Bold Ventures Signs Formal Option Agreement And Begins Airborne Magnetic Survey At The Stover Gold Project
TORONTO, Nov. 30, 2017 (GLOBE NEWSWIRE) -- Bold Ventures Inc. (TSX-V:BOL) (“Bold Ventures” or the “Company”) is pleased to announce that further to its press release dated November 16, 2017 it has signed the formal Option Agreement to acquire a 100% interest in the Stover Gold Property.
The Company is also pleased to announce that it has commenced a high-resolution airborne magnetic survey. The Heli-GT 3-axis magnetic gradiometer survey will assist in establishing the technical database, compilation work and exploration program for the project.
The Stover Property lies along a 20-km segment of what is known locally as the Goudreau Lake – Missinaibi Shear Zone, which is part of the much more extensive Larder Lake – Cadillac shear zone. Approximately 20 km west of the property the Goudreau Lake Shear Zone hosts Alamos Gold’s recently acquired Island Gold Mine and Argonaut Gold Inc.’s Magino Deposit in addition to several small past producers. The past producing Renabie Mine is located proximal to the shear zone and 5 km east of the Stover claims. Bold Chairman Richard Nemis commented that: “we are delighted to have optioned this large consolidated land position along the Goudreau Lake-Missinaibi Shear zone. The area covered by these claims has never been systematically explored and the historical production numbers and current resources hosted by this shear zone to the west of the Stover property are impressive. The property geology and historical gold values within the property support this approach and we are excited to be exploring it.”
The area covered by the Stover claims includes known gold occurrences and exhibits several styles of mineralization. An examination of the assessment files on record with the Ontario Ministry of Northern Development and Mines indicates three main styles of mineralization (historical assay values are also included):
- Lode-gold quartz veins including the Guarnaccio Occurrence that yielded 19.9 gpt Au over a 1.8 m wide trench sample and the Pileggi West Occurrence that was reported to host grab samples ranging up to 11.2 gpt Au.
- “Hemlo Style” quartz-eye sericite schist such as the Pileggi Southeast Occurrence yielding a grab sample assaying 27.4 gpt Au and the Pileggi Main trench that recorded values of 1.3 gpt Au over 29 m and 1.5 gpt Au over 12 m.
- Iron Formation-hosted gold at the Kent Occurrence trench recording 15.5 gpt Au over 2 m.
The property is located approximately 85 km northeast of Wawa, Ontario on the Trans-Canada Highway and is road accessible. The property consists of 28 staked claims comprising 406 units totaling approximately 6,496 hectares (16,051 acres) plus a further 25 units to be included for a total of 431 units. The claim group occupies portions of six townships (Stover, Rennie, West, Meath, Riggs and Glasgow).
The Company can earn a 100% working interest in the Stover Gold Property subject to a 2.5% net smelter returns royalty retained by the Optionors, by issuing 2 million common shares of Bold and paying $30,000 in cash on the execution of the formal Option Agreement. Incremental cash option payments totalling an aggregate of $75,000 plus a further $600,000 in a combination of cash payments and/or share issuances, at the sole discretion of Bold plus $600,000 of exploration of the property over a period of three years completes the earn-in. A minimum of $175,000 must be expended on the property within the first year. The Company has the right to purchase a 1.5% net smelter returns royalty from the Optionors in consideration for the payment of $1,500,000.
The technical information in this news release was reviewed and approved by Gerald D. White, B.Sc., P. Geo., a qualified person (QP) for the purposes of NI 43-101.
About Bold Ventures Inc.
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. Bold has the option to earn a 100% interest in the Wilcorp gold property (subject to a 1% NSR) that is 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.
For additional information about Bold Ventures and our projects please visit www.boldventuresinc.com or contact Bold Ventures Inc. at 416-864-1456.
| “David B Graham” | “Richard Nemis” | |
| David Graham | Richard Nemis | |
| President and CEO | Chairman of the Board | |
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.