Bold Ventures Commences Airborne Survey Interpretation and provides Update on Farwell Gold and Base Metals 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
boldventuresinc.com
NEWS RELEASE - For Immediate Release
Bold Ventures Commences Airborne Survey
Interpretation and provides Update on Farwell
Gold and Base Metals Property
Toronto, Ontario, June 1, 2020 – Bold Ventures Inc. (BOL: TSX.V) (the
“Company” or “Bold”) is pleased to announce that the Company’s geophysical
consultants, Scott Hogg and Associates Ltd., have commenced an interpretation of the
Wawa area airborne electromagnetic and magnetic geophysical survey covering the
Farwell Gold and Base Metals Project. The survey was carried out by Dighem Ltd. and
released in 1987. When combined with the historical information and database
compiled by Bold’s exploration team, the survey interpretation will assist in finalizing
plans for the 2020 exploration campaign.
The Farwell Property is located approximately 55 km northwest of Wawa, Ontario.
The claims are road accessible via the Paint Lake Rd. (Eagle River Mine service road)
and consist of 103 Cell claims, 6 Multi-Cell claims and 6 Boundary claims comprising
approximately 7,770 ha or 19,200 acres. Wesdome Gold Mines Mishi Open Pit
operation and the Magnacon Mill, both part of the larger Eagle River Complex that
includes the Eagle River underground gold mine, lie 5 km south of the Farwell claim
group. The Eagle River Mine is situated approximately 25 km to the south of the
subject claims.
The claims are host to several gold and base metal anomalies and occurrences that
have yet to be fully explored. The latest recorded exploration work on the property
occurred in 2009. For additional project information please visit the Bold website
www.boldventuresinc.com and select the Farwell, Ontario Project Details (See Bold
news releases dated March 26, 2020 and April 30, 2020).
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
A preliminary interpretation of the property geology has identified three areas within
the claim group to focus the exploration effort. For ease of reference they have been
designated as:
The Tundra Gold Horizon (TGH)
The TGH consists of a sulphide facies iron formation hosted by sheared, highly
siliceous, mafic metavolcanic schist. Grab samples collected by Tundra Gold Mines
graded up to 7.5 g/t Au, 1.58% Cu and 19.9 g/t Ag (Campbell 2010). The high
coincident EM and magnetic anomalies observed from the 1987 OGS airborne survey
extending from the Tundra Gold Au-Cu Occurrence west through the Conductor ‘B’
showing and the Brown Lake Occurrence host significant gold values. This may
indicate a potential gold bearing horizon of over 2.5 km strike length.
The Koala Gold Area (KGA)
Located in the western portion of the claim group, the KGA was explored in 1986 by
Captain Consolidated Resources Ltd. and Koala Resources Ltd. who completed a VLF-
EM survey, geological mapping and sampling, a soil geochemical survey and 9
diamond drill holes, totaling 703 m. significant results from this program included
diamond drill hole No. H-4, that assayed12.8 g/t Au over 1.52 m (5 ft.) and diamond
drill hole No. H-5, that returned 3.4 g/t Au over 1.52 m (White 1987). In 1988 Koala
Resources Ltd. completed a soil geochemical survey, ground EM and magnetometer
survey and 10 diamond drill holes (totaling 1324 m) to investigate potential gold and
base metal targets. Results from DDH No. K-4 returned 3.4 g/t over 0.66 m. Highlights
of the soil geochemical survey returned values up to 496 ppb and 557 ppb Au
(Henriksen 1988).
The Farwell Sulphide Zone (FSZ)
The FSZ occupies the southeastern and south central portions of the claims and
exhibits massive sulphide mineralization related to a mafic-felsic volcanic sequence.
This area has anomalous copper, silver, zinc, lead and gold mineralization. The search
for base metals in the 1960’s lead to the discovery of 2 copper occurrences in the
south central portion of the Farwell claim group (the Bibis Prospect and the Burrex
Occurrence). Assay results returned up to 1.47% Cu over 5.2 m in diamond drill core
(Bennett and Thurston 1977). Mineralization included chalcopyrite, bornite and
sphalerite in highly sheared and silicified mafic metavolcanics.
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
Mobile Metal Ion (MMI) copper anomalies obtained from a survey conducted by
Precambrian Ventures Ltd. in 2008 are coincident with the highly conductive horizon
observed on the 1987 OGS airborne survey map 81012. The areas surrounding these
locations are significant exploration targets. For a full description of the Farwell Gold
and Base Metals Project visit www.boldventuresinc.com and select Farwell, Ontario
in the projects menu.
The technical information found within this news release has been reviewed and
approved by Gerald D. White, B.Sc., P.Geo., a qualified person (QP) for the purposes of NI
43-101.
In light of the current covid-19 pandemic restrictions, Bold’s Management team
continues to position the Company in response to what could be considered a “new
era”. These new considerations are evolving in a variety of ways and for the
foreseeable future. All parts of the industry are affected and Bold’s experienced
management team is focused on optimizing its corporate strategy to meet these
challenges.
About Bold Ventures
The Company explores for Base and Precious metals in Canada. Bold has options
to earn a 100% interest in the Farwell Gold Base Metals project located approx.
55km northwest of Wawa, Ontario and the Wilcorp Gold Project located 14 km
east northeast of Atikokan, 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.
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
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.