Bold Signs Formal Option Agreement at Burchell Gold-Copper Property
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
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NEWS RELEASE - For Immediate Release
Bold Signs Formal Option Agreement at Burchell
Gold-Copper Property
TORONTO, ONTARIO, April 28, 2022 – Bold Ventures Inc. (BOL: TSX.V)
(the “Company” or “Bold”) is pleased to report that it has signed the
formal option agreement to acquire the Burchell Gold-Copper Project
(see Bold news release dated March 16, 2022). The 265 claim and
boundary cell property comprises 12,528 acres (5070 hectares) located
within the Shabandowan Greenstone Belt (SGB) of northwestern Ontario
(* see note at bottom). 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.
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 will retain a 3% Net Smelter Royalty (3% NSR) in the
property. Bold has the right to buy back one-half of the 3.0% NSR
for $2,000,000 leaving a 1.5% NSR in favour of the Optionors. The
transaction is subject to regulatory approval. On closing the transaction
(“Closing”), Bold will pay the initial $40,000 in cash and issue 300,000
common shares of Bold to the Optionors.
Burchell Gold-Copper Property Overview
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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
claims (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.
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 a NI 43-101 Indicated resource of 1.38 Moz @
1.1 g/t Au and an Inferred 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 a NI 43-101 Indicated resource of
96,400 oz @ 0.85 g/t Au and an Inferred resource of 763,276 oz @ 0.78
g/t Au (Campbell et al. 2021, Report of Activities 2020, Thunder Bay
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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 an accelerated 100,000m 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).
This prominent deformation zone hosting known historical gold
occurrences provides a focus for exploration in this portion 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
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Toronto, Ontario, M5H 4E3
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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).
*Note: The March 16, 2022 press release incorrectly reported 188 cells
comprising 11,149 acres (4512 ha). This has been corrected to 265 cells
comprising 12,528 acres (5070 ha) as reported above.
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.
About Bold Ventures Inc.
The Company explores 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
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22 Adelaide Street West, Suite 3600 Fax: 416 865 6636
Toronto, Ontario, M5H 4E3
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may affect timing and availability of goods and services for the foreseeable
future.
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-
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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
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