Toronto, Ontario, November 30, 2017 – Bold Ventures Inc. (BOL:TSX.V) (“Bold Ventures” or the “Company”) is pleased to announce that further to it’s press release dated November 16, 2017 it has signed the formal Option Agreement to acquire a 100% interest in the Stover Gold Property. The Company is also pleased to announce that it has commenced a high-resolution airborne …
Stover Exploration Project
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The Stover Property is located in the eastern end of the Michipicoten Greenstone Belt approximately 85 km northeast of Wawa, Ontario on the Trans-Canada Highway and is road accessible (Figure 1). The property consists of 28 staked claims (representing 406 units) and occupies portions of six townships (Stover, Rennie, West, Meath, Riggs and Glasgow) along a westerly trend.
Gold was first discovered in this area in 1896 within the southeastern portion of Riggs Township, southwest of the current property. Many of the known gold occurrences on the Stover Property were discovered in the 1940’s. However, exploration work since this time has been sporadic and isolated. There has never been an integrated systematic exploration program conducted across the claim group area.
The Stover Property lies along a 20-km segment of what is known locally as the Goudreau – Missanabie Shear Zone, which is part of the much more extensive Larder Lake – Cadillac shear zone. The eastern portion of this major structure is host to several gold camps and deposits in the Abitibi Subprovince such as Kirkland lake, Cadillac and more recently Goldcorp’s Borden Lake deposit, located 75 km southeast of the Stover Property near Chapleau, Ontario. Approximately 20 km west of the property the Goudreau Lake Shear Zone hosts Alamos Gold’s Island Gold Mine and Argonaut’s Magino Deposit in addition to several small past producers. The past producing Renabie Mine is located outside the shear zone 5 km east of the Stover claims.
1896: Gold was first discovered in southeastern Riggs Township just west of Dog Lake and approximately 4 km southwest of the Stover claim group. Interest in this area was diverted by the discovery of gold (1897) and work on known iron occurrences near Wawa Lake north of the Wawa town site.
1910-1930’s: Prospecting activity was minimal and focused primarily in Jacobson Township just west of the Stover Property.
1934: Burwash (1937) of the Ontario Department and Mines, examined and mapped the Lochalsh Missanabie area, including West and Riggs Townships, during a reconnaissance survey of 14 townships at the east end of the Michipicoten metavolcanic-metasedimentary belt.
1939: Gold was discovered at Renabie Mines in granitic rocks which diverted prospecting activity to Rennie and Leeson Townships just east of the Stover property. Renabie Mines Limited was incorporated in 1940 to develop the property, which included 4 zones of gold-bearing quartz veins. A shaft was sunk and development work began in 1941. The mine operated from 1947 to 1970 and again from 1981 to 1991 with production totalling 4.2 Mt @ 6.1 g/t Au (van Hees et al 2017).
1942: Gold-bearing quartz veins were discovered in mafic metavolcanics in northern Stover Township covered by the present-day Stover Property.
– Sylvanite Gold Mines Limited optioned a property from N. Soroka located in the northeast part of West Township and completed trench and sampling over two northeast-trending quartz veins. Samples assayed up to 1.87 g/t Au (0.06 oz) over 1.2 m (Srivastava and Bennett 1978).
1942-1943: S. Pileggi made 2 gold discoveries in the northern part of Stover Township and formed the Pileggi Prospecting Syndicate to conduct stripping, trenching and sampling in this area. The Pileggi West occurrence is located south of Lancely Lake and consists of quartz stringers and lenses in sheared mafic metavolcanics. Assays range up to 83.05 g/t Au (2.67 oz) over 1.07 m (Horwood 1942). The Pileggi Central or Main occurrence is located 3.5 km east northeast of the Pileggi West showing due south of Stover Lake. It is described as stringers and lenses of quartz within a sheared and silicified volcanic breccia across widths up to 10.6 m. Pyrite and arsenopyrite mineralization were noted at this location.
1944: Bruce (1945) of the Ontario Department and Mines mapped Riggs Township and examined gold occurrences in the area.
1950: Maisondor Gold Mines Limited conducted trenching and completed 2 diamond drill holes totalling 65 m in the northwest portion of West Township. The occurrence assayed up 277.4 g/t Au (8.92 oz) over 0.18 m and consists of a quartz vein that strikes N60W in felsic to intermediate metavolcanics (Riley 1971).
1954: United Duvex Oils and Mines Limited completed eight diamond drill holes totalling 621 m (2,037 feet) on an 11-claim property east of Stover Lake. No assays were reported but the logs indicate the presence of mafic metavolcanics, sericite schist and sheared quartz porphyry (Bennett 1978).
1954-1956: Guarnaccio Gold Mines, Limited (which later became Kent Mines, Limited) completed an airborne magnetometer survey in the northeastern part of West Township. Prospecting and trenching along magnetic anomalies in the Eskay Lake – McKay Lake area during this period uncovered gold-bearing quartz stringers and lenses, some associated with iron formation. Samples assayed up to 18.04 g/t Au (0.58 oz) over 1.0 m (Srivastava and Bennett 1978). These are indicated as the Kent and Guarnaccio occurrences on Figure 3.
1966-1967: Riley (1971) of the Ontario Geological Survey completed geological mapping of Glasgow, Meath and Rennie townships.
1969-1970: Noranda Exploration Company, Limited and Ontario Syndicate completed airborne magnetometer and electromagnetic surveys over all of Riggs Township and the west-central parts of West Township.
1971-1972: The Ontario Geological Survey completed geological mapping in 4 townships, including Lang, Stover, Brackin and Marsh.
1972: Asarco Exploration Company Limited completed an airborne and ground geophysical survey over a group of claims located in the northwest corner of Stover Township west of Lancely Lake.
1973: Amax Exploration Incorporated carried out limited surface prospecting in the northern portion of Riggs Township, north of Lochalsh Bay.
– Ontario Geological Survey updated and completed geological mapping of Riggs and West Townships (GR 174, Srivastava and Bennett 1978).
1975: Dome Exploration (Canada) Limited completed a 92 m (302 ft.) diamond drill hole (Hole 83B-1) in southeast Meath Township. The log indicates the presence of chlorite schist and siliceous sulphide-rich iron formation (pyrrhotite up to 20%). Assays of drill core samples range up to 0.47 g/t Au (OGS assessment Files, Sault Ste. Marie District, Sault Ste. Marie).
1988: Conquest Yellowknife Resources Ltd. completed a 18-hole diamond drill program (SL-88-01 to 13) totalling 2668 m over the Pileggi Main occurrence south of Stover Lake. Assay results from 5 to 10 m sections of highly sheared quartz sericite schist and intense quartz veining returned values up to 5.93 g/t Au and ranged from .43 g/t Au to 2.01 g/t Au over 8.2 m (OGS assessment Files, Sault Ste. Marie District, Sault Ste. Marie). Also present is 1 to 3% fine disseminated pyrite, carbonate alteration, apple-green fuchsite mineralization and tourmaline.
2000: Dog River No.2 Prospecting Syndicate conducted stripping, trenching and sampling on a property located in northwest West Township. Two short x-ray diamond drill holes totalling 21.26 m were also completed. Assay result ranged up to 866 ppb Au and over 1% Zn (OGS assessment Files, Sault Ste. Marie District, Sault Ste. Marie).
The Stover Property is located within the northeast portion of the Michipicoten Greenstone Belt (MGB), the largest greenstone belt in the Wawa Subprovince. The Wawa – Abitibi Subprovinces of the Canadian Shield have produced over 150 million ounces of gold since gold mining began in 1902. Many of the more significant gold deposits are associated with two regional scale deformation zones; namely, the Porcupine-Destor Shear Zone (Timmins, Hemlo) and the Larder Lake – Cadillac Shear Zone (Cadillac, Kirkland Lake, Borden Lake).
The Stover claims occupy a 20-km segment of the Larder Lake – Cadillac Shear Zone, known locally as the Goudreau Lake – Missinaibi Lake Shear Zone and a 15 km northwest-trending splay structure known as the Baltimore Lake Shear Zone (Figure 2). West of the property the Goudreau Lake Shear Zone hosts the Island Gold Mine (recently acquired by Alamos Gold) and Argonaut Gold’s Magino deposit as well as several small past producers, including the Cline, Edward and Kremzar mine properties.
East of the property the gold-bearing structures track southeast through First Nation lands and join the shear zone which hosts Goldcorp’s Borden Lake Deposit northeast of Chapleau, Ontario. See Figure 2: Geology of the Stover Property showing known area gold occurrences and mineral deposits.
An initial review of historical work conducted in the area covered by the Stover claims, which includes known gold occurrences, indicates several styles of mineralization. These include:
- Lode-gold quartz veins (Guarnaccio Occ. – 19.9 gpt Au over 1.8 m wide trench, Pileggi West occ. – samples up to 11.2 gpt Au).
- “Hemlo Style” quartz-eye sericite schist-hosted (Pileggi southeast up to 27.4 gpt Au, Pileggi Main 1.3 gpt Au over 29 m and 1.5 gpt Au over 12 m from trenches).
- Iron Formation-hosted gold (Kent 15.5 gpt Au over 2 m). (OGS Resident Geologist Assessment Files, Sault Ste. Marie District, Sault Ste. Marie)
Adjoining gold occurrences include grab samples assaying up to 91.5 gpt Au and results from the Maisondor occurrence of – 258.4 gpt Au over 0.5 m in a drill hole (OGS Resident Geologist Assessment Files, Sault Ste. Marie District, Sault Ste. Marie).
A multi-phased exploration program is recommended by Bold’s independent consultant and is planned to commence immediately.
Recent Project News
Toronto, Ontario, November 16, 2017 – Bold Ventures Inc. (BOL:TSX.V) (“Bold” or the “Company”) is pleased to announce the signing of a letter of intent giving Bold the option to acquire a 100% interest in the Stover Gold Property. The property is located approximately 85 km northeast of Wawa, Ontario on the Trans-Canada Highway and is road accessible. The property …
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