Bold Options Burchell Gold–Copper Project
BOL.V Bay Adelaide Centre-East Tower Tel: 416 864 1456
22 Adelaide Street West, Suite 3600 Fax: 416 865 6636
Toronto, Ontario, M5H 4E3
boldventuresinc.com
NEWS RELEASE - For Immediate Release
Bold Options Burchell Gold–Copper Project
Toronto, Ontario, March 16, 2022 – Bold Ventures Inc. (BOL: TSX.V) (the
“Company” or “Bold”) is pleased to report that it has signed a Letter
Agreement for an option to acquire 188 claim and boundary cells
comprising 11,149 acres (4512 hectares) located within the
Shabandowan Greenstone Belt (SGB) of northwestern Ontario. The SGB
lies within the Wawa-Abitibi Terrane, well-known for its mineral
endowment.
The Burchell Gold-Copper Project (Burchell Property) is located 105 km
west of Thunder Bay and is accessible via all-weather roads south from
Trans-Canada Highway 11.
Numerous gold (Au) and copper (Cu) showings are located along the
western portion of the claim group. Previous exploration and mapping by
the Ontario Geological Survey recognized northeast trending mineralized
corridors hosting this mineralization and extending across the Burchell
Property (Osmani 2017) over distances in excess of 2 km. This supports
the potential for locating additional mineralization along trend to the
east.
Previous operators performed extensive and thorough exploration work
to identify numerous drill targets that remain untested. The NI 43-101
Technical Report on the Burchell Lake Property, Northwestern Ontario,
by I. A. Osmani, M.Sc., P.Geo. dated October 12, 2017, may be accessed
here.
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BOL.V Bay Adelaide Centre-East Tower Tel: 416 864 1456
22 Adelaide Street West, Suite 3600 Fax: 416 865 6636
Toronto, Ontario, M5H 4E3
boldventuresinc.com
Burchell Gold-Copper Project
Northwest Gold Occurrences
Historical gold occurrences within the northwest portion of the Burchell
Property are located within a 25 km long northeast-trending structure
known as the Moss Lake-Coldstream Deformation Zone (MLCDZ). The
MLCDZ hosts the Goldshore Resources Inc. (Goldshore) Moss Lake Gold
Deposit which consists of an indicated mineral resource of 1.38 Moz @
1.1 g/t Au and an inferred mineral resource of 1.75 Moz @ 1.1 g/t Au
(Osmani 2017).
Significant gold and copper mineralization is located within 2 km of the
northern boundary of the Burchell Property and includes the past
producing (1957 to 1967) North Coldstream Mine (2.47 Mt @ 1.87% Cu,
0.28 g/t Au and 5.53 g/t silver (Ag)) and the OG Deposit (formerly East
Coldstream). The OG Deposit hosts an indicated mineral resource of
96,400 oz @ 0.85 g/t Au and an inferred mineral resource of 763,276 oz
@ 0.78 g/t Au (Campbell et al. 2021, Report of Activities 2020, Thunder
Bay South Regional Resident Geologist Report: Thunder Bay South
District; Ontario Geological Survey, Open File Report 6373).
Goldshore’s Moss Lake Property adjoins the Burchell Property on the
west side and is currently undergoing a 100,000 m diamond drilling
program to expand the Moss Lake Gold Deposit. The segment of the
MLCDZ located within the Burchell Property is approximately 2 km in
strike length and hosts the historical Northwest Gold Occurrences. These
showings are linked to 1988 drilling by Newmont Exploration: Drill Hole
88-07 returned 1.05 g/t Au over 3.36 m and Drill Hole 88-4 returned 0.8
g/t Au over 6.8 m (including 1.8 g/t Au over 1.65 m) (Osmani 2017).
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BOL.V Bay Adelaide Centre-East Tower Tel: 416 864 1456
22 Adelaide Street West, Suite 3600 Fax: 416 865 6636
Toronto, Ontario, M5H 4E3
boldventuresinc.com
This prominent deformation zone hosting known historical gold
occurrences provides a focus for exploration in this part of the property.
Copper Prospects
The Hermia Lake Cu-Au Prospect (Hermia Prospect) is a northeast-
trending mineralized copper-rich zone that extends for 2.8 km east of
Hermia Lake in the west-central portion of the Burchell Property.
Diamond drilling by several companies from 1964 to 2008 within the
mineralized copper trend at the Hermia Prospect returned assay values
ranging from 0.31% Cu to 1.1% Cu over 1.30 m to 6.7 m core lengths.
Drilling by Mengold Resources Inc. east of the Hermia Prospect in 2008
returned 7.19 g/t Au over 0.40 m in Hole BU08-7 (Osmani 2017).
Bedrock exposures within a series of trenches at the southern end of the
Hermia Prospect, indicate the presence of intensely deformed, sheared,
brecciated and altered mafic to felsic volcanic rocks. Prominent
silicification and carbonate alteration dominate zones with the highest
sulphide content. Sampling of the trenches by Osmani (1993, Geology
and mineral potential of Burchell-Greenwater Lakes area, District of
Thunder Bay; Ontario Geological Survey, Open File Report 5866) of the
Ontario Geological Survey in these areas, returned values up to 1.05% Cu,
0.05% molybdenum (Mo) and 0.2 g/t Au. A diamond drill hole (M-5)
completed by Great Lakes Copper Mines Ltd. at the southern end of one
of these trenches returned up to 5.08 % Cu (Giblin 1964, Burchell Lake
area; Ontario Department of Mines, Geological Report 19).
The eastern half and southwestern portions of the property are
under-explored despite having a geological and structural setting
similar to the western areas of the property (see Hermia Lake Cu
trend map).
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BOL.V Bay Adelaide Centre-East Tower Tel: 416 864 1456
22 Adelaide Street West, Suite 3600 Fax: 416 865 6636
Toronto, Ontario, M5H 4E3
boldventuresinc.com
Additional maps may be viewed at boldventuresinc.com.
The technical and scientific disclosures in this news release ha ve been reviewed and
approved by Gerald D. White, B.Sc., P.Geo., a qualified person (QP) under National
Instrument 43-101.
The Burchell Option Agreement
Bold will have the option to earn a 100% interest over a four-year period
by paying the aggregate sum of $500,000 cash, issuing an aggregate of
2,350,000 common shares of Bold and completing a total of $1,500,000
of exploration work on the claims over a four-year period.
The Optionors shall retain a 3% Net Smelter Royalty (NSR). Bold has the
right to buy back one-half of the 3.0% percent NSR for
$2,000,000 leaving a 1.5% NSR in favour of the Optionors. On closing of
the transaction, Bold will pay $40,000 cash and issue 300,000 common
shares of Bold. The Letter Agreement is subject to regulatory approval.
About Bold Ventures Inc.
The Company e xplores for Gold and Battery Metals in Canada. Bold is exploring
properties located within active gold camps of the Thunder Bay region and
Wawa 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.
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 oper ations.
As a result of the COVID-19 pandemic giving rise to local and national anti-virus
measures, the scheduling of activities is subject to change. COVID-19 impacts
may affect timing and availability of goods and services for the foreseeable
future.
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BOL.V Bay Adelaide Centre-East Tower Tel: 416 864 1456
22 Adelaide Street West, Suite 3600 Fax: 416 865 6636
Toronto, Ontario, M5H 4E3
boldventuresinc.com
For additional information about Bold Ventures and our projects please visit
www.boldventuresinc.com or contact us at 416-864-1456 or email us at
“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.
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