Trading Symbol: MXD.TSXV
VANCOUVER, June 4 /CNW/ - Maxy Gold Corp. MXD.TSXV ("Maxy") today
released positive results from sampling obtained from Tunnels No. 1 and No. 2
at its Muluozuo target.
Field work sampling continues on a systematic basis (see April 2 and
April 27, 2007 press releases), with more than 50 people working on pitting
and trenching and an additional 20 people active in the underground workings.
Trenching and pitting will continue until mid June, with results released as a
group, rather than individually. Maxy is attempting to develop visual control
of the mineralized unit in an effort to facilitate ongoing and future
exploration work. The exploration program covers a zone of 500 metres (m) x
350m, within the main soil anomaly that is defined over an area 1000m x 700m.
Maxy has enjoyed very good cooperation from the local communities in
completing this evaluation work.
Two tunnels were initiated to verify the depth extension possibilities of
the gold zones intersected on surface.
Tunnel No. 1 is oriented in a N-NW direction aiming at intersecting the
surface projection of the surface gold zone present in trenches No. 3 and No.
4, approximately 30 metres below surface. Tunnel No. 2 is located in the
eastern sector of the surface anomaly to verify the surface anomaly obtained
from rock chip sampling and is oriented in a W-NW direction. Tunnelling in
Tunnel No. 1 has advanced to 105 m and Tunnel No. 2 has advanced to 97 m.
Tunnelling has progressed as planned, with recent results from Tunnel No. 1
and No. 2 (Tunnel No. 1: from 0 to 72m; Tunnel No. 2: from 0 to 65 m)
delineating the following gold intersections :
Tunnel No. 1 : 35m (from 21 to 56m) grading 0.8 grams per tonne (g/t)
gold with a higher grade section of 10m (from 38m to 48m) grading 1.5 g/t.
Tunnel No. 2 : 3 metres grading 1.3 g/t of gold.
These underground recoveries are encouraging as they show that the
positive recoveries from oxidized material in surface trenches and pits
continues at depth.
Current plans call for the extension of Tunnel No. 1 to a length of 200m.
Ore drifting has started into the main ore zone, on each side of the original
tunnel. Tunnel No. 2 will be extended to 150m. Progress is approximately 3m
per day in each tunnel.
A new tunnel, (No. 3) is being planned, 40m below tunnel No. 1 in the
same direction to follow ore extension to depth. The tunnel is scheduled to
start later in June.
A new diamond drilling program will commence at the end of the summer,
based on both surface work (colluvials) and underground work.
East of Muluozuo
3 trenches totaling 250m were completed in the east part of Muluozuo
As previously mentioned, trench mapping continues to indicate a
correlation of these impressive gold results with a "conglomerate colluvial"
unit that potentially could be of a similar mineralization style to other
known gold deposits in the world, such as the "La Quinua" deposit at the
Yanacocha mine in Peru.
Much of the gold produced and contained in the Yanacocha gold deposit is
related to high sulphidation epithermal mineralization disseminated in various
volcanic units and in porphyry style copper-gold deposits. However, part of
the mineralization is contained in the "La Quinua" deposit and like the
Muluozuo mineralization, is hosted by unconsolidated gravel.
Mineralization encountered in both tunnels is associated with a major
brecciated zone, part of a major structural feature whose orientation remains
uncertain at the present time.
QUALITY CONTROL PROGRAM AND QUALIFIED PERSON
The quality control program is under the supervision of General Manager
of Geology, Ing Zhu Cheng Wei and Andre Gauthier, President of Maxy Gold.
Samples in trenches were systematic chip samples averaging 1m in length, taken
from the sides of the trench according to geological unit and across the
entire section (depending of the depth) of the trench, approximately every 3m.
Trench sample preparation was carried out at the certified SGS Lab in Kunming
and assayed at SGS Tianjin laboratory.
Underground samples are systematic chip samples averaging 1m in length,
taken from the sides of the wall. Trench sample preparation was carried out at
the certified SGS Lab in Kunming and assayed at SGS Tianjin laboratory
As part of the quality assurance program, systematic core rejects and
pulp samples and standards (approximately 20%) are shipped directly to ALS
Chemex in Vancouver and re-assayed. ALS Chemex is an ISO 9002 registered
About Maxy Gold Corp.
Maxy Gold is focused on the acquisition, exploration and responsible
development of precious and base metal properties in China, while building key
strategic alliances. Maxy Gold has assembled a technically oriented team that
combines more than 25 years of exploration experience in China and aims to
become an important player in the development of a strong mining industry and
venture capital market in China over the next few years. The Company has an
exploration project underway on the MIDU joint venture in Yunnan province
where gold mineralization has been identified, and on the strategic joint
venture alliance in Qinghai Province with Western Mining Co. Group, Ltd. one
of China's largest mining and development companies.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Statements in this press release other than purely historical
information, including statements relating to the Company's future plans and
objectives or expected results, constitute forward-looking statements.
Forward-looking statements are based on numerous assumptions and are subject
to all of the risks and uncertainties inherent in the Company's business,
including risks inherent in resource exploration and development. As a result,
actual results may vary materially from those described in the forward-looking
For further information:
For further information: Maxy Gold Corp., Andre Gauthier, President,
Tel: (604) 688-8811, Email: email@example.com; The Equicom Group Inc.,
Michael Joyner, Investor Relations, Tel: (416) 815-0700 ext.275, Email: