Farwell Gold and Base Metals Project
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Copper (Cu) | Gold (Au) | Lead (Pb) | Zinc (Zn)
The Farwell Property is located in the east Lake Superior region of Northeastern Ontario approximately 55 km northwest of Wawa (centered on UTM Zone 16, 608422E, 5335125N). The Trans-Canada Highway 17 connects Wawa with Sault Ste. Marie to the south and the towns of White River and Marathon to the northwest. The property is accessible via the all-weather Paint Lake Road west from Trans-Canada Highway 17, approximately 45 km north of Wawa. The eastern boundary of the Farwell claim group can be accessed from logging roads at km 43 along the Paint road. Wesdome Gold Mines Eagle River complex is located at km 52 on the Paint Lake road, approximately 5 km due south of the Farwell claims. As a result, the road is maintained all year to provide access to Wesdome’s gold mining operations. Further all-weather access to this area is provided by logging activities south from White River, including roads that connect to the Paint Lake Road in the area of the Farwell Property. Additional infrastructure includes a 230 KV transmission line that crosses the area at km 36 on the Paint Lake Road. Support services (accommodations, supplies, etc.) are provided by the town of Wawa and the larger center of Sault Ste. Marie 200 km to the south.
The Farwell Property consists of 103 Cell claims, 6 Multi-Cell claims and 6 Boundary claims that total 3993 ha or 9867 acres. For a summary of geology and historical work see the Farwell Property review (13Mb PDF – Mar. 2020), Wawa Gold Camp on our Farwell Gold and Base Metals Project Page.
Bold has the option to earn a 100% interest in the Farwell Property by making aggregate cash option payments of $225,000, issuing an aggregate of 1,650,000 common shares of Bold and completing a total of $1,000,000 of exploration work on the Property over a four year period. The Option Agreement is subject to financing and the terms will come into effect post financing at which time the Company will pay the vendors the initial cash option payment of $20,000 cash and issue 200,000 shares. The first year exploration work expenditure is $90,000. The vendors will retain a 3% net smelter royalty on the Farwell Property. Bold will have the right to buy back a 1.5% net smelter royalty in consideration for the payment of $2 million.