Bold Ventures Acquires Additional Ground at J&B Lithium Project
Toronto, August 15, 2018 - Bold Ventures Inc. (TSXV: BOL) ("Bold" or the "Company") is pleased to announce the acquisition of 28 mining claims that comprise approximately 503 hectares or 1242 acres. These claims are located contiguous to the Company's Jean claim group that is part of Bold's J&B Lithium Project. The subject claims are also contiguous to and on the east side of the Parole Lake patented mining claims held by Rock Tech Lithium Inc. (please see J&B project details on our website www.boldventuresinc.com)
The claims were acquired to cover the potential eastern strike extension of the historical No. 4 Dike within the Parole Lake patented claims. The No. 4 Dike was estimated to contain 1,689,000 tons at 1.30% Li2O from 4893 m (16,053 ft.) of diamond drilling. This information is from an unpublished report by J.P. Walter in E.G. Pye's report dated 1965, reference: Pye, E.G. 1965. Geology and lithium deposits of the Georgia Lake area, District of Thunder Bay; Ontario Department of Mines, Geological Report No. 31, 113p. Accompanying map, Map 2056, Georgia Lake Area.
Two diamond drill holes completed by Rock Tech Lithium Inc. in 2011 intersected the No. 4 Dike on the eastern side of the Parole Lake patented claims. Hole PL-11-01 and PL-11-02 were located approximately 250 and 300 m respectively from the boundary with Bold's newly acquired claims. Hole PL-11-01 returned 7.29 m @ 1.76% Li2O (including 5.15 m @ 2.29% Li2O) and Hole PL-11-02 returned 5.41 m @ 1.25% Li2O (including 3.0 m @ 1.77% Li2O). Reference: Caracle Creek International Consulting Inc., Author Adrian Peshkepia, M.Sc., P. Geo., Drill Report For 2010-2011 Winter Drilling Program, June 14, 2011, prepared for Rock Tech Lithium Inc.
Management believes that the No. 4 Dike described in the historical work referenced above, within the Parole Lake patented ground, remains open along strike to the east. The Company regards the Georgia Lake Pegmatite Field as a large fertile Lithium bearing region that displays high potential for significant new discoveries.
The J&B Lithium Project now encompasses a total of 3,057 hectares or 7,551 acres within two claim groups named the Jean claims and the Barbara claims.
The terms of the option agreement call for the payment of $2,000 cash and the issuance of 100,000 common shares of Bold to the Vendor on closing and the expenditure of at least $10,000 on the Property before the first year anniversary of closing. An optional payment of $3,000 and 150,000 common shares of Bold is due on the first year anniversary of closing. Subsequent optional payments over the next two years total $75,000 in cash and/or common shares (in any combination at Bold's option) and $75,000 in work expended on the property.
Upon fulfilling these optional terms Bold will earn a 100% interest in the property subject to a 1.5% Net Smelter Royalty (NSR) in favour of the Vendor. At any time until a production decision is made on the Property, the Company shall have the right to purchase from the Vendor a 1.0% NSR for $500,000 leaving the Vendor with a 0.5% NSR in the Property. After a production decision is made, if the 1.0% NSR has not been purchased, the Company shall have the right to purchase the 1.0% NSR at any time thereafter for $750,000. The transaction is subject to the approval of the TSX Venture Exchange.
Bold is currently planning a prospecting, sampling and geological mapping program scheduled to commence this month.
In other news, the Company is pleased to report that a prospecting and mapping crew has been mobilized to its Stover gold property to carry out an initial program of geological mapping, prospecting and sampling.
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.
About Bold Ventures Inc.
In Ontario, the Company has recently optioned the Stover Gold Property covering approximately 20 kms of the Goudreau-Missanabie Shear Zone that is host to numerous past and present gold producers. At the Koper Lake Project, centrally located within the Ring of Fire and directly adjacent to the Eagles Nest nickel-copper massive sulphide deposit, the Company has earned a 10% carried interest in the Blackhorse Chromite resource and a 40% working interest in all other metals with the opportunity to earn an additional 10% carried interest in the Black Horse chromite and an additional 40% working interest in all other metals. Bold and its subsidiary Rencore Resources Ltd. have extensive holdings comprised of over 18 claim groups in and around the Ring of Fire area of the James Bay Lowlands. Bold has the option to earn a 100% interest in the Wilcorp gold property (subject to a 1% NSR). In Québec, Bold's primary focus is on its 100% owned Lac Grasset project that straddles the Sunday Lake Deformation Zone in the Matagami area, within the historically prolific Abitibi Greenstone belt of North-western Québec.
For additional information about Bold Ventures and our projects please visit www.boldventuresinc.com or contact Bold Ventures Inc. at 416-864-1456.
"David B. Graham"
David B.Graham
President and CEO
"Richard Nemis"
Richard Nemis
Chairman of the Board
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.
