Bold Completes Airborne Geophysical Survey and Stakes Claims Preparing for the "Elephant Hunt"
TORONTO, ONTARIO--(Marketwired - Oct 9, 2013) - Bold Ventures Inc. (TSX VENTURE:BOL) (the "Company" or "Bold") Reports the completion of a helicopter borne VTEM electromagnetic and magnetic geophysical survey in the Ring of Fire area of Northern Ontario. The survey was carried out to detail previously surveyed blocks as well as to investigate new areas that had not been surveyed. This ongoing hunt for "elephant sized" mineral deposits is being carried out as part of a systematic, ongoing (since 2010) reconnaissance of under explored areas that have not been subject to the current technology of Vertical Loop Time Domain Electro Magnetic survey systems in the past. The Company took the opportunity to fly the survey at this time in order to manage the timing of this activity with local First Nation activities.
As a result of the recently completed VTEM survey, a further 20 claims totaling 292 claim units comprising approximately 4,672 hectares or 11,680 acres were staked to cover the areas that encountered anomalous results. A comprehensive review of the survey data is being undertaken with an eye to prioritizing these new anomalies for drill testing. These results will be integrated with the fall 2012 VTEM airborne survey results in order to establish the highest priority anomalies (See Bold news release dated September 12, 2013).
Please visit www.boldventuresinc.com for additional project details. Upon completion of the data interpretation the results will be disclosed and then posted at our website.
In other news Bold is pleased to report that KWG Resources Inc. has given the Company binding notice that it will elect to make the next payment of $500,000 due in April 2014 and expend an additional $2,000,000 in exploration expenses by April of 2014 to reach an aggregate of $5,000,000 to satisfy the terms of the Option agreement with Bold for the Koper Lake Project optioned from Fancamp Exploration Ltd. (see news release dated March 4, 2013). The Koper Lake Project is host to the Blackhorse Chromite deposit located in the Ring of Fire area of the James Bay Lowlands in Northern Ontario. Bold optioned the property from Fancamp Exploration Ltd. in May 2012 (see terms of that agreement in news releases dated May 7, 2012, January 7, 2013 and February 4, 2013). For additional Koper Lake Project details visit www.boldventuresinc.com or www.kwgresources.com.
Current Bold management and its team of consultants have had valuable and productive experience in the Ring of Fire. During their previous involvement with Noront Resources Ltd. in 2007, they were responsible for the Eagle One, Eagle Two and AT12 magmatic massive sulphide discoveries as well as the Blackbird high-grade chromite resources and the Thunderbird vanadium showing, all located within the Noront Resources claims in the Ring of Fire area of the James Bay Lowlands, Ontario.
Richard E. Nemis, President and Chief Executive Officer
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