NFX Gold Inc.

NFX Gold Inc.
Maximus Ventures Ltd.

Maximus Ventures Ltd.

November 01, 2007 11:59 ET

Maximus Discovers Another High Grade Gold Zone at NFX's Larder Lake Property

Hole 13 intersects 13.1 g/t Au over 6.0 m in the Fernland Area Mineralization confirmed in the Bear Lake Area

LONGUEUIL, QUEBEC and TORONTO, ONTARIO--(Marketwire - Nov. 1, 2007) - Maximus Ventures Ltd. ("Maximus") (TSX VENTURE:MXV) and NFX Gold Inc. ("NFX") (TSX VENTURE:NFX) are pleased to announce the discovery of a new high grade gold zone at the Larder Lake Gold Project. Hole #13 cut 6.0 m of flow-type mineralization grading 13.1 g/t Au, including a 3.0 m section grading 19.9 g/t Au, at a depth of 160 metres below surface. This intersection, located in the Fernland area, is open down-plunge for at least 600 metres and laterally for over 300 metres. It is on the same favourable geologic horizon as the recent Bear Lake discovery, 2.3km to the east, where intercepts of 10.4 g/t Au over 5.2 m and 13.3 g/t Au over 6.0 m in hole #11 were reported in a press release dated August 16, 2007. (Visit Maximus web site for our corporate presentation and figures).

Furthermore, assay results have been received from two of the follow-up holes drilled around the high grade gold zones intersected in hole #11 in the Bear Lake Area referenced above. Hole #15, drilled 50 metres down-plunge from hole #11, intersected 1.2 g/t Au over 5.5 m followed by 7.0 g/t Au over 4.1 m. Hole #14, drilled 75 metres up-plunge from #11, also intersected both zones with the upper zone grading 0.5 g/t Au over 8.9 m and the lower zone averaging 0.5 g/t Au over 7.0 m. Results from holes #16, drilled 70 metres east of hole #11, are still pending and hole #17, drilled 50 metres west and below hole #11, is currently in progress.

Follow-up drilling to date on the Bear Lake gold zone has confirmed the continuity of the gold mineralization and the lower grades intersected in holes #14 and #15 demonstrate that both high grade and low grade shoots are present within the mineralized area. Additional drilling is required to define the strike, dip of these mineralized zones, and to further define potential higher-grade lenses. Typically, this style of mineralization in the Larder Lake area can be deeply seated and higher-grade gold mineralization within each of these gold shoots generally starts at a vertical depth of approximately 400 to 500m. The presence of albitized high iron mafic and/or ultramafic rocks is a common feature for the gold-rich lenses, which were also present in the high-grade gold zones at the nearby Kerr Addison Mine located some 6 km to the east.

While a limited number of additional holes could be drilled from the shores of Bear Lake, detailed definition drilling will be better achieved from the ice this winter and a second drill is expected to start working in January 2008. While waiting for the assay results of the two follow-up holes (#16 and #17) at Bear Lake, the drill will relocate to the Fernland area to carry out follow-up drilling laterally and down-plunge of the newly discovered high-grade mineralization.

"We are pleased with the recent results from Larder Lake," stated Francois Viens President and CEO of Maximus. "The discovery of this new high grade mineralization at Fernland confirms the potential for the multi-kilometre long geologic sequence to host a series of high grade gold deposits. The Fernland discovery is also very shallow compared to the usual high-grade mineralization found in the area. In combination with the Bear Lake discovery, our results so far suggest the possibility for a highly prospective gold camp".

Larder Lake Assay Results

Hole no. From To Length Au Zone Mineralization Type
(m) (m) (m) (g/t)

NFX07-11(i) 587.5 592.7 5.2 10.4 Bear Lake "Carbonate"-type
Including 588.0 589.5 1.5 20.8
667.0 673.0 6.0 13.3 "Flow"-type; up to
30% Py
Including 668.8 673.0 4.2 18.6

NFX07-12 Fernland Hole abandoned

NFX07-13 177.0 183.0 6.0 13.1 Fernland "Flow"-type; up to
25% Py
Including 177.0 180.0 3.0 19.9

NFX07-14 470.9 479.8 8.9 0.5 Bear Lake "Carbonate"-type
645.7 652.7 7.0 0.5 "Flow"-type; up to
10% Py

NFX07-15 593.0 598.5 5.5 1.2 Bear Lake "Carbonate"-type
705.6 709.7 4.1 7.0 "Flow"-type; up to
25% Py
Including 705.6 706.5 0.9 9.2

(i) Hole NFX07-11 previously reported

NFX07-17: Drilling in progress
NFX07-16: Assay results are pending

Larder Lake Property

The Larder Lake Project consists of the Cheminis, Bear Lake, Fernland and Barber Larder properties (all 100% 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 Larder Lake by expending $6 million on exploration by December 31, 2008.

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 turnaround time for the reception of assay results from the lab has been very slow since September, due to the very large amount of samples received with the end of the field season. The situation is gradually returning to normal.

The technical content of the information related to Larder Lake 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.

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.

The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.

Contact Information

  • Maximus Ventures Ltd.
    Francois Viens
    President and CEO
    (450) 677-1009
    (450) 677-2601 (FAX)
    NFX Gold Inc.
    Thomas G. Larsen
    President and CEO
    (416) 360-8006 or Toll Free: 1-800-360-8006
    (416) 361-1333 (FAX)