Bold Ventures and Northern Superior Announce Two New Gold Discoveries: Amber and Black Phoenix, Lac Surprise Property, Quebec
TORONTO, ONTARIO--(Marketwired - Oct 29, 2014) - Bold Ventures Inc. (TSX VENTURE:BOL) (the "Company" or "Bold") and Northern Superior Resources Inc. (TSX VENTURE:SUP) ("Northern Superior") are pleased to announce the completion of a first phase prospecting program, and the initiation of a mechanical trenching/stripping program at the Lac Surprise Gold Project in west central Quebec.
The Lac Surprise property encompasses 262 claims that are comprised of approximately 14,670 hectares (36,234 acres). The property is located approximately 50 km (30 miles) south of Chapais and within the historic Chibougamau-Chapais copper-gold camp in west central Quebec. Recently, renewed exploration activity in the area has yielded several new gold discoveries made by Toma Gold/IAMGOLD (at Monster Lake); Vanstar (at Nelligan, Geomega (at Anik) and SOQUEM (at MOP II). All four of these companies are carrying out major exploration programs.
The 2014 Lac Surprise work program resulted in the discovery of two new and promising gold showings and associated shear systems, designated the "Black Phoenix", and "Amber" gold showings. The prospecting program also expanded the area of mineralization at an historic gold-bearing breccia zone ("Fox Gold Occurrence"), and identified several additional areas on the property with geochemically anomalous gold values in bedrock. A total of 973 grab samples were collected. In total, 100 of these grab samples were anomalous in gold and returned values ranging from >0.025 g/t up to 28.6 g/t (0.83 oz./ton) Au.
Amber Gold Showing:
3 Grab samples from this zone assayed anomalous values ranging from 0.814 g/t (0.02 oz./ton) up to 28.6 g/t (0.83 oz./ton) Au.
The Amber showing is located approximately 90 metres up-ice from a till sample collected by Northern Superior in 2011 that contained 17 pristine gold grains. The exposed zone trends approximately 310º, is associated with a gabbro, an observed width of 1.5m and remains open in all directions. Other anomalous gold-grain-bearing till samples (up to 68 pristine grains) occur nearby indicating additional gold mineralization proximal to the till sample sites.
Black Phoenix Gold Showing:
24 grab samples from this zone assayed anomalous values ranging from 0.029 g/t up to 19.9 g/t (0.58 oz./ton) Au.
The Black Phoenix showing is comprised of a series of quartz-tourmaline brittle infill veins emplaced perpendicular to the east-west foliation in a silicified schist. The emplacement of the veins is believed to be associated with local late-stage folding. Evidence for this folding is observed in the schist and corresponds well to folding interpreted from a high-resolution airborne magnetic survey.
Fox Gold Occurrence:
5 grab samples from this zone assayed anomalous values from 0.082 g/t to 0.733 g/t (0.02 oz./ton) Au
The Fox outcrop is a gold-bearing, silicified, mineralized dacitic breccia located approximately 300m southeast of localized trenching and three drill-holes completed in 1988. Samples collected from this summer's program (up to 0.733 g/t or 0.02 oz./t Au) correspond well to historic gold assay values sampled at the same location and never pursued. A number of angular metre-scale boulders of the same lithology were identified within 10 metres of the Fox Occurrence including a sample from one boulder (2m x 1.5m x 1.0m) that returned an assay of 0.572 g/t or 0.016 oz./t Au.
Geological observations have confirmed the presence of 3 regional structures on the property that are important locally in the emplacement of gold: the east-west Opawica-Guercheville and Lac Doda deformation zones, as well as a strongly developed network of NNE-trending faults. Historically, most gold occurrences in this area of the Abitibi Volcanic Belt are associated with these fault systems.
In addition, this prospecting program identified two other extensive NW-SE and WSW-ENE deformation zones that coincide with the orientation of deformation zones from which recent reports of gold mineralization have been reported.
Current and Future Exploration Activities:
An extensive trenching and stripping program is now underway at the Amber and Fox gold occurrences. This program will expose a larger bedrock surface area, the purpose of which is to: a) allow systematic channel sampling at each showing; b) develop a better understanding of the geological and structural controls for gold mineralization; c) target additional prospecting activities along strike from structural projections defined from the stripping; and d) trenching and stripping areas directly up-ice of highly anomalous gold grain and/ or gold geochemical till samples with the objective of locating their source. Trenching is not feasible at the Black Phoenix showing as the location of this showing occurs on an island within a bay of Lac Caopatina.
Following the trenching program at the Amber and Fox occurrences, ground geophysical programs will be executed over all three gold occurrences.
A core drill program planned for 2015 will be initiated based upon the compilation of data derived from these activities.
The Qualified Person ("QP") for the Lac Surprise property is Robert J. Tremblay, H.B.Sc., P.Geo. As the QP, Mr. Tremblay has prepared or supervised the preparation of the scientific and technical information for this program and has reviewed and approved the technical data disclosed in this press release.
Prospecting grab samples were transported in sealed bags to ALS Minerals' Val d'Or, Quebec analytical facilities. Gold analyses are obtained via industry standard fire assay with atomic absorption finish using 30 g aliquots. For samples returning greater than 3.00 g/t gold follow-up fire assay analysis with a gravimetric finish is completed.
About Bold Ventures Inc.
Bold is an exploration company with extensive property holdings in Ontario and Quebec. The company owns 100% interest in four properties in Quebec and is earning a 60% interest in a fifth property from Northern Superior Resources Inc. In Ontario, Bold Ventures holds 87 claims that total 20,784 hectares (51,358 acres) in and around Ring Of Fire area of the James Bay Lowlands in Northern Ontario, Canada. These claims are subject to option to joint venture agreements with a subsidiary of Dundee Corporation. Between 2010 and 2013 the company has carried out a number of helicopter borne electromagnetic and magnetic surveys utilizing the VTEM System by Geotech of Markham Ontario. The surveys have yielded a number of high priority targets for diamond drill testing. Ring of Fire project details here.
Bold management and its team of consultants have had valuable and productive experience in Canada. During their previous involvement with Noront Resources Ltd., they were responsible for the Eagle One, Eagle Two and AT12 copper-nickel magmatic massive sulphide discoveries as well as the Blackbird high-grade chromite resources and the Thunderbird vanadium showing, all located within the Ring Of Fire area of the James Bay Lowlands, Ontario. In Quebec the management has had lengthy experience and success most recently with the discovery of the Windfall Lake gold deposit that is currently being developed by Eagle Hill Resources Ltd. Historically, the Bold Ventures team has been involved in a number of other base and precious metals as well as industrial mineral discoveries.
For additional information please visit the Bold Ventures Inc. website at www.boldventuresinc.com.
Richard E. Nemis, President and Chief Executive Officer
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.
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.
