NFX Gold Inc.
TSX VENTURE : NFX

NFX Gold Inc.

December 20, 2007 09:00 ET

NFX and Maximus Confirm Extension of the Bear Lake Gold Zone at Larder Lake

Hole 17A intersected 11.4 g/t Au over 3.0m and 6.0 g/t Au over 4.8 m

LONGUEUIL, QUEBEC and TORONTO, ONTARIO--(Marketwire - Dec. 20, 2007) - NFX Gold Inc. ("NFX") (TSX VENTURE:NFX) and Maximus Ventures Ltd. ("Maximus") (TSX VENTURE:MXV) are pleased to announce the results from two more follow-up holes in the Bear Lake Area of NFX's Larder Lake Property located in Ontario, Canada. Two holes, #16 and #17A, were respectively drilled 75m east and 75m west of hole #11 that intersected two high grade zones (10.4g/t Au over 5.2m and 8.0g/t Au over 10.2m), as reported on August 16, 2007. Hole #17A intersected "flow"-type mineralization grading 4.9g/t Au over 8.1m, including 11.4g/t Au over 3.0m. Hole #17A also intersected "carbonate"-type mineralization that assayed 6.0g/t Au over 4.8m, including 9.7g/t Au over 1.3m. Hole #16 intercepted modest mineralization.

"Results of the five holes drilled to date show the strong continuity of the mineralization and confirm that a large gold mineralized system is present at Bear Lake with both high grade and low-grade lenses occurring within the mineralized area", said Francois Viens, President and CEO of Maximus Ventures. "The mineralization at Bear Lake shows strong similarities with the ore zones at the historic Kerr-Addison gold mine (6km to the east), characterized by alternating higher and lower grade ore shoots."

Drilling is on-going in the Fernland area on the Larder Lake property where a six-hole program is testing the extension of the high-grade gold mineralization intersected in hole #13 that graded 6.9g/t Au over 13.5m, including 13.1g/t Au over 6.0m (see November 1 and 6, 2007 press releases). The results for these step out holes are still pending.

Once the current program at Fernland is completed in January 2008, drilling will resume at Bear Lake with the objective of systematically testing the higher-grade lenses laterally and down-plunge to a vertical depth of 1000m.

Drill Results Details

The "Carbonate"-type mineralization was intersected at 689m in hole #17A along with a stockwork of strongly albitized veinlets and 2-3% Py. This section graded 6.0g/t Au over 4.8m, including 9.7g/t Au over 1.3m. Then, at 740m, hole #17A intersected "Flow"-type mineralization. Several small grains of visible gold were observed in quartz veinlets. Overall, pyrite content varies between 2 to 5%. Assay results from this section returned 4.9g/t Au over 8.1m, including 11.4 g/t Au over 3.0m.

Furthermore, a graphitic fault zone intersected at 601m in hole #17A assayed 12.2g/t Au over 0.5m, which indicates that the fault zones in the Bear Lake area might have served as conduits for gold-bearing fluids. The presence of these gold-bearing fault zones in the Bear Lake Area potentially indicates the presence of an extensive gold-rich mineralized system.

Hole #16, drilled 75 metres east from hole #11, did not intersect the "Carbonate"-type mineralization that was faulted-off by a 9m wide fault zone at 635m, but intersected the "Flow"-type mineralization at 662m which returned 1.8g/t Au over 6.0m, including a section grading 4.2g/t Au over 0.5m. The attitude and extent of this thick fault zone will only be assessed once more holes are drilled in the area.

The following table shows the results to date from the Bear Lake area.



Highlights of Larder Lake Assay Results

------------------------------------------------------------------------
Hole no. From To Length Au Mineralization Type
(m) (m) (m) (g/t)
------------------------------------------------------------------------
------------------------------------------------------------------------
NFX07-11(i)
------------------------------------------------------------------------
587.5 592.7 5.2 10.4 "Carbonate"-type;
------------------------------------------------------------------------
Including 588.0 589.5 1.5 20.8
------------------------------------------------------------------------
664.6 674.8 10.2 8.0 "Flow"-type; up to 30% Py
------------------------------------------------------------------------
Including 667.0 673.0 6.0 13.3
------------------------------------------------------------------------
or 668.8 673.0 4.2 18.6
------------------------------------------------------------------------

------------------------------------------------------------------------
NFX07-14(i) 470.9 479.8 8.9 0.5 "Carbonate"-type; 1-5% Py
------------------------------------------------------------------------
647.5 652.7 7.0 0.5 "Flow"-type; up to 20% Py
------------------------------------------------------------------------

------------------------------------------------------------------------
NFX07-15(i) 593.0 598.5 5.5 1.2 "Carbonate"-type; tr-1% Py
------------------------------------------------------------------------
701.0 711.7 10.7 3.9 "Flow"-type; up to 25% Py
------------------------------------------------------------------------
Including 705.6 709.7 4.1 7.0
------------------------------------------------------------------------

------------------------------------------------------------------------
NFX07-16 658.0 664.0 6.0 1.8 "Flow"-type; 3-5% Py
------------------------------------------------------------------------
Including 662.2 662.7 0.5 4.2
------------------------------------------------------------------------

------------------------------------------------------------------------
NFX07-17A 600.5 601.0 0.5 12.2 Graphitic Fault Zone
------------------------------------------------------------------------
686.5 691.3 4.8 6.0 "Carbonate"-type; 2-3% Py
------------------------------------------------------------------------
Including 690.0 691.3 1.3 9.7
------------------------------------------------------------------------
736.9 745.0 8.1 4.9 "Flow"-type; 2-5% Py
------------------------------------------------------------------------
Including 738.0 741.0 3.0 11.4
------------------------------------------------------------------------
(i) Hole NFX07-11, 14 and 15 previously released


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.

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)
    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