Burchell Gold-Copper Project - MMITM Soil Sampling Results
Results have recently been obtained from a November 2024 MMITM soil survey in the northwest corner of the Burchell Property, designed to test the strike extension of the Moss Trend on the adjacent Moss Gold Property to the west, one of several subparallel polymetallic trends in the region (see Goldshore Resources Inc.'s September 28, 2023 news release). 74 samples were collected on four northwest-southeast lines, perpendicular to the general strike of the country rocks and regional gold trends. Lines were spaced at 200-250 meters, 550-1100 m in length, with 50-meter sample station spacing.
Response ratios (RRs) were calculated for each sample by element, according to SGS guidelines, which state that 'response ratios in general need to be greater than 2-5 times background before being considered "anomalous".' Notable results include several coincident gold (Au) – copper (Cu) – molybdenum (Mo) response ratios >10 in the northern half of the survey (see Figure 1), with Au RRs up to 40; Cu RRs up to 61, and Mo RRs up to 369. Other notable results include zinc (Zn) RRs up to 93 and uranium (U) RRs up to 52. These anomalies provide a basis for further exploration in this area, which could include infill soil sampling or ground geophysics to better define targets for drilling.
The Burchell Gold-Base Metal Project is located approximately 105 km west of the port city of Thunder Bay in the south-central portion of Northwestern Ontario (see Figure 2). The claims are accessible via logging roads and secondary Highway 802 south from Trans-Canada Highway 11 travelling west from Thunder Bay. For additional information regarding the Burchell Gold-Copper Project visit the Burchell Gold-Copper Project Page here.
Traxxin Gold Project - Prospecting and Sampling Results
Recent assay results ranging from 345 ppb Au have been obtained from 20 grab samples collected during a November 2024 prospecting and sampling program at the Traxxin Property. 3 gold anomalies from 170 ppb Au to 345 ppb Au were obtained from samples of strained, silicified tonalite with local quartz veining in outcrop on an island northeast of the Traxxin Main Zone (see Figure 3). The November program took advantage of lower-than-average water levels to carry out shoreline prospecting. Descriptions of anomalous samples are included in Table 1 below. These results suggest that gold-bearing shear zones extend northeast from the mainland into Bedivere Lake, which warrants further investigation through ground geophysics and diamond drilling. For a full description of the Traxxin Gold project visit the Traxxin Gold Project Page here.
The Traxxin claim group is located 130 km west of Thunder Bay, Ontario (see Figure 2). 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.
Wilcorp Gold Project - Prospecting and Sampling Results
Assays from 7.28 g/t gold (Au) have been obtained from 26 grab samples collected during a November 2024 prospecting and sampling program at the Wilcorp Property. The 7.28 g/t Au result corresponds to a sample of silicified mafic schist with 4-5% disseminated pyrite and arsenopyrite, in trench rubble / subcrop located approximately 60 meters along strike to the west-southwest of a September 2024 sample which returned 16.3 g/t Au (see October 31, 2024 news release and Figure 4 and Figure 5). These results, in conjunction with September 2024 and 2012 results, suggest two sub-parallel gold-bearing zones in this area (see Figure 5).
Other newly identified anomalies include: 278 ppb Au from quartz vein subcrop close to where the historical Eagle Prospect is thought to be located (see Figure 4), as well as 333 ppb Au from subcrop of chlorite carbonate schist with quartz veining in the southern part of the Property, associated with strong I.P. and E.M. anomalies (see Figure 4). Descriptions of anomalous samples are included in Table 1 below.
The Wilcorp claim group is located approximately 13 km east of the town of Atikokan, Ontario (see Figure 2) in McCaul Township, and 17 km south of Agnico Eagle's Hammond Reef deposit, which contains combined reserves and resources of 5.6 Moz of gold at 0.71 gpt Au (Agnico Eagle website, 2022). For a full description of the Wilcorp Gold Project visit the Wilcorp Gold Project Page here.
Table 1
| Table 1: November 2024 Traxxin and Wilcorp Project Significant Results |
| Project | Sample
No. | Date | Area | X
(UTM Z15) | Y
(UTM Z15) | Source | Description | Au
ppb |
| Traxxin | C277530 | 2024-11-08 | Island
north of
Main Zone | 654518.5 | 5412877 | Outcrop | Foliated, silicified tonalite with 1% pyrite blebs and local grey blebs of quartz. | 170 |
| Traxxin | C277531 | 2024-11-08 | Island north of Main Zone | 654517.5 | 5412876 | Outcrop | Glassy, grey quartz veining with 1% pyrite in foliated, silicified tonalite. Outcrop 1m SW of C277530. | 345 |
| Traxxin | C277540 | 2024-11-08 | Island north of Main Zone | 654549 | 5412862 | Talus | Tonalite with recrystallized coarse quartz, sericite alteration, trace-0.5% pyrite blebs. | 221 |
| Traxxin | C277047 | n/a | n/a | n/a | n/a | n/a | Quartz pebble blank. | 2.5 |
| Traxxin | C277048 | n/a | n/a | n/a | n/a | n/a | Standard OREAS 24d. | 2.5 |
| Wilcorp | C277041 | n/a | n/a | n/a | n/a | n/a | Quartz pebble blank. | 2.5 |
| Wilcorp | C277042 | n/a | n/a | n/a | n/a | n/a | Standard OREAS 230. | 337 |
| Wilcorp | C277069 | 2024-11-02 | Northern Trenches 2012 14 grammer | 615759 | 5403848 | Rubble | Quartz-ankerite vein with silicified mafic schist wall rock containing 1% pyrite-arsenopyrite-chalcopyrite, 0.5% sulphides overall. Quartz rubble / subcrop on opposite side of trench from Bjorkman 8 grammer. | 932 |
| Wilcorp | C277070 | 2024-11-02 | Northern Trenches 2012 14 grammer | 615759.2 | 5403848 | Rubble | Similar to sample C277069, also from rubble 0.5m to the SSE. | 207 |
| Wilcorp | C277071 | 2024-11-02 | Northern Trenches 2012 14 grammer | 615760 | 5403848 | Rubble | Silicified mafic schist, minor quartz stringers, 4-5% disseminated pyrite-arsenopyrite. Rubble 1m E of C277070. | 7280 |
| Wilcorp | C277075 | 2024-11-02 | Patent Junction, Eagle Prospect | 615998 | 5403798 | Rubble | Quartz ankerite veining in mafic schist, trace pyrite. Rubble / subcrop, may have been blasted once. | 278 |
| Wilcorp | C277086 | 2024-11-03 | I.P. anomaly MC-11 | 617138 | 5403203 | Frost heave | Chlorite-carbonate schist with minor chalcopyrite blebs and minor silvery arsenopyrite, minor to moderate quartz-ankerite stringers. | 333 |
Ring of Fire News
The Company congratulates Canada Chrome Corporation ("CCC") for its recent selection as a member of the USA Defence Industrial Base Consortium. The press release can be accessed through this link.
The Black Horse Chromite Deposit is part of the Koper Lake Project where CCC is the Operator of the chromite exploration effort. Bold owns a 10% carried interest (through to production) in the Black Horse Chromite NI 43-101 Inferred Resource 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). Additionally, Bold owns a 40% working interest in all other metals found within the Koper Lake claims and has the right to earn up to an 80% working interest in all other metals. Bold has the 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, Ring of Fire Ltd. (formerly Noront Resources Inc.). Of additional note, the Koper Lake claims are located approximately 300 m from Ring of Fire Metal's 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 of Ontario and North America. The Company is encouraged by these ongoing developments in this emerging critical mineral mining camp.
The environmental assessment process for all-weather road access to the Ring of Fire is being developed as three proposed road projects: the Northern Road Link, the Marten Falls Community Access Road and the Webeque Supply Road. Information and progress regarding these projects may be accessed via the links provided on Bold's Critical and Battery Metals page.
Farwell Gold-Copper Project
Bold is pleased to announce that it has signed a fourth amendment 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.
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. 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 (see Bold press release dated October 3, 2023). On April 23, 2024, the Vendors and Bold entered into a Third Amending Agreement (the "Farwell Third Amendment" and together with the Farwell First Amendment and Farwell Second Amendment, the "Amended Farwell Option Agreement") (see Bold press release dated April 29, 2024) to amend the Farwell Option Agreement.
The Vendors and Bold have now signed a Fourth Amending Agreement (the "Farwell Fourth Amendment") amending the Amended Farwell Option Agreement such that the Option can be exercised by the issuance of an aggregate of 1,550,000 common shares of Bold ("Shares") (reducing the total number of Shares Issuable by 100,000), 750,000 Shares of which have already been issued, the payment of an aggregate of $95,000 in cash (reducing the cash consideration from $225,000), $75,000 of which has already been paid, and expending $550,000 on exploration (reducing the exploration expenditure from $1,000,000), $250,000 of which expenditures have been made.
In consideration for entering into the Farwell Fourth Amendment, the Vendors will be paid $5,000 and issued 200,000 Shares following receipt of regulatory approval to the Farwell Fourth Amendment and receipt of an exploration permit and an exploration agreement that allows for the exploration of the Property. The following are the new schedules of cash payments, Share issuances and expenditure requirements:
a cash payment of $5,000 will be due on or before September 1, 2025; and
a cash payment of $10,000 will be due on or before September 1, 2026,
for aggregate cash payments of $15,000;
200,000 Shares to be issued on or before September 1, 2025; and
400,000 Shares to be issued on or before September 1, 2026,
for aggregate Share issuances of 600,000 Shares;
an aggregate of $350,000 of exploration work to be completed by September 1, 2025; and
an aggregate of $550,000 of exploration work to be completed by September 1, 2026.
The Vendors retain a 3% Net Smelter Royalty (3% NSR) in the property. This Farwell Fourth Amendment increases the cost of Bold's right to buy back half (1.5%) of the 3% NSR from $2,000,000 to $2,500,000 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.
If a National Instrument 43-101 Technical Report is prepared on the Property with an indicated resource of at least 250,000 ounces of gold or gold equivalent and approved by all necessary regulatory authorities, the Vendors shall be paid the additional sum of $150,000. If a National Instrument 43-101 Technical Report is prepared on the Property with an indicated resource of at least 500,000 ounces of gold or gold equivalent, approved by all necessary regulatory authorities, the Vendors shall be paid the additional sum of $250,000.
All Shares to be issued will be subject to a four month and one day hold period from the date of issuance. The Farwell Fourth Amendment is subject to approval of the TSX Venture Exchange.
Bold Ventures has submitted an early exploration permit application to the Ontario Mineral Lands Administration System that anticipates an exploration program consisting of geophysical and geochemical surveys and diamond drilling. The Company is currently negotiating exploration agreements with local First Nation interests.
The Farwell claim group is located in the east Lake Superior region of Northeastern Ontario approximately 55 km northwest of Wawa, Ontario (see Figure 2). The Trans-Canada Highway 17 connects Wawa with Sault Ste. Marie to the south and the towns of White River and Marathon to the northwest. For a full description of the Farwell Gold - Copper Project visit the Farwell Gold-Copper Project Page here.
QAQC Protocols
Grab samples at the Wilcorp and Traxxin Properties were collected, documented and photographed in the field, then placed in sealed bags and delivered to Activation Laboratories (ActLabs) in Thunder Bay, which is an ISO / IEC 17025 accredited laboratory. Grab sample collection is subject to Bold's internal quality assurance / quality control (QAQC) protocols, which include the insertion of blank material and certified reference material into each batch of samples submitted. Samples referenced in this news release were analyzed using ActLabs methods 1A2-50, a 50g fire assay with atomic absorption finish, with over-limit results analyzed using method 1A3-50, a 50g fire assay with gravimetric finish. Samples were also analyzed using ActLabs method 1F2, a 4-acid near total digestion with ICP-OES finish, yielding geochemical results for 35 elements.
MMITM samples were collected according to SGS Laboratories methodology, and shipped to SGS Laboratories in Burnaby, B.C., where they were analyzed according to SGS' MMI-M weak leach method, yielding concentrations for 53 elements.
The technical information in this news release was reviewed and approved by Coleman Robertson, B.Sc., P. Geo., the Company's V.P. Exploration and a qualified person (QP) for the purposes of NI 43-101.
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.
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.
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.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237467
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