Traxxin Gold Project

Gold (Au)

Traxxin Gold Project

The Traxxin Gold Project is located to the south and contiguous with the Traxxin Extension Gold Project claims, held 50% by Bold and 50% by Lac des Milles Lacs First Nation (“LdMLFN”). Bold is the Operator of the Joint Venture.

LdMLFN and Bold (“the Optionee”) have the option to earn a 100% interest over a three-year period by paying the aggregate sum of $150,000 cash, issuing an aggregate of 1,000,000 common shares of Bold and completing a total of $250,000 of exploration work on the claims over a three year period. On signing of the formal Option Agreement a payment of $20,000 cash and 200,000 common shares will be paid to the vendor. The vendor will retain a 2% Net Smelter Royalty (NSR) of which the Optionee has the right to purchase a 1% NSR for $1 million leaving a 1% NSR in favour of the vendor. The transaction is subject to TSX Venture Exchange (“TSXV”) approval and the execution of the formal Option Agreement and financing.

Traxxin Gold Project Highlights

The Traxxin property consist of 151 contiguous claims and is located north of Highway 11 in the Atikokan area of Northwestern Ontario.

The claims host a well-defined gold-bearing structure along a northeast splay of the Quetico Fault.

Historical trenching and drilling conducted from 2016 to 2018, identified a gold-bearing zone of at least 300 m in strike length associated with a well-defined sheared quartz vein surface exposure from 15 to 30 m wide. Diamond drilling highlights from this work include 4.76 g/t Au over 3.8 m (Hole BED-17-016), 1.06 g/t Au over 22.2 m (Hole BED-17-005) and up to 37.3 g/t Au over 1 m (Hole BED-17-003) (Sims 2019).

The Main Zone discovered in 2017, lies within the Marmion Lake Batholith, host to Agnico Eagle’s Hammond Reef Gold Deposit. The current stated resource (Agnico Eagle’s website, May 2021) consists of “Open pit mineral reserves estimated at 3.3 million ounces of gold (123.5 million tonnes grading 0.84 g/t gold). In addition, the project contains 0.8 million ounces of measured mineral resources (47.1 million tonnes grading 0.54 g/t gold) and 1.5 million ounces of indicated mineral resources (86.3 million tonnes grading 0.53 g/t gold).” ^{The mineralization and resources hosted on the Hammond Reef Property are not necessarily indicative of the mineralization on the companies Traxxin Property.}

Hole BV-21-04 returned 3.57 g/t Au over 12.29 m, including 4.88 g/t Au over 6.13 m and represents the best intersection yet obtained on the property.

Future exploration plans include additional drill core sampling and thin section studies, detailed geophysical surveys and prospecting, mapping and sampling over much of the property, leading to a phase 2 diamond drilling program.

The technical information in this news release was reviewed and approved by Gerald D. White, B.Sc., P. Geo., a qualified person (QP) for the purposes of NI 43-101.

Traxxin Gold Project

The Traxxin Gold Property consists of 151 cells/boundary cells that total approximately 2,224 ha or 5,497 acres. For a summary of geology and historical work see the Traxxin Gold review (June 2020).