Maximus confirms gold and silver-rich zone at Hope Bay

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, MXVEF-O).

The Canadian junior holds two property blocks in the Twin Peaks and Chicago areas of the Hope Bay 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 gold per tonne and 6.7 grams silver over 108 metres; hole 10, which encountered 0.46 gram gold and 6.7 grams silver over 82 metres; and hole 12, which intersected 0.14 gram gold and 4.3 grams 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 gold and 8 grams silver. Hole 15 encountered 82 metres grading 0.15 gram gold and 3.2 grams silver.

The Quebec-headquartered company says the results suggest that the gold-anomalous alteration system is 100 to 175 metres wide.

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, Maximus says. Mineralization is open to the south and at depth.

This year, Maximus plans to drill 2,700 metres at Hope Bay to test gold mineralization targets in the Twin Peaks/Discovery area. The company says the area 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 (MAE-T, MNG-X) by spending $7.25 million on exploration by Oct. 31, 2009.

In October, Newmont Mining (NMC-T, NEM-N) launcheda successful takeover bid for Miramar in order to acquire its sizable Hope Bay project. Newmont has now assumed Miramar’s role and obligations under the 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.