Toronto, Ontario, October 14, 2020 – Bold Ventures Inc. (BOL: TSX.V) (the “Company” or “Bold”) is pleased to announce that recent work on Bold’s Traxxin Gold Project in the Atikokan area has included the resampling of high-grade gold sections from historical diamond drilling (2017-2018) along the “Main Zone” located in the north-central portion of the claims. A total of 22, 1-meter long drill core samples were collected by Bold’s technical personnel and submitted for screen metallic, 500g gold analyses.
A review and interpretation of the airborne and ground geophysical surveys carried out in 2016 and 2017 has been undertaken. Additionally, the geological staff have reviewed the project database and identified a number of areas outside of the Main Zone to assess and prioritize for their gold potential.
The Company is finalizing a diamond drill program designed to continue the delineation of the Main Zone. The Company expects this to be completed shortly and plans to mobilize a drill to the project immediately thereafter. Highlights of the Traxxin Main Zone drilling in 2017 included the following results (Sims 2019):
The Traxxin Main Zone discovery is hosted by a major northeast splay of the Quetico fault at the contact horizon between the Marmion Lake Batholith to the north and metavolcanic rocks of the Lac des Mille Lacs Greenstone Belt to the south (see Bold Press Release dated August 24, 2020 and September 17, 2020).
Farwell Gold and Base Metals Project
In other news, the Company reports the initial exploration program on the Farwell Gold and Base Metal property north of Wawa has been completed. Prospecting and sampling have been successful in locating key historical occurrences and previously undocumented mineralized shear zones in the 3 main areas of interest on the property. These include the eastern Tundra Gold Horizon (TGH), the central Farwell Sulphide Zone (FSZ) and the western Koala Gold Area (KGA). These key areas are displayed on the Bedrock Geology and Mineral Compilation Map located on the Farwell, Ontario Gold and Base Metals Project page at www.boldventuresinc.com. A total of 102 samples have been submitted for gold and trace element geochemical analysis.
With the initial reconnaissance and property-wide prospecting program completed, management has proceeded to focus on the TGH.
Prospecting by Tundra Gold Mines Ltd. in 1985 uncovered the Tundra Au-Cu occurrence that was again examined and sampled by Precambrian Ventures Ltd. in 2008. The showing consists of a sulphide facies iron formation hosted in a well-sheared, highly siliceous, mafic metavolcanic schist. Grab samples collected by Tundra Gold Mines graded up to 7.5 g/t Au, 1.58% Cu and 19.9 g/t Ag (Campbell, 2010, see Bold news release dated September 9, 2020).
A high magnitude magnetic signature coincident with a number of electromagnetic anomalies is observed from the 1987 Ontario Geological Survey (OGS) airborne survey. This geophysical signature extends from the Tundra Gold-Copper Occurrence west through the Conductor ‘B’ showing and the Brown Lake Occurrence, all hosting significant gold values. These factors indicate a potential gold bearing horizon in excess of 2.5 km long (see Bold news releases dated June 1, 2020 and September 9, 2020).
The Farwell claims are road accessible via the Paint Lake Rd. (Eagle River Mine service road) and consist of 103 Cell claims, 6 Multi-Cell claims and 6 Boundary claims comprising approximately 7,770 ha or 19,200 acres. Wesdome Gold Mines Mishi Open Pit operation and the Magnacon Mill, both part of the larger Eagle River Complex that includes the Eagle River underground gold mine, lie 5 km south of the Farwell claim group. The Eagle River Mine is situated approximately 25 km to the south of the subject claims.
The technical information found within this news release has been reviewed and approved by Gerald D. White, B.Sc., P.Geo., a qualified person (QP) for the purposes of NI 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 field operations.
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 Northwestern 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.
For additional information about Bold Ventures and our projects please visit boldventuresinc.com or contact Bold Ventures Inc. at 416-864-1456.
“David B Graham”
President and CEO