Bold Ventures Applauds Progress at Ring of Fire

Bold Ventures Applauds Progress at Ring of Fire

Provides Project Update

Bold Ventures Inc. (TSXV:BOL) (the "Company" or "Bold") is pleased to provide the following project update. Of special note is the signing of a Memorandum of Understanding (MOU) between Webeque First Nation and Ring of Fire Metals (formerly Noront Resources and Wyloo Metals). A link to the press release is posted on the Bold website here. The MOU outlines a framework for collaboration on proposed development in the Ring of Fire. The MOU also details how the two parties will work together to progress ongoing exploration activity in the region as well as negotiations on a partnership agreement for the proposed Eagle's Nest mine

Bold owns a 10% carried interest in the Black Horse Chromite NI 43-101 Inferred Resource of 85.9Mt grading 34.5% Cr2O3 at a cut-off % of 20% Cr2O3. Bold also owns a 40% working interest in all other metals found within the Koper Lake claims and has a Right of First Refusal on a 1% NSR covering all metals found within the claim group. The Black Horse is contiguous with the Blackbird chromite deposits owned by Ring of Fire Metals. The Koper Lake claims are located approximately 300 m from the Eagle's Nest Deposit. The Company is encouraged by these ongoing developments in this emerging mining camp.

The Traxxin Gold Project (Au)

During the Company's 2021 diamond drilling program, the main gold bearing structure was intersected in all four holes drilled beneath the Main Zone. Hole BV-21-04 intersected 3.57 g/t Au over a core length of 12.29 m (See Bold news release dated April 12, 2021). The focus of the next field program will involve a ground geophysical survey to track the Main Zone to the north. Based on these results, a drill program to expand the main zone to the north and at depth below hole BV-21-04, will be generated. An inclined long section depicting the Main Zone and the location of hole BV-21-04 may be found here

Burchell Gold-Copper Project (Au, Cu)

The Burchell prospecting program was recently completed and the next phase of exploration work is being planned. Bold is pleased to have acquired the 2006 VTEM survey data base commissioned by Mengold Resources Inc., that covers a portion of the west side of the claim group. Acquiring this data will assist in determining if any additional detailed coverage is needed within the surveyed area while considering expansion of the VTEM grid to the eastern portion of the property.

The 2006 VTEM survey yielded a number of drill targets. These targets are being re-evaluated and will be considered in light of the new airborne survey work once it has been completed. The Company has received the initial exploration permit relating to the Burchell claims. The permit contemplates areas for line cutting, stripping, geophysical surveys and diamond drilling. The Burchell Project page on the Bold website may be accessed here.

Farwell Project (Cu and Au)

The Farwell Copper and Gold project has been divided into three key areas. The first area targeted for diamond drilling is within the Farwell Sulphide zone extending northeast to the Tundra Gold area.

Historical exploration work at the Farwell Sulphide Zone (FSZ) indicates prominent copper, zinc, lead and silver mineralization. The Farwell Sulphide Zone, located within the south-central portion of the property, will be subject to a first phase diamond drilling program. North of the FSZ is the Tundra Gold Horizon (TGH). Historical work indicates notable gold, copper, zinc and silver values. A number of diamond drilling targets have been recommended for this part of the property. A copy of that report is posted on the Bold Website here.

The technical information found within this news release and the subject VTEM interpretive report has been reviewed and approved by Gerald D. White, B.Sc., P.Geo., a qualified person (QP) for the purposes of NI 43-101.

About Bold Ventures Inc.

Bold Ventures management believes our suite of Battery, Critical and Precious Metals exploration projects are an ideal combination of exploration potential meeting future demand (see Bold Press release dated May 10, 2022). Our target commodities are comprised of: Copper (Cu), Nickel (Ni), Lead (Pb), Zinc (Zn), Gold (Au), Silver (Ag), Platinum (Pt), Palladium (Pd) and Chromium (Cr). The Critical Metals list and a description of the Provincial and Federal electrification plans are posted on the Bold website here.

The Company explores for Precious, Battery and Critical Metals in Canada. Bold is exploring properties located in active gold and battery metals camps in the Thunder Bay and Wawa regions of Ontario. Bold also holds significant assets located within and around the emerging multi-metals district dubbed the Ring of Fire region, located in the James Bay Lowlands of Northern Ontario.

As a result of the current COVID-19 virus concerns, the Company's management and contractors are following public guidelines and taking recommended steps to protect the health and safety of all personnel while carrying out operations. As a result of the COVID-19 pandemic giving rise to local and national anti-virus measures, the scheduling of activities is subject to change. COVID-19 impacts may affect timing and availability of goods and services for the foreseeable future.

For additional information about Bold Ventures and our projects please visit boldventuresinc.com or contact us at 416-864-1456 or email us at info@boldventuresinc.com.

"David B Graham"
David Graham
President and CEO

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.

SOURCE: Bold Ventures Inc.



View source version on accesswire.com:
https://www.accesswire.com/731200/Bold-Ventures-Applauds-Progress-at-Ring-of-Fire

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HIGHLIGHTS

- Vertex has acquired a Boart Longyear LM90 underground drill rig to advance exploration at the Reward gold mine below the existing resource

- The Vertex team are planning diamond drill programs for the following:

o Below the current JORC-2012 Reward Resource (see drill collar locations on Figure 1), with the aim of expanding upon the existing resource

o Fosters Exploration Target, and the South Star prospect area

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o The ability to work on surface and underground

o Safe, Semi-automated, with a rod-handler system which allows for less manual handling

o Allows greater flexibility in drilling over a number of resource and exploration areas

o LM 90 rigs are well-established in the industry as safe and reliable underground drill rigs

- Vertex acquiring its own rig has many advantages

o Per-metre drill costs will be significantly less than hiring an external drill contractor

o More control and accuracy over precision of drilling.

o Works well with Job sharing

o Reduces pressure on Mining crew to have drill cuddy availability

o The LM90 rig will be accounted for as an asset on the Vertex balance sheet

Executive Chairman, Roger Jackson, commented: "The acquisition of the LM90 was completed on attractive commercial terms, and followed an extensive review process by the field operations team to acquire a rig that was fit-for-purpose to advance our broader exploration strategy. This is an important development for Vertex and we're excited to get started with targeted drill works that have the potential to unlock significant value from the project. Our analysis has shown that it is significantly cheaper, safer and more practical to drill the Reward mine from underground, which is exactly what the LM 90 allows us to do. With an extensive framework of priority drill targets already set out, we look forward to advancing exploration and building on what is already an exciting resource at the Reward mine."

LONGYEAR LM90 UNDERGROUND DRILL RIG - KEY FEATURES

The LM90 has several attributes which will provide flexibility for on-site drilling operations, where Vertex will be able to maintain drill sites with the Company's own underground mining crew. The deployment of the LM90 also means Vertex does not have to pay stand-down time or mobilisation fees, and its drillers can be assigned to other jobs.

1. REVERSIBLE FEED CYLINDER

The feed cylinder is reversible which increases up-hole drilling capacity.

2. SEMI-AUTOMATED ROD HANDLING

Semi-automated rod handler (optional) makes handling of rods safer and easier.

3. HIGH TORQUE BREAKOUT

Automated high torque breakout device breaks most rod joints automatically.

4. FAIL SAFE ROD CLAMP

Hydraulic open and spring close rod clamp resultsin failsafe operation.

5. LOAD SENSING HYDRAULICS

Load sensing hydraulics maximize efficiency and reduce heat.

6. PROPORTIONAL CONTROLS

Proportional controls and lock levers provide optimum control of rpm and feed.

7. DIRECT COUPLED FEED FRAME

Direct coupled feed frame resultsin lower maintenance and smoother feed transmission

Combined Mineral Resource Estimate (MRE) for the Reward gold deposit at Hill End stands at 419,000 tonnes at 16.72g/t Au for 225,200oz Au (VTX Announcement 21 June 2023)

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/8DG26OB8



About Vertex Minerals Limited:  

Vertex Minerals Limited (ASX:VTX) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/nickel/lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach.



Source:
Vertex Minerals Limited

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DATE : October 1 st
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LINK: https://bit.ly/3z584tW
Available for 1x1 meetings: October 1-3

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