Bold Ventures Inks Option Agreement With Fancamp Exploration in the Ring of Fire
TORONTO, ONTARIO -- (Marketwire) -- 05/07/12 -- Bold Ventures Inc. (TSX VENTURE: BOL) ("Bold Ventures" or the "Company") is pleased to announce the execution of its Earn-in Option Agreement with Fancamp Exploration Limited ("Fancamp"). Pursuant to the Letter of Intent announced in the Company's Press Release dated March 5, 2012, Bold Ventures and Fancamp have executed the definitive option agreement governing the earn-in for up to 60% of the Fancamp Ring of Fire property (the "Bold Ventures Option (BVO) project"). The Agreement calls for Bold Ventures to make option payments totalling $1,500,000 and to incur exploration expenditures on the property (the "BVO property") of at least $8,000,000 over a 3 year period. Upon fulfilling these optional terms, Bold Ventures will earn a 50% interest in the BVO property and a joint venture will be formed. A further 10% interest may be earned by Bold at any time by delivery of a positive feasibility study and by making a payment of $700,000 in cash and/or stock at the option of Bold Ventures. The payments called for in the Agreement will commence upon receipt by the Company of all appropriate aboriginal consents.
About The Bold Ventures Option Project
The Bold Ventures Option (BVO) project is situated in the emerging Ring of Fire multimineral district, approximately 530 km north east of Thunder Bay in the James Bay Lowlands, northern Ontario.
The BVO property lies along the ultramafic Ring of Fire complex between the Eagle's Nest Ni-Cu-PGE and Blackbird chromite deposits belonging to Noront Resources to the west and the Big Daddy and Black Thor chromite deposits belonging to Cliffs Resources and KWG Resources to the northeast. The BVO offers a very exciting set of targets for magmatic Ni-Cu-PGE, chromite, vanadium, and hydrothermal Au-Cu mineralization.
In a press release dated October 28, 2011 Fancamp summarized its most significant diamond drill hole findings on the four claim BVO property as follows:
"Nickeliferous sulphides and massive chromite at depth on McFauld's C-1 target
"These results emphasize the prospectivity of this sector of the McFauld's property which management believes is geologically and structurally associated with the massive nickeliferous sulphides of the Eagle's Nest Deposit and the Blackbird Chromite Deposits on the immediately adjacent Noront Resources Inc. property.
"In 2011, holes FN-10-25 and 26 drilled to depths of 1082 metres and 1086 metres respectively in the very eastern portion of the C-1 area, passed through the granodiorite and, at depths below 700m, through significant thicknesses of high grade chromite with peridotite which appear to overlie a lower dunite horizon. Hole FN-10-25 intersected over 200 metres of chromite with an estimated average grade of 43.5% Cr2O3, drilling down-dip, while hole FN-10-26, drilling across strike, intersected 56.6m of an interlayered sequence of peridotite and chromite with an estimated grade of 27.6% Cr2O3 followed by 53.2 m of massive chromite with an estimated average grade of 43.7% Cr2O3. This newly discovered chromite horizon previously reported, has been dubbed the Black Horse occurrence.
"The Black Horse occurrence is partially coincident with a moderately strong gravity anomaly cut off to the west by a northwest trending fault structure but extending easterly a distance of approximately 1 km. This gravity anomaly may represent a gabbroic intrusion that occurs near surface which appears to mask the underlying chromite horizon.
"Within the lower dunite unit are elevated values of sulphides with anomalous nickel values. Hole FN-10-26 contained two important anomalous 0.5m samples. At 917.8 - 918.3m the sample contained 1.16% Ni with 674 ppm Cu and 2.4% S, and at 988.5 - 989.0 m the sample contained 0.71% Ni and 2,670 ppb Pd with 1.02% S. Results from the down-hole geophysics in these holes are indicative of conductive material at some distance off-hole at these depths. The dunite horizon is considered to offer the best potential to host primary magmatic Ni, Cu and PGM bearing sulphides in this promising target zone."
Richard Nemis, President and CEO of Bold Ventures states that, "The opportunity to test our theories at the BVO property was too good to pass up. Although it is at depth, Fancamp may have encountered the largest intersection of Chromite in the area. We want to see if that body projects to surface. We are also excited to be testing the nickel potential near the Eagle One. With the current management of Bold having been part of the discovery team of Noront's Eagle One Ni, Cu, PGM and Cr deposits, the knowledge gained in that area should be a great advantage for us."
The company has begun planning the 2012 field program for the BVO. It is anticipated that the program will be comprised of geological and geophysical interpretation surveys and diamond drilling. Details will be disclosed when the timing of this operation is defined.
As well as further evaluating the chromite and the nickeliferous sulphide potential on the BVO property, Bold will also be assessing previous indications of copper sulphide and gold mineralization.
Previous drilling on a highly conductive electromagnetic anomaly called C2 in the southeastern part of the BVO property has intersected numerous alteration zones containing greater than 0.5 g/t Au, as well as a 0.5m interval containing 70% sulfides grading 0.3% Cu. The strongest expression of the conductive anomaly remains unexplained, and much of the existing drill core from this zone has not been assayed for Au. Bold Ventures therefore will assay more of the existing core and reassess the geophysical interpretation.
Designing Bold's future exploration efforts in the Ring of Fire camp including the next exploration program on the BVO property and having approved the contents of this press release are Dr. James Mungall, Ph.D, P.Geo, Consulting Geologist and Associate Professor, University of Toronto, where he holds the Keevil Chair In Ore Genesis, and John Harvey, P.Eng., Consulting Geologist and Chief Operating Officer of Bold, both qualified persons under National Instrument 43-101.
On behalf of the board of directors of Bold Ventures Inc.
Richard E. Nemis, President and Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Bold Ventures Inc.
416-864-1456
416-864-1443 (FAX)
www.boldventuresinc.com
