Bold Ventures Inc. (TSXV:BOL) (“Bold”) and Lac des Mille Lac First Nation (“LDMLFN) or (“the partners”) are pleased to announce the staking of 7 claims totaling 100 units comprising 1600 hectares or 3953 acres in the Bedivere Lake area of Northwestern Ontario. The property is located approximately 55 km northeast of the town of Atikokan … Continued
The claims were staked contiguous to and northeast of the Traxxin Resources Inc. claims that host a gold discovery made in June of 2016 and subsequently was optioned by Benton Resources Inc. (“Benton”) in December of 2016 (see Benton news releases dated November 1, 2016 and December 7, 2016). Located within the Marmion Batholith, the claims straddle a northeast trending geological structure interpreted to be a splay off the main Quetico Fault zone (Ministry of Northern development and Mines (MNDM) interpreted geology, Pye and Fenwick, 1965). Northeast trending structures within the Marmion Batholith have been located proximal to gold deposits such as the Hammond Reef deposit that hosts a 43-101 qualified resource of 5.4 million ounces gold at an average grade of 0.86 grams per tonne (g/t) in the measured and indicated category and 1.8 million ounces of gold at a an average grade of 0.72 g/t in the inferred category at a lower cut-off grade of 0.50 g/t. (See projects details at http://www.boldventuresinc.com/exploration-projects/traxxin-extension-ontario/).
“The Traxxin occurrence was visited in June 2016 by D. Campbell and G. Paju of the Ontario Geological Survey-Resident Geologist Program (RGP), who confirmed the presence of visible gold and collected a number of grab samples for assay. Samples of quartz vein material collected from 2 hand-dug pits returned 3.727 ounces of gold per ton, 0.695 ounces of gold per ton and 0.22 ounces of gold per ton.” (Puumala, M.A., Campbell, D.A., Tuomi, R.D., Tims, A. and Brunelle, M.R. 2017. Report of Activities 2016, Resident Geologist Program, Thunder Bay South Regional Resident Geologist Report: Thunder Bay South District; Ontario Geological Survey, Open File Report 6326, 96p.)
Traxxin Resources personnel reported numerous gold values ranging up to 1281 g/t (41 ounces per ton) gold (see Benton news release dated December 7, 2016). Benton has initiated a systematic exploration program over the discovery area (for additional details see Benton news release dated January 20, 2017).
There is no record of historical work being carried out within the Traxxin Extension claims. A review of the geology and any relevant technical data is being carried out in order to plan the first phase of work.
Bold is continually assessing opportunities to enhance shareholder value while recognizing the inherent value of socially responsible resource development. The Company works extensively with local and indigenous interests.
Note: The mineralization and resources previously reported for the Hammond Reef deposit are not necessarily indicative of the mineralization, if any, hosted on the Company’s Traxxin Extension Joint Venture gold property.
The technical information in this news release was reviewed and approved by Bruce W. Mackie, P. Geo., a qualified person (QP) for the purposes of NI 43-101.
The Company explores for minerals in 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 primary 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.