NFX Gold drills 4.7 m of 5.49 g/t Au at Larder Lake
2006-12-06 14:24 ET - News Release
See News Release (C-NFX) NFX Gold Inc
Mr. Thomas Larsen of NFX reports
MAXIMUS AND NFX REPORT ASSAYS FROM LARDER LAKE GOLD PROJECT, ONTARIO
NFX Gold Inc. and Maximus Ventures Ltd. today recorded assay results from 10 additional diamond drill holes at the Larder Lake gold project. The results include significant gold mineralization from holes in several areas along the southernmost strand of the Larder Lake fault zone, on strike from but outside of the existing historic resource in the Cheminis gold mine. These 10 holes are part of a continuing reconnaissance drilling program being conducted on the Larder Lake property.
These new intersections are distributed along a two-kilometre length of the Larder Lake fault zone, on strike from but outside of the Cheminis historic resource, and confirm the initial exploration concept that important gold grades extend well beyond the Cheminis resource, into the Fernland and Bear Lake areas, noted Frederick T. Graybeal, Maximus president. The higher-grade gold intersections in holes NFX06-10, NFX06-11, NFX06-13, and NFX06-18 are relatively narrow, but warrant follow-up to determine whether they represent the edges of potential new oreshoots. Maximus has not yet begun testing the three recently identified fault strands north of the Cheminis mine, which will be targeted in an aggressive exploration campaign being planned for 2007.
Maximus expenditures to date have exceeded its 2006 cumulative expenditure obligations of $1.2-million under the option and joint venture agreement with NFX. The project area covered by the agreement includes the historic Cheminis gold mine and is on the Larder Lake break, a larger zone of connected faults that extends over 200 kilometres east from Kirkland Lake, through Larder Lake, to Val d'Or, and along which numerous large gold mining districts are located. Numerous additional targets remain to be drilled within the highly prospective Larder Lake gold district.
Exploration objectives
Maximus objective in its 2006/2007 drill program is to test favourable host rocks (iron-rich basalt flows and ultramafic rocks) where they are cut by strong fault zones and are heavily altered (mixtures of sericite, fuchsite, pyrite, quartz veins and carbonate minerals), a geologic setting commonly associated with gold mineralization in the Larder Lake area, including that of the historic producing Cheminis gold mine. Areas being drilled in 2006 within the joint venture land are along the same fault that hosts the gold resource at Cheminis. In addition to close-spaced drilling to offset the better holes drilled in 2006, additional drilling is planned to explore new faults north of the Cheminis mine identified during the 2005 drilling program, which targets represent large, previously unexplored tracts of favourable structure analogous to that hosting the Cheminis mine.
Most of the 23 holes completed during the 2006 program have been widely spaced reconnaissance holes designed to evaluate areas outside of known resource zones with few or no previously known drill holes. These drill holes will provide an initial assessment of several target areas that Maximus believes have potential to host significant gold systems. Once Maximus has completed the 2006 program, it will prioritize targets for further evaluation. The policy for reporting assays was given in the July 18, 2006, news in Stockwatch by Maximus and NFX.
Drill program details
Twenty-three diamond drill holes (11,994 metres) have been completed in 2006. Assay results received since the previous news in Stockwatch of Oct. 19, 2006, are below (additional assays are pending for holes NFX06-17 and NFX06-18 and no assay results are available for holes NFX06-19 to NFX06-23 inclusive):
Hole No. From To Length Gold(1)(2) Mineralization
(metres) (metres) (metres) (g/t) type(3)
NFX06-09 <1 m @ +1 g/t <3 g/t
NFX06-10 142.10 142.65 0.55 4.70 Conglomerate
and 168.60 169.70 1.10 3.43 Conglomerate
and 430.50 436.10 5.60 2.32 Sediment
incl. 433.40 434.90 1.51 6.91 Sediment
and 516.95 519.55 2.60 3.41 Sediment
incl. 518.45 519.55 1.10 7.05 Sediment
and 534.05 534.60 0.55 5.89 Sediment
and 568.80 570.80 2.00 1.66 Sediment
incl. 568.80 569.50 0.70 4.30 Sediment
and 573.45 574.85 1.40 3.02 Sediment
and 759.15 760.30 1.15 3.25 Flow
NFX06-11* 71.00 75.70 4.70 5.49 Flow
incl. 72.15 74.65 2.50 8.78 Flow
NFX06-12 131.90 133.10 1.20 2.39 Flow
incl. 132.90 133.10 0.20 12.41 Flow
NFX06-13 278.55 279.95 1.4 5.45 Flow
incl. 278.55 279.30 0.75 9.79 Flow
NFX06-14 <1 grams per tonne
NFX06-15 258.90 266.00 7.10 1.32 Sediment/Flow
incl. 260.90 262.45 1.55 3.64 Sediment/Flow
and 489.55 494.85 5.30 1.77 Sediment/Flow
incl. 491.95 494.85 2.90 2.85 Sediment/Flow
NFX06-16 162.15 168.00 5.85 2.01 Sediment/Flow
incl. 165.85 166.75 0.90 5.17 Sediment/Flow
NFX06-17 <1 m @ +1 g/t <3 g/t
NFX 06-18 253.00 255.35 2.35 4.29 Flow
incl. 254.45 255.35 0.90 6.45 Flow
Notes:
(1) Metres -- length reported in metres of drilled core and
is not necessarily the "true" width
(2) Au grams per tonne (g/t) -- gold grades reported in units
of grams per tonne gold; all gold assays performed by Expert
Laboratories in Rouyn, Que., using standard fire assaying
protocols; assay results from the 2006 drill program
considered accurate, precise and free of contamination as
determined from assay results of quality control certified
reference standards, field blank standards and duplicate
samples submitted during the program; core recovery generally
exceeded 95 per cent
(3) Flow -- contains abundant pyrite in altered volcanic
rock; carbonate contains abundant ankerite, quartz veins,
occasional visible gold and only minor pyrite
* Intersection from 71 metres to 75.7 metres with 5.49 g/t
reported on Oct. 19, 2006.
The technical content of this news release has been reviewed by Martin Bourgoin, PGeo, responsible for supervising the drilling campaign and is the qualified person for Maximus under the guidelines of National Instrument 43-101.
Larder Lake geology
The Cheminis mine hosts an historic measured and indicated mineral resource of 1,619,082 tons grading 0.175 ounce per ton gold and an historic 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. Since these estimates were prepared before the introduction of National Instrument 43-101, they should be treated as historical estimates only. Investors are cautioned that recent independent verification has not been completed and Maximus has not completed sufficient work to independently verify the historical resource and reserve estimates. Maximus is not treating the historical estimates as National Instrument 43-101-defined resources and reserves verified by a qualified person and the historical estimates should not be relied upon.
Most of the 876 holes drilled previously at Larder Lake have focused on a single 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 kilometres 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 Au), 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, National Instrument 43-101 and 43-101F1, Larder Lake property, Larder Lake, Ont.," 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 100 per cent NFX owned) and the Barber Larder property (75 per cent NFX owned). Under the agreement between NFX and Maximus signed 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.
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