Bold Ventures Reports Progress at the Farwell 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
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NEWS RELEASE - For Immediate Release
Bold Ventures Reports Progress at the
Farwell Gold-Copper Project
Toronto, Ontario, April 18, 2023 – Bold Ventures Inc. (BOL: TSX.V)
(the “Company” or “Bold”) is pleased to report additional results and
interpretation of the VTEM Electromagnetic and Magnetic survey carried
out by Geotech Ltd. of Aurora, Ontario on its Farwell Gold-Copper
Project. The survey results have now been incorporated into the existing
data base in order to prioritize anomalies for future exploration and
ultimately for drill testing.
Bold Ventures Inc. recently contracted Scott Hogg and Associates Ltd. to
provide a study of 2 airborne geophysical surveys conducted over the
Farwell Gold-Copper Project located 55 km northwest of Wawa, Ontario.
One survey was a Dighem airborne magnetic-electromagnetic survey
completed by the Ontario Geological Survey (OGS) in 1987 and the
second was the VTEM survey flown for Bold in the fall of 2022.
Geophysical analysis indicates the presence of a regional northwest-
southeast structural feature following a magnetic low, which crosscuts
the property geology and the extension to the Iron Lake Deformation
Zone in the central portion of the claim group – see map. The structural
axis has been traced in a regional context from the northwest portion of
the Farwell claims to Wesdome Gold Mines Mishi Open Pit Mine
southeast of the property (a distance of approximately 12 km).
Production at the Mishi Mine in 2021 was 36,508 t milled @ 2.4 g/t Au
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for a total of 2283 oz Au (OGS Open File Report 6384, Azadbakht et al.
2022). This feature may represent a possible location for gold and base
metal mineralization. As a result of this interpretation, further work is
recommended in the form of a detailed high resolution airborne
magnetic survey along the identified structure.
Significant, coincident, magnetic-electromagnetic anomalies associated
with the Bibis Copper Occurrence (located immediately west of the
regional NW-SE structure), were also identified in the Farwell Sulphide
Zone within the south-central portion of the property. Historic diamond
drilling returned 1.47% Cu over 5.2 m in this area. Two well-defined EM
conductors, revealed by both the Dighem and VTEM surveys, with
coincident moderate magnetic signatures, were located east (500 m) and
northeast (300 m) of the known copper mineralization. The study
indicated that since the confirmed copper mineralization is near but not
coincident with the conductors this could imply the main body was
overlooked. Diamond drilling was recommended for both these targets.
The geology of the Farwell property is oriented in a general East-
Northeast to West-Southwest direction. The convention for property
wide surveying is to survey across the general strike of the geology in
order to obtain an optimum signal. At Farwell, the magnetic low trend
cuts across the geology and is therefore sub parallel to the flight lines.
This is less than ideal for obtaining an optimal geophysical definition of
this feature.
Taking these factors into account and to enhance the drill targets that
have been located by the VTEM survey, a high-resolution airborne
magnetometer survey is recommended to cover the magnetic low trend
and the area to the west within the claims.
Bold’s 2022 VTEM program is the first large-scale airborne survey
completed over the Farwell Property since a 1987 Dighem MAG-EM
survey flown by the OGS, which was part of a much larger area covering
the Michipicoten and Mishibishu Greenstone Belts. Current
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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
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advancements in digital technology provide greater accuracy with Global
Positioning Systems (GPS) location, increased depth penetration and
enhanced target resolution compared to historical surveys.
Farwell Gold - Copper Project
Historical work within the Farwell claims indicates a high potential for
significant concentrations of copper, gold, zinc, lead and silver. A major
regional structure known as the Iron Lake Deformation Zone (ILDZ),
passes through the central east part of the claim area. Immediately east
of the Farwell Property within the ILDZ, Tundra Gold Mines reported
samples up to 35.5 g/t gold (Au) in 1988 (Argo Gold Inc. 2020).
For the purpose of reporting the initial property exploration, the claim
group has been divided into three key areas.
The Farwell Sulphide Zone
In the southeast portion of the property, historical work has recorded
numerous samples anomalous in Copper (Cu), Silver (Ag), Gold (Au),
Lead (Pb) and Zinc (Zn). A grab sample recorded by the Ontario
geological Survey in 1968 returned 5.58% Cu and 20.5 g/t Ag. Historical,
near surface diamond drilling results ranged up to 1.47% Cu over 5.2 m
at the Bibis showing. Grab samples also collected during the same period
over a 10.7 m zone of heavy to massive sulphide mineralization, at the
Burex showing, returned up to 0.18% Cu and 0.9 g/t Ag associated with
pyrrhotite (Po), pyrite (Py) and chalcopyrite (CuFeS2) (Bennett and
Thurston 1977).
The Tundra Gold Horizon
Located in the east-central portion of the claim group, the Tundra Gold
Horizon is mapped as an extension of the ILDZ in contact with
“Tamiskiming” style metasediments (Bennet and Thurston 1977).
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Soil sampling carried out along the ILDZ by Precambrian Ventures in
2008 located strong Au and Cu anomalies within the Farwell claims. Of
these areas, particular attention will be paid to the Brown Lake
Occurrence (high Au in a Mobile Metal Ion anomaly with 0.83% Cu), the
Conductor B Occurrence (712 ppb Au in association with sulphide
mineralization) and the location of a grab sample taken by Tundra Gold
Mines in 1985 that assayed 7.5 g/t Au, 1.58% Cu and 19.9 g/t Ag
(Campbell 2010).
The Koala Gold Area
The Koala Gold area occupies the west portion of the claim group and has
been explored sporadically over the years and highlights three locations
for follow up exploration. From 1986 to 1988, Koala Resources drilled a
number of shallow drill holes that returned 3.4 g/t Au over 0.66m
(Henriksen 1988) and 12.8 g/t Au over 1.52m (White 1987) at two
separate locations. A third location that exhibited a soil geochemical
anomaly of 557 ppb Au, was drill tested and logged as a sulphidized Iron
formation hosting 40% Po and 5% Py (Henriksen 1988). No gold values
were posted on the historical logs.
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 Northern 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
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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
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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.
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
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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
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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,
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