2006-06-05 11:38 ET - News Release
See News Release (C-NFX) NFX Gold Inc
Mr. Thomas Larsen of NFX reports
NFX AND MAXIMUS RESUME DRILLING AT LARDER LAKE GOLD PROJECT, ONTARIO UP TO 16,000M OF DRILLING IN 24 HOLES TO TEST HISTORIC RESOURCES AND NEW TARGETS
NFX Gold Inc. and Maximus Ventures Ltd. have commenced diamond drilling at the Larder Lake gold project near Larder Lake in Ontario. The 2006 drill program has located sites for an initial 10 holes, with up to 24 holes possible by the end of the year (6,600 metres to 16,000 m), all focused on resource expansion and regional exploration around the historic Cheminis gold mine. The Cheminis gold mine is hosted in similar rocks and is on the same zone of faulting as the Kerr Addison gold mine and the Kirkland Lake district (respectively two kilometres east and 19 km west of the property), which in total have produced approximately 37 million ounces of gold.
Exploration objectives for 2006
The objectives of the 2006 drill program are to test:
1. for high-grade gold mineralization below and adjacent to the Cheminis gold mine, as well as the Fernland and Bear Lake prospects;
2. several shallow, near-surface zones of gold mineralization for their potential to host resources that might be amenable to open-pit mining; and
3. shallow and deeper gold targets on three regional-scale fault zones north of the Cheminis mine for Kerr-Addison-type deposits.
The regional-scale faults are part of the Larder Lake break, a larger zone of connected faults that extends over 200 km east from Kirkland Lake, through Larder Lake, to Val d'Or, along which numerous large gold mining districts are located.
"The presence of three essentially untested faults, close to zones of known gold mineralization, enhances the potential for new discoveries on the Larder Lake property," said Frederick Graybeal, president and chief executive officer of Maximus. "Further exploration for new ore zones near the existing Cheminis resource is justified by improved gold prices, a better understanding of potential geologic controls on gold mineralization within the region and the recognition of three parallel, essentially untested, Kerr-Addison-style, regional faults that appear to act as the pathways for mineralizing fluids."
Cheminis mine
The Cheminis mine hosts an in situ measured and indicated mineral resource of 1,619,082 tons grading 0.175 ounce per ton gold and an in situ inferred mineral resource of 924,275 tons grading 0.189 ounce per ton gold (see NFX's National Instrument 43-101 technical report dated Nov, 20, 2003, prepared by MRB & Associates, available on SEDAR). These estimates were prepared by G.M. Hogg in 1998, in accordance with National Policy 2A, the requirement in 1998 when the resource estimates were made, and as such, are not National Instrument 43-101-compliant.
Most of the 876 holes drilled previously at Larder Lake have focused on the fault strand that controls gold mineralization at the Cheminis mine and Fernland, Bear Lake and Barber Larder prospects. However, an analysis of assays and geologic information in the property database by consultants to NFX and Maximus has identified three additional altered and mineralized fault zones north of the Cheminis mine. These three fault zones extend across a cumulative 11 km of the project and a compilation of historic data indicates very limited drilling along these important, ore-controlling structures. The northernmost of these structures may extend through the site of the now-closed Kerr Addison mine (11 million ounces of gold produced at a grade of 0.29 ounce per ton gold), located two kilometres to the east of the project property boundary.
Further information on the Larder Lake property can be found in a Maximus report titled "Technical Report, NI-43-101 and 43-101F1, Larder Lake Property, Larder Lake, Ontario," dated Feb. 20, 2006, prepared by MRB & Associates, and also filed on SEDAR.
Larder Lake property
The Larder Lake project consists of the Cheminis, Bear Lake and Fernland properties (all owned 100 per cent by NFX) and the Barber Larder property (75 per cent owned by NFX). Under the joint venture option letter agreement between NFX and Maximus signed on Nov. 24, 2005, and closed on March 3, 2006, Maximus acquired the right to earn a 60-per-cent interest in NFX's interest at Larder Lake by expending $6-million on exploration thereon by Dec. 31, 2008. Minimum expenditures must total $700,000 by July 31, 2006, to continue the option. As part of the option and joint venture agreement, NFX has issued to Maximus eight million NFX warrants expiring in annual blocks or under certain NFX market share price thresholds, as described by Maximus in Stockwatch news March 7, 2006.
We seek Safe Harbor.
See News Release (C-NFX) NFX Gold Inc
Mr. Thomas Larsen of NFX reports
NFX AND MAXIMUS RESUME DRILLING AT LARDER LAKE GOLD PROJECT, ONTARIO UP TO 16,000M OF DRILLING IN 24 HOLES TO TEST HISTORIC RESOURCES AND NEW TARGETS
NFX Gold Inc. and Maximus Ventures Ltd. have commenced diamond drilling at the Larder Lake gold project near Larder Lake in Ontario. The 2006 drill program has located sites for an initial 10 holes, with up to 24 holes possible by the end of the year (6,600 metres to 16,000 m), all focused on resource expansion and regional exploration around the historic Cheminis gold mine. The Cheminis gold mine is hosted in similar rocks and is on the same zone of faulting as the Kerr Addison gold mine and the Kirkland Lake district (respectively two kilometres east and 19 km west of the property), which in total have produced approximately 37 million ounces of gold.
Exploration objectives for 2006
The objectives of the 2006 drill program are to test:
1. for high-grade gold mineralization below and adjacent to the Cheminis gold mine, as well as the Fernland and Bear Lake prospects;
2. several shallow, near-surface zones of gold mineralization for their potential to host resources that might be amenable to open-pit mining; and
3. shallow and deeper gold targets on three regional-scale fault zones north of the Cheminis mine for Kerr-Addison-type deposits.
The regional-scale faults are part of the Larder Lake break, a larger zone of connected faults that extends over 200 km east from Kirkland Lake, through Larder Lake, to Val d'Or, along which numerous large gold mining districts are located.
"The presence of three essentially untested faults, close to zones of known gold mineralization, enhances the potential for new discoveries on the Larder Lake property," said Frederick Graybeal, president and chief executive officer of Maximus. "Further exploration for new ore zones near the existing Cheminis resource is justified by improved gold prices, a better understanding of potential geologic controls on gold mineralization within the region and the recognition of three parallel, essentially untested, Kerr-Addison-style, regional faults that appear to act as the pathways for mineralizing fluids."
Cheminis mine
The Cheminis mine hosts an in situ measured and indicated mineral resource of 1,619,082 tons grading 0.175 ounce per ton gold and an in situ inferred mineral resource of 924,275 tons grading 0.189 ounce per ton gold (see NFX's National Instrument 43-101 technical report dated Nov, 20, 2003, prepared by MRB & Associates, available on SEDAR). These estimates were prepared by G.M. Hogg in 1998, in accordance with National Policy 2A, the requirement in 1998 when the resource estimates were made, and as such, are not National Instrument 43-101-compliant.
Most of the 876 holes drilled previously at Larder Lake have focused on the fault strand that controls gold mineralization at the Cheminis mine and Fernland, Bear Lake and Barber Larder prospects. However, an analysis of assays and geologic information in the property database by consultants to NFX and Maximus has identified three additional altered and mineralized fault zones north of the Cheminis mine. These three fault zones extend across a cumulative 11 km of the project and a compilation of historic data indicates very limited drilling along these important, ore-controlling structures. The northernmost of these structures may extend through the site of the now-closed Kerr Addison mine (11 million ounces of gold produced at a grade of 0.29 ounce per ton gold), located two kilometres to the east of the project property boundary.
Further information on the Larder Lake property can be found in a Maximus report titled "Technical Report, NI-43-101 and 43-101F1, Larder Lake Property, Larder Lake, Ontario," dated Feb. 20, 2006, prepared by MRB & Associates, and also filed on SEDAR.
Larder Lake property
The Larder Lake project consists of the Cheminis, Bear Lake and Fernland properties (all owned 100 per cent by NFX) and the Barber Larder property (75 per cent owned by NFX). Under the joint venture option letter agreement between NFX and Maximus signed on Nov. 24, 2005, and closed on March 3, 2006, Maximus acquired the right to earn a 60-per-cent interest in NFX's interest at Larder Lake by expending $6-million on exploration thereon by Dec. 31, 2008. Minimum expenditures must total $700,000 by July 31, 2006, to continue the option. As part of the option and joint venture agreement, NFX has issued to Maximus eight million NFX warrants expiring in annual blocks or under certain NFX market share price thresholds, as described by Maximus in Stockwatch news March 7, 2006.
We seek Safe Harbor.
