Bold Ventures Completes Electromagnetic Conductor Modelling at Farwell and Amends Option Agreements

Bold Ventures Completes Electromagnetic Conductor Modelling at Farwell and Amends Option Agreements

Bold Ventures Inc. (TSX.V:BOL) (the "Company" or "Bold") is pleased to announce that it has completed geophysical modelling of 6 high priority electromagnetic conductors identified by a helicopter-borne, versatile time domain electromagnetic (VTEM Plus) and magnetic survey carried out by Bold in 2022. A copy of the report may be found in the Project Reports section found on the Farwell Battery and Precious Metals Project page. Combined with the geological and geophysical work accomplished to date, a drill program to test these targets has been developed

The Farwell Gold and Copper project is located approximately 55km northwest of Wawa Ontario and consists of 133 Cells and Multi Cells comprising 15,901 acres (6,935 hectares). For reporting purposes, the Farwell property has been divided into three areas exhibiting gold and copper mineralization. They are the Farwell Sulphide Zone, the Tundra Gold Horizon and the Koala Gold Area. The focus for this phase of work is the Farwell Sulphide Zone where historical diamond drilling intersected highly anomalous copper values ranging up to 1.47% Cu over 5.2m (Bennett and Thurston 1977). The Farwell property geology and exploration results can be viewed at the Farwell Battery and Precious Metals Project.

The Company is also pleased to report an agreement to amend the Farwell anniversary optional payments due on June 1, 2024 to become due on December 1, 2024. The amendment is subject to regulatory approval. Full details of the amended anniversary dates follow.

The Farwell Option Amendment

Further to the Company's Press Release dated October 3, 2023, the Company wishes to advise that the Farwell Option Agreement has been further amended on April 29, 2024 pursuant to a Third Amending Agreement (the "Farwell Third Amendment") as follows:

  1. by extending the date the cash option payment of $50,000 due on June 1, 2024 is payable to December 1, 2024;
  2. by extending the date the 400,000 shares are issuable from June 1, 2024 to December 1, 2024; and
  3. by extending the date an aggregate of $480,000 of work expenditures were due to have been made from June 1, 2024 to December 1, 2024.

All shares to be issued will be subject to a four month and one day hold period from the date of issuance. The Farwell Third Amendment is subject to TSX Venture Exchange ("TSX V") approval.

The Burchell Option Amendment

In addition, further to the Company's Press Release dated October 3, 2023, the Company wishes to advise that the Burchell Option Agreement has been further amended on April 29, 2024 pursuant to a Third Amending Agreement (the "Burchell Third Amendment") as follows:

  1. by extending the date the cash option payment of $60,000 due on May 1, 2024 is payable to November 1, 2024;
  2. by extending the date the 350,000 shares are issuable from May 1, 2024 to November 1, 2024; and
  3. by extending the date an aggregate of $200,000 of work expenditures were due to have been made from May 1, 2024 to November 1, 2024.

All shares to be issued will be subject to a four month and one day hold period from the date of issuance. The Burchell Third Amendment is subject to TSX V approval.

A recent article posted on the Bold website provides an overview of chromite markets that may be accessed on Bold's Critical and Battery Minerals page.

Bold's Koper Lake Project

Bold's Koper Lake Project is located in the Ring of Fire. The Company owns a 10% carried interest (through to production) in the Black Horse Chromite NI 43-101 Inferred Resource (the Black Horse) of 85.9 Mt grading 34.5% Cr2O3 at a cut-off of 20% Cr2O3 (KWG Resources Inc., NI 43-101 Technical Report, Aubut 2015). 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 Wyloo Metals (formerly Noront Resources Inc.). The Koper Lake claims are located approximately 300 m from their Eagle's Nest Ni-Cu Massive Sulphide Deposit that is in the permit acquisition stage. Chromite, nickel and copper are critical minerals that will play an important role in the electrification plans for Ontario and the rest of North America. The Company is encouraged by these ongoing developments in this emerging critical minerals mining camp.

Bold Ventures management believes our suite of Battery, Critical and Precious Metals exploration projects are an ideal combination of exploration potential meeting future demand. 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 Critical and Battery Minerals page.

The technical information in this news release was 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.

The Company explores for Battery, Critical and precious Metals in Canada. Bold is exploring properties located in active gold and base 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.

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 the original press release on accesswire.com

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