Toronto, Ontario, June 20, 2017- Bold Ventures Inc. (TSX.V:BOL)(“Bold”) and Lac des Mille Lac First Nation (“LDMLFN) or (“the partners”) are pleased to announce the staking of 7 claims totaling 100 units comprising 1600 hectares or 3953 acres in the Bedivere Lake area of Northwestern Ontario. The property is located approximately 55 km northeast of the town of Atikokan and 130 Km west of the city of Thunder Bay (see the Traxxin Extension maps and project details at www.boldventuresinc.com). The partners have shared the costs related to the claim staking equally and each party owns 50% of the Traxxin Extension Joint Venture gold property. Bold is the operator of the claims.
The claims were staked contiguous to and northeast of the Traxxin Resources Inc. claims that host a gold discovery made in June of 2016 and subsequently was optioned by Benton Resources Inc. (“Benton”) in December of 2016 (see Benton news releases dated November 1, 2016 and December 7, 2016). Located within the Marmion Batholith, the claims straddle a northeast trending geological structure interpreted to be a splay off the main Quetico Fault zone (Ministry of Northern development and Mines (MNDM) interpreted geology, Pye and Fenwick, 1965). Northeast trending structures within the Marmion Batholith have been located proximal to gold deposits such as the Hammond Reef deposit that hosts a 43-101 qualified resource of 5.4 million ounces gold at an average grade of 0.86 grams per tonne (g/t) in the measured and indicated category and 1.8 million ounces of gold at a an average grade of 0.72 g/t in the inferred category at a lower cut-off grade of 0.50 g/t. (see map here).
“The Traxxin occurrence was visited in June 2016 by D. Campbell and G. Paju of the Ontario Geological Survey-Resident Geologist Program (RGP), who confirmed the presence of visible gold and collected a number of grab samples for assay. Samples of quartz vein material collected from 2 hand-dug pits returned 3.727 ounces of gold per ton, 0.695 ounces of gold per ton and 0.22 ounces of gold per ton.”
(Puumala, M.A., Campbell, D.A., Tuomi, R.D., Tims, A. and Brunelle, M.R. 2017. Report of Activities 2016, Resident Geologist Program, Thunder Bay South Regional Resident Geologist Report: Thunder Bay South District; Ontario Geological Survey, Open File Report 6326, 96p.)
Traxxin Resources personnel reported numerous gold values ranging up to 1281 g/t (41 ounces per ton) gold (see Benton news release dated December 7, 2016). Benton has initiated a systematic exploration program over the discovery area (for additional details see Benton news release dated January 20, 2017).
There is no record of historical work being carried out within the Traxxin Extension claims. A review of the geology and any relevant technical data is being carried out in order to plan the first phase of work.
Bold is continually assessing opportunities to enhance shareholder value while recognizing the inherent value of socially responsible resource development. The Company works extensively with local and indigenous interests.
Note: The mineralization and resources previously reported for the Hammond Reef deposit are not necessarily indicative of the mineralization, if any, hosted on the Company’s Traxxin Extension Joint Venture gold property.
The technical information in this news release was reviewed and approved by Bruce W. Mackie, P. Geo., a qualified person (QP) for the purposes of NI 43-101.
The Company explores for minerals in Ontario and Québec. In Ontario, Bold and its subsidiary Rencore Resources Ltd. have extensive holdings comprised of over 18 claim groups in and around the Ring of Fire area of the James Bay Lowlands. The company has also earned a 10% carried interest in the Koper Lake Project centrally located within the Ring of Fire and directly adjacent to the Eagles Nest nickel-copper massive sulphide deposit currently in the permitting stage (see Bold news release dated October 14, 2016). Bold has the option to earn a 100% interest in the Wilcorp gold property (subject to a 1% NSR) located approximately 14 km east of the town of Atikokan in Northwestern Ontario. In Québec, Bold’s primary focus is on its 100% owned Lac Grasset project that straddles the Sunday Lake Deformation Zone in the Matagami area, within the historically prolific Abitibi Greenstone belt of North-western Québec. Balmoral Resources Ltd. has seen success over the past few years in locating and expanding several gold and base metal discoveries proximal to the Sunday Lake Deformation Zone and has expanded its land position to surround Bold’s property (see Bold news release dated September 30, 2014).
For more information, please visit www.boldventuresinc.com, or contact Bold Ventures Inc. at 416-864-1456.
“Richard E. Nemis”
Richard E. Nemis
President and Chief Executive Officer
“David B Graham”