Lake property to commence the follow-up program at Fernland while
Maximus completes sampling, assaying and compiling results from four follow-up
drill holes completed at Bear Lake.
Bear Lake
At Bear Lake, 2.5 kms east of Fernland,
two new high grade intersections in hole NFX07-11 were previously reported
(Aug 15/07). The first intersection in hole NFX07-11 was reported as carbonate
style mineralization grading 10.4 gpt Au over 5.2 m. The second intersection
in hole NFX07-11 was reported as “flow-ore” style mineralization at the
south sedimentary contact grading 13.3 gpt Au over 6.0 m. Additional analysis
indicates the high grade “flow-ore” intersection previously reported
in hole NFX07-11 occurs within a wider zone of the favourable “flow-ore”
horizon grading 8.0 gpt Au over 10.1m.
Four follow-up drill holes have
been completed in a relatively close spaced pattern (50-75m) surrounding
hole NFX07-11. Results were previously reported (Nov 1/07) for two of the
four holes, namely, NFX07-14 and 15 drilled up and down-plunge, respectively
of hole NFX07-11. NFX07-15 drilled approximately 50 m down-plunge from
NFX07-11 successfully intersected the higher grade “flow-ore” mineralization
in a zone originally reported as grading 7.0 gpt Au over 4.1m. Additional
analysis indicates the high grade intersection occurs in a wider interval
of mineralization that extends into the sediments at the south contact.
The entire intersection of continuous mineralization is longer than originally
reported (Nov 1/07) grading 3.9 gpt Au over 10.7m.
The results from the three carbonate
style mineral intersections in holes NFX07-11, 14 and 15 at Bear Lake are
typical of the variable gold concentrations encountered in the carbonate
style mineralization of the Larder Lake deposits. The “flow-ore” style
mineral zones characteristically demonstrate better grade and continuity
than the carbonate style mineral zones and are therefore the primary targets
for follow-up drilling.
Thomas Larsen, President and CEO
of NFX states, “I am extremely pleased that hole NFX07-15 at Bear Lake
has confirmed that “flow-ore” gold mineralization is continuing down-plunge
from the high grade “flow-ore” intersection in discovery hole NFX07-11.
The style and grade of the mineralization are typical of the world class
Kerr-Addison orebodies located only 5km east along the same geological
structure.
The new high-grade “flow-ore”
intersection at Fernland, 2.5 kms west of Bear Lake, occurs at a relatively
shallow depth in comparison to historic “flow-type” intersections of
similar grade and demonstrates the potential for discovering additional
high-grade ore shoots along this 8 kilometer long geologic sequence across
the 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 at the Cheminis, Fernland, and Bear Lake claims and 45% interest
in NFX’s 100% owned Barber Larder claims that comprise the Larder Lake
Property by expending Cdn$6 million on exploration by December 31, 2008.
Results of planned drilling program at Fernland will be released when available.
Although several high grade assays have been intersected, there is no stastistical
basis for cutting to a lower value at the present time.
The technical content of this press
release has been reviewed by Alex S. Horvath, P.Eng, NFX Gold Inc. and
Bernard Boily, P.Geo., Maximus, both qualified professionals according
to NI 43-101 guidelines.
For further information please
contact either:
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François Viens
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Thomas G. Larsen
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President and CEO
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President and CEO
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Maximus Ventures Ltd.
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NFX Gold Inc.
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Telephone: (450) 677-1009
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Telephone: (416) 360-8006
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Facsimile: (450) 677-2601
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Facsimile: (416) 361-1333
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www.maximusventures.com
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Toll Free: (800) 360-8006
www.nfxgold.com |
The TSX Venture Exchange Inc.
has not reviewed and does not accept responsibility for the adequacy or
accuracy of this release.
NOTE: AN UPDATED SECTION
INDICATING THE HOLE LOCATIONS/RESULTS CAN BE VIEWED ON WWW.SEDAR.COM OR
THE COMPANY'S WEBSITE.
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. Potential quantity and grade is conceptual
in nature. There has been insufficient exploration to define a mineral
resource on the properties mentioned above and it is uncertain if further
exploration will result in any such target being delineated as a mineral
resource. 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.
(Not for dissemination in the
United States.)
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Bear Lake Gold Ltd.
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EXPLORATEUR |
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CODE : BLG.V |
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ISIN : CA07381Q2053 |
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Bear Lake est une société d’exploration minière d'or basée au Canada. Bear Lake détient divers projets d'exploration en USA et au Canada. Ses principaux projets en exploration sont HOPE BAY (ORO), LARDER LAKE (CHIMINIS) et LEMOYNE au Canada et UNITY en USA. Bear Lake est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 5,5 millions CA$ (5,0 millions US$, 3,6 millions €). La valeur de son action a atteint son plus haut niveau récent le 31 mars 2006 à 3,00 CA$, et son plus bas niveau récent le 20 décembre 2013 à 0,01 CA$. Bear Lake possède 136 380 000 actions en circulation. |