Maximus Discovers Significant Gold-Silver Mineralization at Chicago, Hope Bay Project 104 meter zone of stockwork-like gold-silver mineralization in hole #6
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Vancouver. Maximus Ventures Ltd. announced today the discovery of a potentially significant zone of gold-silver mineralization in the Chicago area part of the Hope Bay gold project in Nunavut, Canada. The mineralization occurs near the stratigraphic top of a prospective felsic volcanic sequence, interpreted to be a similar geological setting to volcanogenic massive sulfide-associated gold deposits such as the Bousquet, La Ronde, Quemont, and Eagle mines in northwestern Quebec.
Highlights
Assay results from six diamond drill holes completed in the Chicago area of the Hope Bay Project have been received and the most significant result is a 104 meter intercept in hole #6, which averaged 0.19 g/t gold and 7.8 g/t silver starting at a depth of 136.5 meters. An upper zone, starting at 1.75 meters depth, intersected 34.75 meters grading 0.21g/t gold and 5.3 g/t silver. The grade of both intersections is consistent throughout and is associated with sericite and pyrite alteration of felsic volcanic rocks and associated quartz stockwork veins along with elevated levels of tellurium, and traces of copper and zinc sulphide minerals. Several shorter (1-5 meter long) intersections of similar mineralization in the other five holes drilled along the 1,200 meter Chicago trend in 2006 suggest the presence of a large gold-silver mineralized system, and work in 2007 will be focused on identifying higher grade portions of this system. The 2006 drilling was wide spaced with hole #006 located over 400 meters south of the nearest drilling, which leaves the mineralization open in all directions.
"The pervasive nature of the gold-silver mineralization and length of the intersections in hole #6 are striking," noted Francois Viens, Maximus' President and CEO. "The intersections are near the stratigraphic top of a thick section of felsic volcanic rocks, which is similar to volcanogenic massive sulphide-associated gold deposits such as the Bousquet, La Ronde, Quemont, and Eagle mines in northwestern Quebec." While the gold and silver grades intersected at Chicago are sub-economic, they may represent distal mineralization related to nearby higher grade volcanogenic massive sulfide deposits or stockwork feeder zones below overlying massive sulfides. "This is a relatively new exploration model for the Hope Bay gold belt," said Mr. Viens. "Maximus plans to follow up the encouraging intersections in hole #6 with additional drilling as soon as the Hope Bay camp is reopened in 2007."
Geologic Setting
The Hope Bay volcanic belt is an Archean greenstone belt with many similarities to other Archean belts in Canada, Australia and elsewhere. The Hope Bay volcanic belt hosts several major gold discoveries which are being explored by Miramar Mining Corporation (Miramar). In addition, the Hope Bay volcanic belt hosts felsic volcanic sequences which are prospective for volcanogenic massive sulphide deposits. The Chicago area is one of these felsic volcanic sequences and has been the focus of Maximus' 2006 exploration activities.
Volcanogenic massive sulphide gold deposits form on or near the sea floor as a result of hydrothermal activity related to volcanism. The styles of mineralization can vary dramatically from massive sulphides to disseminated and stockwork mineralization depending on the geologic conditions at the time of mineralization and any subsequent deformation and metamorphism. Variations in major and trace element contents of the host rocks in these systems may be used to vector an exploration program toward higher grade massive sulfide deposits and an extensive suite of whole rock analyses collected from the six holes drilled in 2006 will be used to assist with drill hole targeting in 2007. Additional geophysical surveys may also be used to aid in targeting.
Maximus plans to restart drilling at Chicago in late February or March 2007, when the Hope Bay camp reopens, and a minimum of four holes are planned to follow up on the results from hole #6.
Two maps accompany this release, one showing the location of the Chicago claim block and the second showing drill hole locations with the local geology. Additional drill targets are also being evaluated by Maximus on the Twin Peaks claim block.
Assay results
Six holes were drilled (1,463 meters) and results are summarized below. Maximus emphasizes that although the analytical results are sub-economic, they do provide exploration information of considerable importance.
Hole - From (m) - To (m) - Length (m) - Gold (g/t) - Silver (g/t)
004 - 220.00 - 223.50 - 3.50 - 0.16 - 14.3
005 - 58.58 - 62.50 - 3.92 - 0.40 - 0.60
006 - 1.75 - 36.50 - 34.75 - 0.21 - 5.3
And - 136.5 - 240.5 - 104.00 - 0.19 - 7.8
includes - 150.0 - 150.75 - 0.75 - 2.24 - 148.0
007 - 246.00 - 247.50 - 1.50 - 0.56 - 47.0
008 - 178.00 - 181.00 - 3.00 - 0.24 - 13.1
- 190.00 - 192.00 - 2.00 - 0.38 - 7.4
- 200.50 - 203.00 - 2.50 - 0.12 - 16.2
- 221.00 - 226.00 - 5.00 - 0.12 - 4.2
009 - 178.88 - 180.38 - 1,50 - 0.24 - 5.3
The technical information in this release was prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed by John Wakeford, P. Geo. and Vice President of Exploration for Miramar. The analytical method for gold is by gravimetric assay, with metallic screen assays for all samples assaying over 20 grams per tonne (g/t) gold. The analytical method for silver is done by mass spectrometer and atomic emission spectrometer (AES) multi-element ICP (Inductively Coupled Plasma). Any silver values reporting greater than 100 grams per ton (g/t) are re-analyzed and finished by atomic absorption method complete with appropriate standards. Assaying is done by ALS Chemex in North Vancouver. Check assays are completed by TSL Laboratories of Saskatoon, Saskatchewan Blank samples and standards with known amounts of metal were submitted as part of the quality control process.
Property
The Chicago and Twin Peaks areas are two separate claim blocks covering 114 square kilometers and held under an option and joint venture agreement with Miramar. The option and joint venture agreement allows Maximus to earn a 75 percent interest in the Chicago and Twin Peaks claim groups. Terms of the agreement require cumulative expenditures and advances of at least $3,250,000 by April 30, 2007, $5,250,000 by April 30, 2008, and $7,250,000 by April 30, 2009 to complete the earn-in. Miramar has the option to buy back 25 percent after vesting by Maximus. Through December 2006 Maximus has advanced and spent $2,427,653 on the project. Field work is done by Miramar under contract to Maximus.
For further information:
Francois Viens, President and CEO
(450) 677-1009
www.maximusventures.com