Results from its 2007 drilling program in the Hope Bay gold belt of Nunavut have yielded significant gold and silver values for Maximus Ventures (MXV-V).
The Canadian junior holds two property blocks in the Twin Peaks and Chicago areas of the Hope Bay gold belt, about 70 km east of Bathurst Inlet.
Maximus drilled 2,620 metres in 11 holes this year, exclusively on the Chicago block of claims. The goal: To test the continuity and extent of a large gold-silver alteration system first discovered in 2006.
Highlights from the 2007 drill program included Hole 6, which intersected 0.19 gram per tonne gold and 6.7 grams per tonne silver over 108 metres; Hole 10, which encountered 0.46 gram per tonne gold and 6.7 grams per tonne silver over 82 metres; and Hole 12, which intersected 0.14 gram per tonne gold and 4.3 grams per tonne silver over 110 metres.
Follow-up holes were subsequently drilled 100 metres north of holes 6 and 10, and 200 metres south of hole 12.
Hole 14A returned 31 metres grading 0.17 gram per tonne gold and 8 grams per tonne silver. Hole 15 encountered 82 metres grading 0.15 gram per tonne gold and 3.2 grams per tonne silver.
“The results indicate that the gold anomalous alteration system is 100 to 175 metres wide and plunges at 15 southeasterly at an azimuth of 170,” the Quebec-headquartered company noted in a press release.
Gold mineralization occurs in quartz veins and in carbonated and silicified zones associated with large shear zones. Chicago has strong potential for both gold and base metal mineralization, the company says. Mineralization is open to the south and at depth.
Next year Maximus plans to drill 2,700 metres at Hope Bay to test gold mineralization targets in the Twin Peaks/Discovery area, which the company believes has “good potential” for large tonnage gold deposits.
An additional 800 metres of drilling is also proposed for the Chicago area next year to test for a gold-rich VMS-type target.
Both blocks of claims total 114 sq. km and Maximus has the option to earn a 75% interest with Miramar Mining by spending $7.25 million on exploration by Oct. 31, 2009.
In October, Newmont Mining launched a bid to acquire Miramar. If the purchase is completed, Newmont will assume Miramar’s role and obligations under the latter’s agreement with Maximus.
Maximus started exploring the Hope Bay area in the summer of 2004.
The company’s shares are currently trading at about 41 on the TSX Venture Exchange, down from 50 apiece at the end of November.
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