Bold Ventures Updates Koper Lake Project - Ring of Fire
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NEWS RELEASE - For Immediate Release
Bold Ventures Updates Koper Lake Project - Ring of Fire
Toronto, Ontario, September 8, 2021 – Bold Ventures Inc. (BOL: TSX.V) (the
“Company” or “Bold”) is pleased to provide an update of Bold’s Koper Lake Project
that is located contiguous to the mining claim hosting the Noront Resources Ltd.
(“Noront”) Eagles Nest Nickel-Copper-PGE deposit. The Koper Lake Project hosts the
Black Horse Chromite Resource that is contiguous to the east end of Noront’s
Blackbird Chromite deposit. The Black Horse Chromite Resource has a published
inferred resource containing 85.9 million tonnes grading 34.5% Cr2O3 (Aubut 2015,
see *Note below).
Recently, two competing offers have emerged for control of Noront Resources Ltd.
“Being located as close to the Eagles Nest and Blackbird deposits as we are, it is
encouraging that the value of this emerging multi-metals, district scale, camp is
coming back into focus. Having been involved from the outset, our team is quite
aware of the potential of the Ring of Fire and that it has been extremely undervalued
over the past decade.” commented Bold CEO David Graham. “With our understanding
of the chromite, battery and precious metals known to exist there, we feel the value of
our Koper Lake Project and the Ring of Fire camp will only grow in time. The upside
is substantial.”
The Bold-Fancamp Option Agreement
Bold optioned the Koper Lake claims from Fancamp Exploration Ltd. in 2012 and has
the right to earn up to a 100% interest in the claims, subject to certain royalties (see
Bold news release dated January 7, 2013).
In turn, the Company optioned a portion of its right to earn up to a 100% interest in
the Koper Lake claims to KWG Resources Ltd. (“KWG”). At that time, the property
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interests were divided into two commodity streams for the purposes of the KWG
option. The two streams consist of chromite and “all other metals”.
The Bold-KWG Option Agreement
By fulfilling the optional terms of the Bold-Fancamp Option Agreement, KWG has the
right to earn up to 80% of Bold’s interests in chromite found within the claims, while
Bold retains up to a 20% carried interest. Concurrently, KWG has the right to earn up
to a 20% working interest in “all other metals” and Bold will earn up to an 80%
working interest in “all other metals” (see Bold news release dated March 6, 2018).
At this time, KWG has fulfilled the terms required for Bold’s first 50% earn-in interest
and as a result KWG has earned a 40% working interest in chromite and Bold retains
a 10% carried interest in chromite. Bold holds a 40% working interest in “all other
metals” and KWG holds a 10% working interest in “all other metals”. KWG is the
Operator of the chromite exploration work. Fancamp Exploration Ltd. owns the
remaining 50% interest in the claims.
A Dundee Resources Ltd. subsidiary is Bold’s co-venturer in its Ring of Fire regional
exploration project and holds a one-third interest in Bold’s interests within an area of
interest that includes the Ring of Fire and is part of an option agreement signed in
2011 (see Bold news release dated April 12, 2011).
*Note: The Black Horse Chromite inferred resource is quoted as 85.9 million tonnes
grading 34.5% Cr2O3 as described in the report titled: National Instrument 43-101
Technical Report, Koper Lake Project Chromite Deposit, McFauld’s Lake Area,
Ontario, Canada, Porcupine Mining Division
NTS 43D16, Updated Mineral Resource Estimation Technical Report
UTM: Zone 16, 548460m E, 5842511m N, NAD83
Prepared For KWG Resources Inc. and Fancamp Exploration Ltd.
By Alan Aubut P.Geo., December 15, 2015
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.
A full description of Bold’s Ring of Fire interests is found on the Company’s Ring
of Fire Project page at www.boldventuresinc.com .
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Toronto, Ontario, M5H 4E3
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About Bold Ventures Inc.
The Company explores for Gold and Base 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 operations.
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
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-
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
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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.