Re: News Release - Thursday, September 21, 2006
Maximus Resumes Drilling at the Hope Bay Gold Project, Nunavut;
1,000 Meters in 4 Holes on Chicago Gold Target
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Vancouver - Maximus Ventures Ltd. (MXV - TSX-V) announced today that
diamond drilling has resumed at the Chicago project within the Hope Bay
gold district of Nunavut, Canada. The Chicago and Twin Peaks projects
consist of two separate claim blocks encompassing 114 square kilometers
and held under an option from Miramar Mining Corporation.
Drilling at Chicago will comprise 4 diamond drill holes for a total of
approximately 1,000 meters, targeting the most prospective areas
identified to date. Exploration work completed by Miramar on behalf of
Maximus in 2006 has identified numerous strong and coincident
electromagnetic conductors, rock and humus sample geochemical
anomalies, and quartz-sericite-pyrite alteration zones along a 2
kilometer length of felsic volcanic rocks near a contact with overlying
basaltic volcanic rocks. This geologic setting is suggestive of
potential for a combination base & precious metal mineralization,
perhaps with volcanogenic massive sulphide affinities. Drill locations
and significant geologic features of the Chicago targets are shown on
the accompanying map. Additional drill targets are being evaluated on
the Twin Peaks claim block for possible drilling during early 2007.
"The coincident conductors, geochemical anomalies, and altered volcanic
rocks at Chicago identify several attractive targets of significant
size with potential for gold and associated base metals," noted
Frederick T. Graybeal, Maximus' President and CEO. "This year's
drilling will provide Maximus with its first look at the geology in the
third dimension and give a much improved understanding of the mineral
potential in the Chicago area."
Exploration is conducted under an option and joint venture agreement
with Miramar, which 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 vest in a joint venture interest. To date Maximus has advanced
and spent $2,200,000 on the project. Field work is done by Miramar
under contract to Maximus.
In addition to the properties at Hope Bay, Maximus is currently
drilling on the Larder Lake gold property in eastern Ontario under a
joint venture option agreement with NFX Gold Inc., and has purchase
options and claims on an early stage gold-silver property in the
western United States.
For further information:
Frederick T. Graybeal, President and CEO
(973) 635-8262
www.maximusventures.comThe TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release
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http://www.maximusventures.com/i/pdf/2006-09-21_NR.pdf 138 KB in size, approx. 27 seconds to download at 56.6Kbps
View Map:
http://www.maximusventures.com/i/maps/2006-09-21_NRM.gif 108 KB in size, approx. 21 seconds to download at 56.6Kbps
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Copyright (c) 2006 MAXIMUS VENTURES LTD. (MXV) All rights reserved.
For more information visit our website at
http://www.maximusventures.com/ or send mailto:info@maximusventures.com
Message sent on Thu Sep 21, 2006 at 11:24:49 AM Pacific Time
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