NFX Gold Inc.
TSX VENTURE : NFX

NFX Gold Inc.
Maximus Ventures Ltd.

Maximus Ventures Ltd.

November 06, 2007 14:26 ET

Two New High Grade Intersections Wider than Previously Reported at Fernland and Bear Lake Claims of the Larder Lake Property

TORONTO, ONTARIO--(Marketwire - Nov. 6, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES.

NFX Gold Inc. ("NFX") (TSX VENTURE: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.

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.

To view a copy of "Larder Lake Property", please visit the link below:

http://www.ccnmatthews.com/docs/nfxmap1106.pdf

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

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