Bold Ventures Inc. (TSXV:BOL) (the "Company" or "Bold") is pleased to announce the results of the Company's initial exploration work on the Farwell Gold and Base Metal property located north of Wawa, Ontario. Prospecting and sampling was successful in locating key historical occurrences and previously undocumented mineralized shear zones in the 3 key areas of interest on the property. These include the eastern Tundra Gold Horizon (TGH), the central Farwell Sulphide Zone (FSZ) and the western Koala Gold Area (KGA). These Key Areas are displayed on the Bedrock Geology and Mineral Compilation Map located on the Farwell, Ontario, Gold and Base Metals Project page at www.boldventuresinc.com
A total of 102 samples were collected from the 3 Key Areas of interest across the property and submitted to AGAT Laboratories in Thunder Bay for gold and trace element geochemical analysis.
Tundra Gold Horizon (TGH)
A total of 33 grab samples were collected in the eastern TGH and submitted for analysis. Gold values ranged from
The Farwell Sulphide Zone (FSZ)
A total of 39 samples were collected in the central FSZ, centered on the historical Bibis and Burrex copper showings. Three samples returned assay results of 1.7% Cu, 3.99% Cu and 6.62% Cu. Again, a direct association with the silver content was noted with values ranging from 4.41 g/t Ag to 25.2 g/t Ag respectively. Gold values ranged from
The Koala Gold Area (KGA)
A total of 30 samples were collected from the western KGA with gold assay results ranging from
The Company is pleased with the ubiquitous nature of the anomalous copper, gold, silver, zinc and lead that indicate potential for Volcanogenic Massive Sulphide (VMS) type mineralization. Combined with the anomalous gold values that persist along the 2.5 km long magnetic signature that is interpreted to be an extension of the Iron Lake deformation zone, the VMS potential of the property is encouraging.
In other news, the Company is pleased to welcome the Robert Douglas Corporation (RDC) to the Bold Ventures Team. RDC has been retained to provide investor relations services to the Company. RDC will work in tandem with Bold Management to plan, develop and execute marketing strategies aimed at accreting shareholder value. RDC has had extensive experience with junior companies articulating the intrinsic value to the investment community of projects and companies from exploration, development through to production and merger/acquisition. RDC will be paid between $3750 and $7500 a month depending upon the time spent on the investor relations services for an initial term of three-months and thereafter on a month-to-month basis. In addition, 200,000 options to purchase common shares of the Company at $0.075 per share for five years, subject to early termination, have been granted to Bob Douglas, principal of RDC, with standard vesting terms. RDC is located in Komoka, Ontario and has more than 20 years of experience in financial markets and corporate development. The appointment of RDC and the grant of options to Mr. Douglas are subject to regulatory approval.
Grant of Options
The Company also wishes to report that it has issued a total of 1,950,000 options exercisable at $0.075 cents for a five-year period to Directors, Officers and Consultants of the Company.
About the Farwell Gold and Base Metals Project
Prospecting by Tundra Gold Mines Ltd. in 1985 uncovered the Tundra Au-Cu Occurrence that was again examined and sampled by Precambrian Ventures Ltd. in 2008. The showing consists of a sulphide facies iron formation hosted in a well-sheared, highly siliceous, mafic metavolcanic schist. Grab samples collected by Tundra Gold Mines graded up to 7.5 g/t Au, 1.58% Cu and 19.9 g/t Ag (Campbell, 2010, see Bold news release dated September 9, 2020).
A high magnitude magnetic signature coincident with a number of electromagnetic anomalies is observed from the 1987 Ontario Geological Survey (OGS) airborne survey. This geophysical signature extends from the Tundra Gold-Copper Occurrence west through the Conductor ‘B' showing and the Brown Lake Occurrence, all hosting significant gold values. These factors indicate a potential gold bearing horizon in excess of 2.5 km long. (see Bold news releases dated June 1, 2020 and September 9, 2020).
The Farwell claims are road accessible via the Paint Lake Rd. (Eagle River Mine service road) and consist of 103 Cell claims, 6 Multi-Cell claims and 6 Boundary claims comprising approximately 7,770 ha or 19,200 acres. Wesdome Gold Mines Mishi Open Pit operation and the Magnacon Mill, both part of the larger Eagle River Complex that includes the Eagle River underground gold mine, lie 5 km south of the Farwell claim group. The Eagle River Mine is situated approximately 25 km to the south of the subject claims.
Rock grab samples were shipped to AGAT Laboratories in Thunder Bay, where the samples were dry-crushed (
AGAT Laboratories then shipped the pulps to their Mississauga, Ontario facility for multi-element analyses. The gold assaying method uses a standard Fire Assay with AAS finish technique on a 50-gram sub-sample taken from a 250-gram split of the submitted sample. Check assays were performed on samples with gold values greater than 10 g/t Au using Fire Assay and Gravimetric finish. The samples were also tested for 48 trace elements using an ICP/ICPMS finish by 4-acid digestion (Metals Package).
The technical information found within this news release has been reviewed and approved by Gerald D. White, B.Sc., P.Geo., a qualified person (QP) for the purposes of NI 43-101.
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 field operations.
Please visit the Bold website at www.boldventuresinc.com and see our recent news and project information.
About Bold Ventures Inc.
The Company explores for Gold and Base metals in Canada. Bold is exploring properties located within active gold camps of Northern 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
"David B 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.
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