Bold Ventures Receives Traxxin Exploration Permit - Provides Further Disclosure of Amendments to Farwell and Burchell Property Option Agreements and Agrees to Issue Shares for Services
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
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NEWS RELEASE - For Immediate Release
Bold Ventures Receives Traxxin Exploration Permit - Provides
Further Disclosure of Amendments to Farwell and Burchell
Property Option Agreements and Agrees to Issue Shares for Services
Toronto, Ontario, October 3, 2023 – Bold Ventures Inc. (BOL: TSX.V) (the “Company”
or “Bold”) announces that it has received a new exploration permit to allow for
future work at the Traxxin Gold Project. Following on to the original permit that was
issued in September 2020, this permit expires in September of 2026 and anticipates
line cutting, geophysical surveys, sampling and diamond drilling.
About the Traxxin Gold Project
The Company completed the first phase of drilling at the Traxxin claim group in 2021.
That program produced what management believes is the most important drill
intersection to date from over thirty drill holes. Hole BV-21-04 encountered 3.6 g/t
Au over 12.3 m below the previous drilling at the Main Zone. A 10 km long
geophysical survey to track the Main Zone structure to the north is planned for early
2024. Based on these results, a phase 2 drilling program will be developed to extend
the Main Zone to the northeast and at depth.
The Traxxin claim group is located 130 km west of Thunder Bay, Ontario. The claims
are road accessible via TransCanada Highway 11. Local infrastructure includes rail,
power and an experienced mineral exploration workforce and mining supply, all
located within hours of the property.
Burchell Prospecting
Bold’s field crew has completed its work at the Burchell Battery and Precious Metals
Project that was carried out during the month of September. This phase of work
followed up on the interpretation of two historical airborne surveys carried out by
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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
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Scott Hogg and Associates Geophysical Consultants Ltd. (SHAG). The field crew
prospected a number of the locations of interest identified in the SHAG report (see
Bold press release dated March 6, 2023) and completed the first phase coverage of
the overall claim group.
Shares for Service
Further to its press release dated July 6, 2023, Bold has agreed to issue 184,615
common shares of the Company at a price of $0.065 to Dig Media Inc., dba Investing
News Network (“INN”) in settlement of advertising services provided by INN to Bold
for the period July 7, 2023 to October 1, 2023, subject to regulatory approval. The
securities to be issued will be subject to a hold period of four months and one day
from the date of issuance.
About INN and the Dig Media Inc. Contract
Based in Vancouver, Canada, INN has offices in Toronto, New York and San Francisco.
INN has been dedicated to providing independent news and education to investors
since 2007. INN will continue to expand Bold’s name recognition and corporate
message via digital and social media platforms resulting in greater market awareness
of Bold’s high potential projects and management’s experience and successful track
record of discoveries.
Farwell and Burchell Option Agreements
Further to its Press Release dated September 13, 2023, the Company is making
additional disclosure regarding the amendments to the Farwell Property option
agreement dated March 12, 2020 (the “Farwell Option Agreement”) between three
arms-length individuals as Vendors and Bold as the Optionee of the property and the
Burchell Property option agreement dated April 20, 2022 (the “Burchell Option
Agreement”) between three arms-length individuals as Vendors and Bold as the
Optionee of the property.
The Farwell Option Agreement
On July 3, 2023, the Company and the Vendors entered into a First Amending
Agreement (the “Farwell First Amendment”) to amend the Farwell Option
Agreement. The Farwell First Amendment extended the date the cash option payment
of $50,000 due on March 12, 2023, was payable to September 30, 2023. It also
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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
S:\94\94544-Bold\Press Releases\031023 PR Traxx Perm Farwell and Burchell Amendments with links wrj.docx
extended the date an aggregate of $480,000 of work expenditures were due to have
been made from March 12, 2023, to September 30, 2023.
Subsequently, on September 13, 2023, the Company and the Vendors entered into a
Second Amending Agreement (the “Farwell Second Amendment”) to further amend
the Farwell Option Agreement and Farwell First Amendment. The Farwell Second
Amendment amends the prior two agreements as follows:
1. pursuant to the Farwell Option Agreement, 500,000 shares are issuable on
March 12, 2024. The date has now been extended to June 1, 2025, and in
consideration of the Farwell Second Amendment, a further 400,000 shares are
issuable on June 1, 2024, subject to regulatory approval, for an aggregate of
2,050,000 shares issuable to earn the option;
2. by extending the date the cash option payment of $50,000 due on September
30, 2023, is payable to June 1, 2024;
3. by extending the date the cash option payment of $100,000 due on March 12,
2024, is payable to June 1, 2025;
4. by extending the date an aggregate of $480,000 of work expenditures were
due to have been made from September 30, 2023, to June 1, 2024; and
5. by extending the date an aggregate of $1,000,000 of exploration or other work
commitment expenditures were due to have been made from March 12, 2024,
to June 1, 2025.
The Vendors will retain a 3% net smelter royalty in the Farwell Property. Bold will
have the right to buy back a 1.5% net smelter royalty in consideration for the
payment of $2 million. The Company also has the right of first refusal to purchase the
remaining 1.5% NSR.
All shares to be issued will be subject to a four month and one day hold period from
the date of issuance.
For a review of this project, visit the Farwell Battery and Precious Metals Project.
The Burchell Option Agreement
On July 3, 2023, the Company and the Vendors entered into a First Amending
Agreement (the “Burchell First Amendment”) to amend the Option Agreement. The
Burchell First Amendment extended the date the cash option payment of $60,000 due
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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
S:\94\94544-Bold\Press Releases\031023 PR Traxx Perm Farwell and Burchell Amendments with links wrj.docx
on April 20, 2023, was payable to September 30, 2023. It also extended the date an
aggregate of $200,000 of work expenditures were due to have been made from April
20, 2023, to September 30, 2023.
Subsequently, on September 13, 2023, the Company and the Vendors entered into a
Second Amending Agreement (the “Burchell Second Amendment”) to further
amend the Burchell Option Agreement and Burchell First Amendment. The Burchell
Second Amendment amends the prior two agreements as follows:
1. pursuant to the Burchell Option Agreement, 450,000 shares are issuable on
April 20, 2024, 500,000 shares are issuable on April 20, 2025, and 750,000
shares are issuable on April 20, 2026; those dates have now been extended to
May 1, 2025, May 1, 2026, and May 1, 2027, respectively, and in consideration
of the Burchell Second Amendment, a further 350,000 shares are issuable on
May 1, 2024, subject to regulatory approval, for an aggregate of 2,700,000
shares to be issued to earn the option;
2. by extending the date the cash option payment of $60,000 due on September
30, 2023, is payable to May 1, 2024;
3. by extending the date the cash option payment of $80,000 due on April 20,
2024, is payable to May 1, 2025;
4. by extending the date the cash option payment of $120,000 due on April 20,
2025, is payable to May 1, 2026;
5. by extending the date the cash option payment of $200,000 due on April 20,
2026, is payable to May 1, 2027;
6. by extending the date an aggregate of $200,000 of work expenditures were
due to have been made from September 30, 2023, to May 1, 2024;
7. by extending the date an aggregate of $500,000 of exploration or other work
commitment expenditures were due to have been made from April 20, 2024,
to May 1, 2025;
8. by extending the date an aggregate of $900,000 of exploration or other work
commitment expenditures were due to have been made from April 20, 2025,
to May 1, 2026; and
9. by extending the date an aggregate of $1,500,000 of exploration or other work
commitment expenditures were due to have been made from April 20, 2026,
to May 1, 2027.
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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
S:\94\94544-Bold\Press Releases\031023 PR Traxx Perm Farwell and Burchell Amendments with links wrj.docx
The Vendors 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 Vendors. The Company also has the right of first refusal to purchase the
remaining 1.5% NSR.
The press release issued September 13, 2023, erroneously refers to the issuance of an
additional 300,000 shares rather than 350,000 shares.
All shares to be issued will be subject to a four month and one day hold period from
the date of issuance.
For a review of this project, visit the Burchell Battery and Precious Metals Project.
Bold Ventures management believes our suite of Battery, Critical and Precious
Metals exploration projects are an ideal combination of exploration potential
meeting future demand. Our target commodities are comprised of: Copper (Cu),
Nickel (Ni), Lead (Pb), Zinc (Zn), Gold (Au), Silver (Ag), Platinum (Pt), Palladium
(Pd) and Chromium (Cr).
About Bold Ventures Inc.
The Company explores for Precious, Battery and Critical Metals in Canada. Bold
is exploring properties located in active gold and battery metals camps in the
Thunder Bay and Wawa regions of 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.
For additional information about Bold Ventures and our projects please visit
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.
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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
S:\94\94544-Bold\Press Releases\031023 PR Traxx Perm Farwell and Burchell Amendments with links wrj.docx
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.