Two New High Grade Intersections Wider than
Previously Reported at Fernland and BearLake Claims of the LarderLake
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 BearLake
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 BearLake 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 BearLake.
BearLake
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 BearLake are typical of the variable gold
concentrations encountered in the carbonate style mineralization of the
LarderLake 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 BearLake 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 BearLake, 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.
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