NFX

NFX GOLD INC. (TSX VENTURE:NFX) ("NFX" or the "Company") is pleased to announce
that Newstrike Resources Ltd. ("Newstrike") has decided to terminate its option
to earn an additional 25% interest in the Swansea Property located along the
Larder Lake break in northeastern Ontario. The Swansea Property is owned 75% by
NFX and 25% by Newstrike. Newstrike's 25% interest is subject to an aggregate
6.25% net proceeds of production royalty up to a maximum of $275,000.


On September 13, 2007, a letter agreement (the "Agreement") was executed between
the companies granting Newstrike the option to earn an additional 25% interest
in the Swansea Property from NFX by completing exploration expenditures totaling
$1,000,000 within 2 years and issuing an aggregate of 100,000 Newstrike common
shares to NFX over a two year period. A total of 50,000 Newstrike shares were
issued to NFX pursuant to the Agreement.


A drilling report recently received by NFX, along with formal notice by
Newstrike of termination of its option according to the Agreement, provides
results from a total of five (5) diamond drill holes completed by Newstrike on
the Swansea Property in late 2007. Three of the five holes, namely NR07-01, 02,
and 04, were drilled at the western end of the property and drilled south to
north to cross-section the near east-west striking mafic to ultramafic volcanic
horizons that occur along the Larder Lake break. These mafic to ultramafic
volcanic horizons are known to host significant gold deposits like the Kerr
Addison, Chesterville, Armistice, Cheminis, Fernland and Omega deposits, with
the latter located only 3.7 km to the east. 


Hole NR07-01, the most southern of the 3 cross-sectional holes intersected 2
mafic-ultramafic volcanic horizons, one of which displayed weak green carbonate
alteration with minor quartz and weak pyrite and included one sample grading
1.85 gpt(1) over 0.3 m.


Hole NR07-02 continued the cross-section northward to investigate the volcanic
horizon hosting the Omega deposit along strike. The hole encountered 2
mafic-ultramafic horizons one of which was weakly altered with green carbonate
but yielded no significant gold values.


Hole NR07-04 was drilled to continue the cross-section northward testing beneath
a prominent outcrop of strongly carbonatized and silicified ultramafic volcanic
rock. The hole intersected an 80m wide zone of the altered ultramafic which
contained 5 brown silicified weakly pyritized dikes, possibly albitite. Albitite
dikes were a noted and important host rock for high grade gold mineralization
within the volcanic horizons at the Kerr Addison Mine. A second previously
unknown horizon of highly fractured unaltered ultramafic volcanics was
intersected immediately north further down hole NR07-04.


The fourth hole NR07-03 was drilled northwest beneath Diamond Lake from its east
shore and intersected two ultramafic volcanic horizons displaying little
alteration and mineralization. 


Hole NR07-05 was drilled 1,200 meters east of the other holes in an area where
historic drill hole SW87-04 completed by Eldor Resources in 1987 reportedly(3)
intersected 0.30 opt(2) Au (10.3 gpt Au) over 6.1 m in "quartz flooded fuchsitic
tuff". The intersection occurs at a vertical depth of 300 m within the same
volcanic horizon that hosted the Omega deposit located 2.5 km to the east.
Follow-up drilling by Noranda with hole 92-7 located on the same section and
150m below the SW-87-4 intersection encountered 4.6 meters of altered volcanic
hyaloclastite with 10% pyrite but only low gold values. Hole NR07-05 was drilled
150 m west and 200m south of historic hole SW-87-4 and encountered the same
succession of rocks including an upper volcanic package that yielded 0.5 gpt Au
over 2 m and a lower volcanic package yielding 0.5 gpt Au over 0.5 m.


Thomas Larsen, President and Chairman of NFX Gold Inc. stated, "Normally we
would be disappointed by the termination of the option however, in this case,
NFX is pleased to retain its entire 75% interest in the Swansea Property. We
believe the Swansea project's full gold potential will be realized under the new
business arrangement proposed by NFX Gold Inc. and Maximus Ventures Ltd." The
new business arrangement proposed by the companies is outlined in a letter
agreement that was announced in a June 13, 2008 press release and following
Maximus's anticipated $6M earn-in on NFX's Larder Lake Project will see the
assets of the two companies, including the Swansea Property, merged into a new
single entity. 


Thomas Larsen further stated, "While the drilling program completed by Newstrike
did not yield any gold values of economic interest, we believe the results are
encouraging and further confirm the NFX-Maximus exploration model extends
westward from the Larder Lake Project onto the Swansea property. The
intersection of six favourable host volcanic horizons in the cross-sectional
drilling at the west end of the Swansea property of which some demonstrate the
presence of albitite dikes, strong alteration, mineralization, and low grade
gold is just the sort of environment we are looking to explore down-plunge at
depths below 300 m as we are currently doing with success at the Bear Lake gold
zones of the Larder Lake project on-strike. Hole NR07-05 located 150 m west and
200 m south of the historic high grade intersection in hole SW-87-4 was not
positioned on the typical steep easterly plunge demonstrated by the other
deposits in the area and we believe this zone may have significant exploration
potential. We look forward to continuing exploration on the Swansea project
under our new business arrangement with Maximus."




(1) gpt is the grade in grams per tonne Au

(2) opt is the grade in ounces per ton Au

(3) Report dated June 25, 1987 titled "Report on the Swansea Property, 
    Ontario" prepared for Eldor Resources by Derry, Michener, Booth and 
    Wahl.



This release contains certain "forward-looking statements". All statements,
other than statements of historical fact, that address activities, events or
developments that the Company believes, expects or anticipates will or may occur
in the future, are forward-looking statements. Forward-looking statements
reflect the current internal projections, expectations or beliefs of the Company
based on information currently available to the Company. Forward-looking
statements are subject to a number of risks and uncertainties, including those
detailed from time to time in filings made by the Company with securities
regulatory authorities, that may cause the actual results of the Company to
differ materially from those discussed in the forward-looking statements, and
even if such actual results are realized or substantially realized, there can be
no assurance that they will have the expected consequences to, or effects on,
the Company.

(TSXV:NFX)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024

(TSXV:NFX)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024