BOL.V · 2020-09-17 12:00:00

Bold Ventures Receives Exploration Permit for Traxxin Gold Project

Permits & Approvals

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NEWS RELEASE - For Immediate Release

Bold Ventures Receives Exploration Permit for Traxxin Gold Project

Not for distribution to U.S. Newswire Services or for dissemination in the United States

Toronto, Ontario, September 17, 2020 – Bold Ventures Inc. (BOL: TSX.V)

(the “Company” or “Bold”) is pleased to announce that an exploration

permit has been issued relating to the Traxxin Gold Project located

approximately 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 Lac Des Mille Lacs First

Nation (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 (see Bold news releases dated July 31, 2020 and August 24,

2020).

The permit allows for stripping and sampling, line cutting, geophysical

surveys and diamond drilling. The program has commenced by way of

re-logging and sampling of previous diamond drill core and the

interpretation of geophysical surveys including an airborne

magnetometer survey, an airborne electromagnetic survey and a ground

based Induced Polarization survey performed in 2016 and 2017.

The exploration plan for the property will have two main thrusts that

include drill testing of the main zone that remains open at depth and

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

along strike as well as a property-wide evaluation of additional gold

potential.

Please note that a new exploration activity map showing the location of

Bold’s Wilcorp Gold Project and Traxxin Gold Project has been posted on

the Bold Ventures Inc. website at www.boldventuresinc.com. It shows

many of the claim holders in this active gold camp.

Some Highlights of the Traxxin Main Zone drilling to date include:

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

1.0 m (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 100

m. One hole (BED-17-022) in the central part of the zone did penetrate to

almost 150 m and intercepted the zone where it remains open at depth.

About the Traxxin Gold Project 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 the 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

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

purchase a 1% NSR for $1 million leaving a 1% NSR in favour of the

vendor.

Pursuant to the Bold/LDMLFN Traxxin Extension 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 technical information fo und 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.

Please visit the Bold website at www.boldventuresinc.com and see our