Bold Ventures Receives Traxxin Exploration Permit - Provides Further Disclosure of Amendments to Farwell and Burchell Property Option Agreements and Agrees to Issue Shares for Services

Bold Ventures Receives Traxxin Exploration Permit - Provides Further Disclosure of Amendments to Farwell and Burchell Property Option Agreements and Agrees to Issue Shares for Services

TORONTO, ON / ACCESSWIRE / October 3­­­­­­, 2023 / Bold Ventures Inc. (TSXV:BOL) (the "Company" or "Bold") announces that it has received a new exploration permit to allow for future work at the Traxxin Gold Project. Following on to the original permit that was issued in September 2020, this permit expires in September of 2026 and anticipates line cutting, geophysical surveys, sampling and diamond drilling.

About the Traxxin Gold Project

The Company completed the first phase of drilling at the Traxxin claim group in 2021. That program produced what management believes is the most important drill intersection to date from over thirty drill holes. Hole BV-21-04 encountered 3.6 g/t Au over 12.3 m below the previous drilling at the Main Zone. A 10 km long geophysical survey to track the Main Zone structure to the north is planned for early 2024. Based on these results, a phase 2 drilling program will be developed to extend the Main Zone to the northeast and at depth.

The Traxxin claim group is located 130 km west of Thunder Bay, Ontario. The claims are road accessible via TransCanada Highway 11. Local infrastructure includes rail, power and an experienced mineral exploration workforce and mining supply, all located within hours of the property.

Burchell Prospecting

Bold's field crew has completed its work at the Burchell Battery and Precious Metals Project that was carried out during the month of September. This phase of work followed up on the interpretation of two historical airborne surveys carried out by Scott Hogg and Associates Geophysical Consultants Ltd. (SHAG). The field crew prospected a number of the locations of interest identified in the SHAG report (see Bold press release dated March 6, 2023) and completed the first phase coverage of the overall claim group.

Shares for Service

Further to its press release dated July 6, 2023, Bold has agreed to issue 184,615 common shares of the Company at a price of $0.065 to Dig Media Inc., dba Investing News Network ("INN") in settlement of advertising services provided by INN to Bold for the period July 7, 2023 to October 1, 2023, subject to regulatory approval. The securities to be issued will be subject to a hold period of four months and one day from the date of issuance.

About INN and the Dig Media Inc. Contract

Based in Vancouver, Canada, INN has offices in Toronto, New York and San Francisco. INN has been dedicated to providing independent news and education to investors since 2007. INN will continue to expand Bold's name recognition and corporate message via digital and social media platforms resulting in greater market awareness of Bold's high potential projects and management's experience and successful track record of discoveries.

Farwell and Burchell Option Agreements

Further to its Press Release dated September 13, 2023, the Company is making additional disclosure regarding the amendments to the Farwell Property option agreement dated March 12, 2020 (the "Farwell Option Agreement") between three arms-length individuals as Vendors and Bold as the Optionee of the property and the Burchell Property option agreement dated April 20, 2022 (the "Burchell Option Agreement") between three arms-length individuals as Vendors and Bold as the Optionee of the property.

The Farwell Option Agreement

On July 3, 2023, the Company and the Vendors entered into a First Amending Agreement (the "Farwell First Amendment") to amend the Farwell Option Agreement. The Farwell First Amendment extended the date the cash option payment of $50,000 due on March 12, 2023, was payable to September 30, 2023. It also extended the date an aggregate of $480,000 of work expenditures were due to have been made from March 12, 2023, to September 30, 2023.

Subsequently, on September 13, 2023, the Company and the Vendors entered into a Second Amending Agreement (the "Farwell Second Amendment") to further amend the Farwell Option Agreement and Farwell First Amendment. The Farwell Second Amendment amends the prior two agreements as follows:

  1. pursuant to the Farwell Option Agreement, 500,000 shares are issuable on March 12, 2024. The date has now been extended to June 1, 2025, and in consideration of the Farwell Second Amendment, a further 400,000 shares are issuable on June 1, 2024, subject to regulatory approval, for an aggregate of 2,050,000 shares issuable to earn the option;
  2. by extending the date the cash option payment of $50,000 due on September 30, 2023, is payable to June 1, 2024;
  3. by extending the date the cash option payment of $100,000 due on March 12, 2024, is payable to June 1, 2025;
  4. by extending the date an aggregate of $480,000 of work expenditures were due to have been made from September 30, 2023, to June 1, 2024; and
  5. by extending the date an aggregate of $1,000,000 of exploration or other work commitment expenditures were due to have been made from March 12, 2024, to June 1, 2025.

The Vendors will retain a 3% net smelter royalty in the Farwell Property. Bold will have the right to buy back a 1.5% net smelter royalty in consideration for the payment of $2 million. The Company also has the right of first refusal to purchase the remaining 1.5% NSR.

All shares to be issued will be subject to a four month and one day hold period from the date of issuance.

For a review of this project, visit the Farwell Battery and Precious Metals Project.

The Burchell Option Agreement

On July 3, 2023, the Company and the Vendors entered into a First Amending Agreement (the "Burchell First Amendment") to amend the Option Agreement. The Burchell First Amendment extended the date the cash option payment of $60,000 due on April 20, 2023, was payable to September 30, 2023. It also extended the date an aggregate of $200,000 of work expenditures were due to have been made from April 20, 2023, to September 30, 2023.

Subsequently, on September 13, 2023, the Company and the Vendors entered into a Second Amending Agreement (the "Burchell Second Amendment") to further amend the Burchell Option Agreement and Burchell First Amendment. The Burchell Second Amendment amends the prior two agreements as follows:

  1. pursuant to the Burchell Option Agreement, 450,000 shares are issuable on April 20, 2024, 500,000 shares are issuable on April 20, 2025, and 750,000 shares are issuable on April 20, 2026; those dates have now been extended to May 1, 2025, May 1, 2026, and May 1, 2027, respectively, and in consideration of the Burchell Second Amendment, a further 350,000 shares are issuable on May 1, 2024, subject to regulatory approval, for an aggregate of 2,700,000 shares to be issued to earn the option;
  2. by extending the date the cash option payment of $60,000 due on September 30, 2023, is payable to May 1, 2024;
  3. by extending the date the cash option payment of $80,000 due on April 20, 2024, is payable to May 1, 2025;
  4. by extending the date the cash option payment of $120,000 due on April 20, 2025, is payable to May 1, 2026;
  5. by extending the date the cash option payment of $200,000 due on April 20, 2026, is payable to May 1, 2027;
  6. by extending the date an aggregate of $200,000 of work expenditures were due to have been made from September 30, 2023, to May 1, 2024;
  7. by extending the date an aggregate of $500,000 of exploration or other work commitment expenditures were due to have been made from April 20, 2024, to May 1, 2025;
  8. by extending the date an aggregate of $900,000 of exploration or other work commitment expenditures were due to have been made from April 20, 2025, to May 1, 2026; and
  9. by extending the date an aggregate of $1,500,000 of exploration or other work commitment expenditures were due to have been made from April 20, 2026, to May 1, 2027.

The Vendors will retain a 3% Net Smelter Royalty (3% NSR) in the property. Bold has the right to buy back one-half of the 3.0% NSR for $2,000,000 leaving a 1.5% NSR in favour of the Vendors. The Company also has the right of first refusal to purchase the remaining 1.5% NSR.

The press release issued September 13, 2023, erroneously refers to the issuance of an additional 300,000 shares rather than 350,000 shares.

All shares to be issued will be subject to a four month and one day hold period from the date of issuance.

For a review of this project, visit the Burchell Battery and Precious Metals Project.

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).

About Bold Ventures Inc.

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.

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/789379/bold-ventures-receives-traxxin-exploration-permit--provides-further-disclosure-of-amendments-to-farwell-and-burchell-property-option-agreements-and-agrees-to-issue-shares-for-services

News Provided by ACCESSWIRE via QuoteMedia

BOL:CA
Bold Ventures

Bold Ventures Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Bold Ventures (TSXV:BOL)

Bold Ventures


Keep reading...Show less

Developing precious and critical mineral assets in mining-friendly Ontario

Bold Ventures Provides Update on Field Work at Burchell Property

Bold Ventures Provides Update on Field Work at Burchell Property

 

Bold Ventures Inc. (TSXV: BOL) (the "Company" or "Bold") is pleased to provide an update on the progress of field work at its Burchell Gold and Copper Property, located approximately 100 km west of Thunder Bay.

 

Prospecting, outcrop mapping and soil sampling were carried out during the months of May and June on a 1 km by 800 m flagged grid centered on the recently discovered 111 Zone, where grab samples returned between 10 ppb gold and 68 g/t gold last December (see news releases dated December 12, 2024 and January 9, 2025). More than 600 rock and soil samples have been submitted for analysis from this first phase of field work, with final results pending.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Bold Ventures Announces Closing of Its Fully Subscribed, Upsized Non-Brokered Private Placement

Bold Ventures Announces Closing of Its Fully Subscribed, Upsized Non-Brokered Private Placement

 

Bold Ventures Inc. (TSXV: BOL) (the "Company" or "Bold") is pleased to announce the fourth and final closing of its non-brokered private placement offering first announced on April 11th and increased on May 26th and June 5th, of up to 9,000,000 working capital units (the "WC Units") of the Company at a price of $0.05 per WC Unit for up to $450,000, and up to 10,314,666 Flow Through Units (the "FT Units") at a price of $0.06 per FT Unit for up to $618,900, both of which constitute the "Offering". The Offering was fully subscribed for gross proceeds of $1,068,900.

 

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Bold Ventures Announces Further Increase of Non-brokered Private Placement

Bold Ventures Announces Further Increase of Non-brokered Private Placement

 

Bold Ventures Inc. (TSXV: BOL) (the "Company" or "Bold") is pleased to announce that the offering of its non-brokered private placement first announced on April 11th and increased on May 26, 2025, will be increased by a further $19,000 of Flow Through units (the "FT Units"). The Company is offering up to 9,000,000 working capital units (the "WC Units") at a price of $0.05 per WC Unit for up to $450,000, and up to 10,316,666 FT Units at a price of $0.06 per FT Unit for up to $619,000, both of which constitute the "Offering."

 

The Offering will remain open until the earlier of the sale of the remaining WC Units and FT Units and June 23, 2025.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Bold Ventures Announces Increase and Extension of Non-Brokered Private Placement and Closing of Third Tranche, and Signs Agreement with Investor News Network

Bold Ventures Announces Increase and Extension of Non-Brokered Private Placement and Closing of Third Tranche, and Signs Agreement with Investor News Network

 

Bold Ventures Inc. (TSXV: BOL) (the "Company" or "Bold") is pleased to announce that the offering of its non-brokered private placement first announced on April 11th will be increased by up to $150,000. The Company will be offering up to 9,000,000 working capital units (the "WC Units") of the Company at a price of $0.05 per WC Unit for up to $450,000, and up to 10,000,000 Flow Through units (the "FT Units") at a price of $0.06 per FT Unit for up to $600,000, both of which constitute the "Offering."

 

The Offering has also been extended for up to a further thirty (30) days.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Bold Ventures to Present at Metals Investor Forum in Vancouver on May 9, 2025

Bold Ventures to Present at Metals Investor Forum in Vancouver on May 9, 2025

 

Bold Ventures Inc. (TSXV: BOL) (the "Company" or "Bold") is pleased to announce that the Company will be presenting at Metals Investor Forum (MIF) on May 9 at The Rosewood Hotel, 801 W Georgia St, Vancouver, BC. The Company's President and COO, Bruce MacLachlan, and the Company's V.P. Exploration, Coleman Robertson, will be present during the conference.

 

John Kaiser, author of Kaiser Research Online, will be introducing Coleman Robertson at 4:50 p.m. Local Time, who will provide an overview and update on the Company's assets and plans for the upcoming field season. Please see the link to the May 9 Metals Investor Forum web page.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Vertex Minerals Limited  Reward Gold Mine Project Update

Vertex Minerals Limited Reward Gold Mine Project Update

Perth, Australia (ABN Newswire) - Vertex Minerals Limited (ASX:VTX,VTXXF) (OTCMKTS:VTXXF) is pleased to announce that the underground mining operation is on track to be producing high grade gold feed to the recently commissioned gravity gold plant in the coming weeks.

HIGHLIGHTS:

- Operational Milestones

o VTX remains firmly on track to commence production of high-grade ore from the underground mine in the forthcoming weeks.

o Transformer and cabling for the installation of 11kV high voltage underground power system on site with installation commenced.

o Preparations for the underground mine startup up progressing as planned and stripping of the main access is completed.

o New Aramine L350D has departed France for the journey to Hill End. Arrival in Orange NSW expected in by 26th August where it will be fitted with an RCT remote control system for open stoping operations.

o Mining the Reward Gold Mine - Resource 225kozs at 16.7g/t (VTX ASX Announcement 21 June 2023).

o Weekly Gold production Oz's from Stockpiles improving with depth in the stockpiles, with coarser particle size and better process throughput experienced.

- Mine start up

o Fan chambers have been excavated to provide secondary ventilation for production activities, exploration drilling and the future southern access toward the Fosters' exploration target.

o Primary ventilation fan has been installed and bulkhead completed.

o High voltage surface substation has been installed.

o High voltage cabling installation commences next week, with power up of the system scheduled for 28 July 2025.

o Stripping of the main accessis completed with the final elements of ground support (approx. 30m) to be completed before power cable installation starts next week.

o Cable bolts installed for the intersection of Lady Belmore exploration drive with first cut drilled out and ready to charge.

o Development Jumbo #1 (Epiroc T1D) is exceeding performance expectations.

o Dewatered of declines well underway.

o Mine schedule for FY26 finalised.

o First airleg stope secondary vent installed and specialty equipment on site to start first air leg stope.

o First long hole stope planned for August. High grade from airleg and longhole stopes to complement larger tonnage from development ore headings.

- People that have been onboarded

o 2x Drill Fitters and Heavy diesel fitter.

o Process superintendent commences next week.

o Full Tech team started including mine surveyor this week.

o Have back-to-back airleg miners for stoping.

o Full underground and mill crews.

- Improvements to plant

o DSM screen installed to improve product delivery to Wilfley Table.

o Gemini table improvements with new tabletop and gearbox improving final concentrate grade to over 20% gold (suitable for direct smelting to Dore on site).

o Process water pump upgrade improving ore washing and Tomra performance.

- Revised mine plan and schedule completed and ready to implement

- Updated Reward Gold mine mining plan and mine schedule completed.

- Adding a high-grade long hole stope upfront to be mined concurrently with the high grade airleg stope.

Vertex Director Declan Franzmann commented: "It is great to see all the elements of re-developing the underground mine and processing facility coming together so rapidly. The most pleasing aspect is our success in employing an incredible team of people to run the operation and all credit to management for developing great "esprit de corps" and a single sense of purpose as we push to full production."

As previously announced, the startup mine schedule includes mining 2,075 tonnes at 17.8 g/t Au from a developed airleg stope block. The planned stope width is the same as the interpretation of the mineralisation. (Refer to Table 1 in Appendices 1) (VTX ASX announcement 26/06/23).

Given this stope will take some time to extract, the Vertex geology and Mining Team have additionally brought forward a very high-grade long hole stope to commence mining in August as well. Further optimisations to the mining schedule will continue to be made.

This stope can be exploited as soon as services have been established. The mining crews have done a great job in the access drive to make room for the services (11kV cable, water and air lines) while improving accessibility for the mobile mining equipment selected for the Project.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/OUQP5Z21

 

About Vertex Minerals Limited:  

Vertex Minerals Limited (ASX:VTX,VTXXF) 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

News Provided by ABN Newswire via QuoteMedia

Keep reading...Show less
Juggernaut Closes $1,100,000 from Institutions and Accredited Investors

Juggernaut Closes $1,100,000 from Institutions and Accredited Investors

 

(TheNewswire)

 
        
  Juggernaut Exploration Ltd. 
                   
 

Vancouver, British Columbia July 8, 2025 TheNewswire - Juggernaut Exploration Ltd. (TSX-V: JUGR) (OTCQB: JUGRF) (FSE: 4JE) (the "Company" or "Juggernaut"), further to its June 4, June 12, and June 16, 2025, news releases, the Company is pleased to announce that it has closed its private placement financing (the "Financing") for aggregate gross proceeds of $1,100,000.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Noble Reports on Canada Nickel's Continued Exploration Success at MacDiarmid, Provides Exploration Update

Noble Reports on Canada Nickel's Continued Exploration Success at MacDiarmid, Provides Exploration Update

 

(TheNewswire)

 
       
  Noble Mineral Exploration Inc. 
                
 

  Highlights  

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Bold Ventures

Bold Ventures Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×