Bold Ventures Inc. Receives Regulatory Approval for Traxxin Option and Begins Exploration Program
TORONTO, August 24, 2020 - Bold Ventures Inc. (TSXV:BOL) (the "Company" or "Bold") is pleased to announce that it has received all regulatory approvals required to option the Traxxin Gold Property. The Traxxin Gold Property is located to the south and contiguous with the Traxxin Extension Gold Project claims, held 50% by Bold and 50% by Lac des Mille Lacs First Nation ("LDMLFN"). Bold is the Operator of the Bold/LDMLFN Joint Venture. Bold has the option to earn a 100% interest in the Traxxin Gold Property (the "Option") over a three-year period by paying the aggregate sum of $150,000 cash, issuing an aggregate of 1,000,000 common shares of Bold and completing a total of $250,000 of exploration work on the claims over a three year period. The first payment of $20,000 cash and 200,000 common shares has been paid to the vendor. The vendor will retain a 2% Net Smelter Royalty (NSR) of which Bold has the right to purchase a 1% NSR for $1 million leaving a 1% NSR in favour of the vendor.
Pursuant to the Bold/LDMLFN Joint Venture, LDMLFN has the right to earn a 50% interest in the Traxxin Gold Property from Bold by paying to Bold 50% of the cash option payments, 50% of the expenditure requirements and reimbursing Bold for 50% of the value of the shares issued pursuant to the Option. If the Option is earned and both parties maintain their interest in the Traxxin Gold Property, Bold and LDMLFN will form a joint venture for the further exploration and development of the Traxxin Gold Property.
The Company is also pleased to report that preparations have begun for the 2020 field exploration program. The initial work will include logging and sampling of drill core from the 2017 and 2018 diamond drilling programs, interpretation of the existing geophysical surveys comprised of ground based Induced Polarization, airborne electromagnetic and magnetic surveys. Building on the database of rock sampling, geophysical surveys, geochemistry and geology, a diamond drill program will be generated to further outline the existing gold bearing zone and confirm additional gold targets that may exist outside of the gold zone.
The Traxxin Gold Project
The Traxxin claim group is located 130 km west of Thunder Bay, Ontario. The claims are road accessible via Trans Canada Highway 11. Local infrastructure includes rail, power and an experienced mineral exploration workforce and mining supply, all located within hours of the property. Combined with the Traxxin Extension claims held by Bold and LDMLFN, the claim group is comprised of 151 claim cells and boundary cells that have an area of approximately 2,224 hectares or 5,496 acres.
Traxxin Gold Project Highlights
The claims host a well-defined gold-bearing structure along a northeast splay of the Quetico Fault.
Recent trenching and diamond drilling (2018) have identified a gold-bearing zone of at least 300 m in strike length associated with a well-defined sheared quartz vein surface exposure from 15 to 30 m wide.
Diamond drilling results include 4.76 g/t Au over 3.8 m (Hole BED-17-016), 1.06 g/t Au over 22.2 M (Hole BED-17-005) and 37.3 g/t Au over 1.0m (Hole BED-17- 003) (Sims 2019).
The gold bearing horizon is open along strike in both directions. The 2017 and 2018 diamond drilling was near surface and tested above 100m. One hole (BED-17-022) in the central part of the zone did penetrate to almost 150m and intercepted the zone where it remains open at depth.
The main zone discovered in 2017 is located in the Marmion Lake Batholith, host to the Agnico Eagle's Hammond Reef deposit of 5.31 Moz Au, which includes a Measured Resource of 75.3 Mt @ 0.75 g/t Au for 4.25 Moz and an Inferred Resource of 54.1 Mt @ 0.61 g/t Au for 1.06 Moz (Puumala 2020). The mineralization and resources hosted on the above property is not necessarily indicative of the mineralization, if any, hosted on the Company's property
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 Base and Precious metals in Canada. Bold has the option to earn a 100% interest in the Wilcorp gold property located approximately 14 km east of the town of Atikokan in Northwestern Ontario. Bold also has the option to earn a 100% interest in the Farwell Gold Base Metals project located approx. 55km northwest of Wawa, Ontario. Bold and its subsidiary Rencore Resources Ltd. have extensive holdings comprised of over 15 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 all chromite resources and a 40% working interest in all other metals at the Koper Lake Project and has the option to earn an additional 10% carried interest in chromite and 40% of all other metals. The Koper Lake Project is located within the Ring of Fire and directly adjacent to the Eagles Nest nickel-copper massive sulphide deposit currently in the permitting stage.
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"
David 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.