Toronto, Ontario, January 12, 2022 – Bold Ventures Inc. (BOL: TSX.V) (the “Company” or “Bold”) is pleased to report results from its fall 2021 exploration program on the Traxxin Gold Project, east of Atikokan in Northwestern Ontario. The program consisted of prospecting, stripping and trenching, geological mapping and sampling focused along the central portion of the property. Exploration work was successful in confirming and expanding the areas of known gold mineralization both in the historical Main Zone region at Bedivere Lake and 1.2 km south at the Teardrop Zone. The main mineralized northeast trending shear structure was extended north by approximately 20 m at the Main Zone (Bold Trench #11) and by approximately 30 m north at the Teardrop Zone (Bold Trenches #8 and #9). Assay results range from 2.5 ppb Au to 9.80 g/t Au.
Traxxin Fall 2021 Channel Sampling Highlights
See 2021 Trench Locations map here
The northeast-trending structure central to the Traxxin property is part of a series of northeast splays off the main west-striking Quetico Fault lying south of the property. The western-most splay hosts Agnico Eagle’s Hammond Reef gold deposit (5.6 Moz at an average grade of 0.71 g/t Au in all categories) in the Marmion Lake Batholith (Agnico Eagle’s website, January 2022). The regional similarities provide a good model for comparison that will continue to evolve as the Company explores the property.
Results obtained during this latest phase of exploration indicates the high potential to extend the main northeast structure in 2 key areas. The first lies at the most northerly exposure on the Main Zone in Bold Trench 11, uncovered during the fall program. Blue-grey quartz veining over 3 m wide and iron-carbonate alteration were exposed within a mineralized (pyrite) altered mafic shear hosted in granitic rocks of the Marmion Lake Batholith (MacLachlan 2021). The highest assay value obtained from channel sampling across this zone, returned 3.43 g/t Au over 0.90 m. An electromagnetic (EM) geophysical survey will be used to track the mineralized structure north across Bedivere Lake during Bold’s next phase of exploration. At the Teardrop Zone, approximately 1.2 km south of the Main Zone, trenching uncovered zones of shearing, quartz veining and mineralization several meters wide, only fractions of which had been exposed in historical trenching. Assay values up to 1.18 g/t Au were returned from preliminary sampling across this zone.
Geological mapping of the 5 trenches exposed by Bold’s work indicates strong similarities exist between the mafic shears and quartz veining at the Teardrop and the Main Zone, suggesting continuity of the system between the two areas (MacLachlan 2021). This relatively unexplored gap will also be targeted for further exploration work.
Concurrent with this recent work, historical geophysical surveys are under review. An additional geophysical survey is proposed to further extend the gold-bearing Main Zone to the north in advance of drill testing that area.
As part of the first pass in the sampling process, channel ‘grab’ samples were cut across the stripped outcrop in areas hosting the highest observed mineralization, quartz veining, alteration and shearing. Individual sample sections ranged from 0.25 to 1.20 m in length and were cut approximately perpendicular to the interpreted mineralized trend. Where possible, the channel samples were bounded within a single rock unit and mixing of adjacent rock types and shear horizons was very limited. Channels were cut to a depth of 5 to 7 cm with a diamond saw and individual samples were removed with the use of a chisel and hammer.
The channel and grab samples were prepared and analyzed by Activation Laboratories (Actlabs) in Thunder Bay, Ontario. Each sample was dry-crushed (< 5 Kg) to 75% passing a 2 mm split to 250-g and pulverized to 85% passing 75 microns. The gold assaying method uses a standard Fire Assay with AAS finish technique on a 50-gram sub-sample taken from a 250-gram split of the submitted sample. Check assays were performed on samples with gold values greater than 10 g/t Au using Fire Assay and Gravimetric finish. Bold Ventures has implemented a rigorous quality control program which complies to industry best practices for sampling, analysis and chain of custody. In addition to the control samples inserted by the lab, certified gold reference samples, blanks and duplicates are inserted prior to sample submission as part of the QA/QC program.
The technical and scientific disclosures in this news release have been reviewed and approved by Gerald D. White, B.Sc., P.Geo., a qualified person (QP) under National Instrument 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 operations. As a result of the COVID-19 pandemic giving rise to local and national anti-virus measures, the scheduling of activities is 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.
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