Bold Ventures Inc. (TSXV:BOL) (“Bold”) or (“the Company”) reports that the option to earn up to a 60% interest in the Lac Surprise Project has terminated. The Company attempted to negotiate an extension to the option agreement with the vendor but acceptable terms to accomplish this could not be reached.
Bold Ventures has a focus on gold and base metals. Management of the Company believes that we are at the beginning of a rising gold market and is assessing and negotiating a number of new high value gold projects to complement its property portfolio. In Ontario the Company has a number of projects that are in various stages of exploration as follows:
The Wilcorp Gold Project
The Wilcorp Project consists of two contiguous properties in McCaul Twp. located approximately 14 km east of the town of Atikokan, Ontario in the Thunder Bay Mining Division. The property is made up of four historical patented claims and one contiguous staked mining claim. The mining claim comprises an area of 10 claim units totaling approximately 160 hectares or 392 acres. The four patented mining claims together make up an area of approximately 66 hectares or 162 acres.
Located proximal to the Quetico fault system in the Superior Geologic Province of Northwestern Ontario historical work on the property has included stripping, trenching and, according to various historical reports, diamond drilling. Historically, the area has seen extensive exploration activity primarily for gold and historical reports have indicated highly anomalous results. As a result, in October of 2012 Bold carried out an Induced Polarization (IP) survey. The IP survey outlined a total of 14 anomalies and follow up prospecting was recommended. In November of 2012 a prospecting program to follow up on the IP survey and to prospect the property yielded several anomalous grab samples returning values up to 14.4 g/t gold. 62 samples were taken from different parts of the property and values ranged from <5ppb gold up to 14,403 ppb gold (14.4 g/t gold). Of this total, 16 samples returned values greater than 100 ppb gold and six returned gold values greater than 1,000 ppb (1g/t gold).
The company plans to carry out a targeted follow up prospecting and diamond drilling program.
For additional project details and terms of the Wilcorp Option Agreement please visit www.boldventuresinc.com and review the Wilcorp Project Details page.
Ring of Fire
Bold has recently signed a Memorandum of Understanding (MOU) with Marten Falls First Nation (see Bold news release dated June 12, 2017). This agreement provides the frame of reference and guidance for both the Company and the First Nation regarding exploration and development work within the Marten Falls First Nation traditional lands. The MOU provides for benefits to the First Nation in the area of jobs and economic development while providing for responsible environmental stewardship.
Black Horse Project
Bold has earned a 10% “carried interest” in the Blackhorse Chromite deposit and a 40% working interest in all other metals located within the Black Horse Project, formerly known as the Koper Lake Project. (for project details visit our project details page and see Bold news release dated October 14, 2016 at www.boldventuresinc.com ). Should KWG Resources Inc. (KWG) continue to exercise its option with Bold and acquire a 100% interest in the project, Bold will earn a 20% carried interest in chromite and an 80% working interest in all other metals. The property is centrally located within the Ring of Fire chromite deposits and contiguous to the Noront Resources Ltd. Eagles Nest Nickel-Copper massive sulphide deposit that is in the permitting stage.
KWG has assumed the Operatorship of the Black Horse Project as per the terms of the option agreements with Fancamp Exploration Ltd. and Bold Ventures Inc. Currently KWG reports that it is consulting with local First Nations and working towards receipt of a railway feasibility study performed by China Railway First Survey & Design Institute Group of the Peoples Republic of China (see KWG news releases dated December 29, 2016, April 25, 2017). The railway feasibility study is intended to assess the feasibility of a rail corridor to transport chromite ore from the Ring of Fire area located in the James Bay Lowlands of Northern Ontario.
Ring of Fire Claims
Bold continues to negotiate Exploration Agreements with Various First Nation Communities in order to proceed to further exploration and diamond drilling of a number of VTEM EM anomalies located along what Bold Management believes are prospective extensions to the Ring of Fire multi-mineral district in the James Bay Lowlands of northern Ontario. For additional details about these high priority properties please visit www.boldventuresinc.com under the Ring of Fire section of our projects page.
The technical information in this news release, relating to the Ontario properties, was reviewed and approved by Bruce W. Mackie, P. Geo., a qualified person (QP) for the purposes of NI 43-101.
In Quebec Bold’s current focus is on its 100% owned Lac Grasset Project.
The Lac Grasset Project
The Lac Grasset claims were acquired to sufficiently straddle the Grasset Deformation Zone that is also dubbed the Sunday Lake Deformation Zone by Balmoral Resources Ltd. (“Balmoral”). This regional structure is interpreted to be a continuation of the Detour Lake gold trend from Eastern Ontario into Western Quebec. Situated approximately 40 km northwest of Matagami, Quebec, the Lac Grasset project consists of 50 claims that comprise approximately 2,777 hectares or 6,862 acres in total. The main emphasis is the gold and base metals potential of this area, as has been encountered by Balmoral Mines on their large property lying within 2 km north and northwest of the Bold claim block. The company carried out airborne surveys employing the Versatile Time Domain Electromagnetic System (VTEM) over these claims in late 2011 and 2012. Geological information has been compiled in combination with the airborne survey results. Field reconnaissance, prospecting and sampling was carried out during the summer and fall of 2013. Based on the results of this work the claim position has been refined to those areas of prime interest for future exploration. In the summer of 2016 a soil sampling program was carried out to further delineate the mineral potential of the property. The next phase of work will include diamond drilling of anomalous areas that have been located. For additional information please visit www.boldventuresinc.com in the project details section for Lac Grasset.
The technical information in this news release, relating to the Quebec properties, was reviewed and approved by Tracy Armstrong, P. Geo., a qualified person (QP) for the purposes of NI 43-101.
Bold Ventures explores for minerals in the Provinces of Ontario and Québec. In Ontario, Bold and its subsidiary Rencore Resources Ltd. have extensive holdings comprised of over 18 claim groups in and around the Ring of Fire area of the James Bay Lowlands. The company has also earned a 10% carried interest in the Koper Lake Project centrally located within the Ring of Fire and directly adjacent to the Eagles Nest nickel-copper massive sulphide deposit currently in the permitting stage (see Bold news release dated October 14, 2016). Bold has the option to earn a 100% interest in the Wilcorp gold property (subject to a 1% NSR) located approximately 14 km east of the town of Atikokan in Northwestern Ontario. In Québec, Bold’s current focus is on its 100% owned Lac Grasset project that straddles the Sunday Lake Deformation Zone in the Matagami area, within the historically prolific Abitibi Greenstone belt of North-western Québec. Balmoral Resources Ltd. has seen success over the past few years in locating and expanding several gold and base metal discoveries proximal to the Sunday Lake Deformation Zone and has expanded its land position to surround Bold’s property (see Bold news release dated September 30, 2014).
For more information, please visit www.boldventuresinc.com.
Richard E. Nemis, President and Chief Executive Officer, Bold Ventures Inc.
David B. Graham, Executive V.P., Bold Ventures Inc.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.