Bold Ventures Amends Wilcorp Gold Project Option Agreement
TORONTO, ONTARIO--(Marketwired - Nov 8, 2016) - Bold Ventures Inc. (TSX VENTURE:BOL) ("Bold Ventures" or the "Company") is pleased to announce that the terms of the Wilcorp Option Agreement have been amended. The agreement now provides for an annual payment of $8,000 per year to explore four patented mining claims. At any time the company may exercise the option to purchase these patented claims outright for a cash payment of $100,000. Should this option be taken up the property will be subject to a 2% NSR in favour of the vendor. Half of the NSR (1%) may be purchased by Bold at any time for a cash payment of $500,000. Bold retains a right of first refusal on the remaining 1% NSR. Should Bold fail to make the optional payments described above then the four patented claims and one contiguous mineral claim, which make up the Wilcorp Gold Project will be transferred to the vendor of the patented claims. The mineral claim is subject to a 1% NSR in favour of the original vendor of that claim.
The Wilcorp Gold Project
The Wilcorp Project consists of two contiguous properties in McCaul Twp. located approximately 14 km east of the town of Atikokan, Ontario in the Thunder Bay Mining Division. The property is made up of four historical patented claims and one contiguous staked mining claim. The mining claim is owned 100% by Bold subject to a 1% NSR and comprises an area of 10 claim units totaling approximately 160 hectares or 392 acres. The four patented mining claims together make up an area of approximately 66 hectares or 162 acres.
The Wilcorp Gold Project is located proximal to the Quetico fault system in the Superior Geologic Province of Northwestern Ontario. Historical work on the property has included stripping, trenching and, according to various historical reports, diamond drilling. Historically, the area has seen extensive exploration activity primarily for gold.
In October of 2012 Bold carried out an Induced Polarization (IP) survey. The IP survey outlined a total of 14 anomalies and follow up prospecting was recommended. In November of 2012 a prospecting program to follow up on the IP survey and to prospect the property yielded several anomalous grab samples returning values up to 14.4 g/t gold. 62 samples were taken from different parts of the property and values ranged from <5ppb gold up to 14, 403 ppb gold (14.4 g/t gold). Of this total, 16 samples returned values greater than 100 ppb gold and six returned gold values greater than 1,000 ppb (1g/t gold).
A number of these areas of coincident, anomalous IP and gold (in grab samples) have been recommended for further delineation and diamond drilling.
Sample Preparation, Analyses and Security
Samples were put into rice bags which were sealed and dropped off at Accurassay Laboratories, an accredited assay laboratory, in Thunder Bay, Ontario. The samples were analysed using standard fire assay procedures with an AA/ICP finish.
The technical information in this news release was reviewed and approved by Bruce Mackie PGeo., a qualified person (QP) for the purposes of NI 43-101
| Richard E. Nemis, President and Chief Executive Officer | David Graham, Executive V.P. |
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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.