TORONTO, ON / ACCESSWIRE / July 21, 2021 / Bold Ventures Inc. (TSX.V:BOL) (the “Company” or “Bold”) is pleased to announce that it has recently updated its website information about the Traxxin Gold Project and the Company’s Corporate Presentation both of which can be viewed at www.boldventuresinc.com.
The Company is pleased to report that it has signed a contract to carry out a VTEM™_Plus Time Domain EM airborne survey (VTEM) over the Farwell Gold and Base Metals property located near Wawa, Ontario. The electromagnetic and magnetic survey, to be performed by Geotech Ltd. of Vaughan, Ontario, will consist of 450 line-kms with provision to detail additional line-kms as needed. Bold personnel have utilized this system, and its predecessor systems over the last 15 years, which has provided excellent depth penetration and a low noise-to-signal ratio yielding high quality data. While surface examination is standard follow-up procedure in anomalous areas identified by airborne geophysical surveys, the VTEM system provides clear and accurate location of anomalies and eliminates the need for ground-based geophysical surveys in locations where the outcrop exposure is limited or non-existent. The depth penetration is greatly enhanced over the historical Dighem Electromagnetic survey carried out on the Farwell Property in the 1980s by the Ontario Geological Survey. The Bold survey is scheduled for later this summer with a commencement date to be confirmed. Bold Ventures communicates its activities with affected First Nations and works towards a minimum footprint on the land.
Traxxin Gold Project (Au)
In January of this year the Company completed 4 diamond drill holes (BV-21-01 to 04) totalling 745 m (see Bold press release dated April 12, 2021).
The Traxxin Gold Project is located within the Marmion Lake Batholith. The Main Zone model developed by the Bold Ventures technical team indicates a zone of high-grade gold mineralization that occurs within a low-grade envelope of gold, ranging from approximately 0.1 g/t Au to 1.0 g/t Au. The Hammond Reef Gold Deposit owned by Agnico Eagle Mines Limited, is located 44 km west of the Traxxin Main Zone and is hosted by the same Marmion Lake rocks. It represents the only NI 43-101-compliant mineral resource in the immediate area. The current stated open pit resource presented on Agnico Eagle’s website (May 2021) consists of 5.6 million ounces of gold at an average grade of 0.71 g/t Au (mineral reserves, measured and indicated resources).
It should be noted that the gold mineralization at the Traxxin Property has not been proven to be similar to the Hammond Reef Deposit and that further exploration work by Bold will be necessary to prove this comparison.
This high-grade gold content demonstrates a coarse, erratic distribution and is associated with zones of intense shearing and the presence of minor sulphides. The abundance of gold appears to be increasing at depth and down plunge to the Northwest (See Link to Cross Section 98+80 N and link to Inclined Longitudinal Section here).
As reported in Bold’s Press release dated June 18, 2021, the Company is currently finalizing an exploration program of geophysical surveys and surface mapping to cover the 2 km long conductive trend extending south from the Traxxin Main Zone.
Samples from the Traxxin Main Zone, historical drilling, are being selected for thin-section, microscopic analysis. This work is intended to identify mineralogical associations with the gold content in the Main Zone and to better understand the mineral potential of the 2 km long conductive trend extending from the Main Zone to the south. The property remains underexplored over a further 3 km distance to the south. Winter work is planned to extend the main zone to the north where it remains open and unexplored for a distance of almost 5 km.
Traxxin Extension Joint Venture
In April 2017 Lac des Mille Lacs First Nation (LDMLFN) and Bold entered into a joint venture to explore the northeastern extension of the Traxxin Gold discovery. Pursuant to the Traxxin Extension Joint Venture Agreement, 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.
Farwell Gold and Base Metals Project (Au, Cu)
Bold’s technical team has compiled the historical work performed on the Farwell property and carried out prospecting and sampling in and around the three Key areas of the Farwell Gold and Base Metals property.
A geophysical interpretation of the historical (1988) Dighem Airborne Electromagnetic and Magnetic survey assisted the Bold exploration team to efficiently explore the three Key areas of the Farwell Property. Due to limitations of the depth penetration and signal clarity of the historical Dighem survey, a modern survey system will accelerate the exploration of the numerous showings that occur within the claims.
It is evident that the gold mineralization in the Koala Gold area (Captain-Koala Gold Occurrence diamond drill intersection of 12.8 g/t Au over 1.52 m in 1986) is associated with appreciable sulphide mineralization.
The Farwell Sulphide zone (Bibis Prospect drill intersection 1.47% Cu over 5.2 m in 1966) is associated with massive sulphide mineralization.
As a result, a Vertical Time Domain Electromagnetic Survey has been recommended in order to penetrate well below the approximately 70 m of depth that the Dighem Electromagnetic and Magnetic survey carried out by the Ontario Geological Survey in 1988 could accomplish.
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.
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 field operations. As a result of the Covid-19 pandemic giving rise to local and national anti-virus measures, the scheduling of activities are subject to change. Covid 19 impacts may affect timing and availability of goods and services for the foreseeable future.
Please visit the Bold website at www.boldventuresinc.com and see our recent news and project information.
For additional information contact 416-864-1456 or email: [email protected].
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.
“David B 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 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.
SOURCE: Bold Ventures Inc.
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