2006-12-04 12:59 ET - News Release
Mr. Frederick Graybeal reports
DRILLING BEGINS AT EXCELSIOR SPRINGS GOLD PROJECT IN NEVADA ADDITIONAL DRILLING MAY FOLLOW AT THE NEW KEYSTONE SILVER-GOLD PROJECT
Maximus Ventures Ltd. has started drilling at its Excelsior Springs gold project in Esmeralda county, Nevada. Excelsior Springs is a historic gold producer in the Walker Lane belt in western Nevada. This belt includes the Tonopah, Goldfield, Paradise Peak, Comstock Lode (Virginia city) and other major gold-silver districts. Mineralization at Excelsior Springs is confined to a two-mile-long structural zone that has been intruded by granitic dikes. Five thousand feet of reverse circulation drilling are planned in 10 holes to test for bulk tonnage, shallow gold mineralization in carbonate rocks, and pyritized shales that contain erratic quartz-gold-copper veins.
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Maximus also announced that it has completed staking and filing of 32 unpatented mining claims at the Keystone silver-gold property in Pershing county, Nevada. The claim group covers a zone of quartz-silver-gold veins hosted by faulted, metasedimentary rocks, as well as possible extensions of the vein zone to the east, under postmineral gravel cover. The exploration target at Keystone is also bulk mineralization at shallow depths. If reclamation bonding now in progress at Keystone is completed in time, Maximus may take the drill directly from Excelsior Springs to Keystone, and drill up to 8,000 feet in 15 reverse circulation holes.
"Both Excelsior Springs and Keystone properties have potential to host significant deposits of near-surface, bulk-tonnage gold-silver mineralization," noted Frederick Graybeal, president of Maximus. The gold and silver vein zones visible on surface at both properties extend under shallow, postmineral cover, so the ultimate size of both targets is larger than the areas of exposed mineralization.
Property
Excelsior Springs is covered by 42 unpatented and two patented mining claims. The patents are under lease to Maximus with an option to purchase for $300,000 (U.S.). Annual payments are $12,000 (U.S.) per year until production starts, then a minimum of $20,000 (U.S.) per year with a 2-per-cent NSR. The unpatented claims are covered by a letter of intent with escalating annual payments ending with a final payment of $200,000 (U.S.) at the end of the fourth year and a 2-per-cent royalty on gross sales. Keystone is covered by 32 unpatented mining claims held by Maximus that are subject to a finder's fee agreement. The finder's fee agreement has no payments for the first two years, then annual payments over the next four years that total $490,000 (U.S.) with no royalty.
Larder Lake and Hope Bay projects
Maximus continues to be encouraged by progress at two of its other major exploration projects. Drilling is continuing with two rigs at Maximus Larder Lake project in Eastern Ontario. In addition, 1463.5 metres of drilling has been completed in six holes at Maximus Hope Bay property and results are pending. Results of all assays will continue to be released according to previously stated policy. |
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