Bold Ventures Expands Targets At The Stover Gold Project
Toronto, December 4, 2018 - Bold Ventures Inc. (TSXV: BOL) ("Bold" or the "Company") is pleased to provide the following update to our Stover Gold Project located approximately 75 km northeast of Wawa, Ontario. The Stover Property lies along a 20-km segment of what is known locally as the Goudreau Lake - Missanabie Shear Zone, which is part of the much more extensive Larder Lake - Cadillac shear zone. Approximately 20 km west of the property the Goudreau Lake Shear Zone hosts Alamos Gold's recently acquired Island Gold Mine and Argonaut Gold Inc.'s Magino Deposit, in addition to several small past producers, the past producing Renabie Mine is located proximal to the shear zone and 5 km east of the Stover claims.
The recently completed 2018 reconnaissance prospecting and sampling program has previously confirmed 4 areas for more advanced exploration (see Bold news release dated October 29, 2018). Assay results for the final 59 samples collected during this program have been received and continue to expand the areas that management will target for more detailed work. The goal of the 2018 prospecting program was achieved by outlining at least six areas for focus in the next phase of exploration.
Of the recent 59 samples, 37 samples returned values of <2 ppb Au (gold), 17 samples returned values ranging from 2 ppb Au to 50 ppb Au and 5 samples ranged from 50 ppb Au to 3.37 g/t Au (3370 ppb Au).
In addition to the areas of high gold potential that were located previously, this program was successful in locating two additional areas for further work. The first area appears to confirm the location of the historically documented Pileggi Main Showing. Four anomalous grab samples ranging from 271 ppb up to 3.37 g/t Au were collected from poorly exposed trenches. The historical Pileggi Main Showing had documented gold values of 29.0 m @ 1.25 g/t Au and 12.0 m @ 1.5 g/t Au (see Bold news release dated November 16, 2017).
The second area of interest is a newly observed shear zone located 180 m west of the recently encountered Road Zone (see Bold news release dated October 29, 2018). This area exhibits similar geology and structure in the form of extensive shearing and pyrite mineralization and may be part of the same shear zone that hosts the Road Zone. Grab sampling in this location returned 57 ppb Au and 47 ppb Au. The full dimensions of the shear zone have yet to be determined and future work will include stripping, channel sampling and mapping of the new exposures.
This brings the number of "Highlight Areas" the Company plans to expose for further sampling to a total of 6 (For maps, project history and details visit http://www.boldventuresinc.com/exploration-projects/stover-ontario/
The "Highlight Areas" are:
Kent Occurrence: Grab samples collected adjacent to the historical (1954) Kent Mines occurrence returned assay values ranging from 5 ppb Au up to 8.63 g/t Au. Local geology consists of sheared iron formation and mafic metavolcanics near the eastern margin of the Harcourt Lake granitic stock. (Historical documents record 2.0m @ 15.5 g/t in trenching in this vicinity).
Zone 3: Grab sampling conducted approximately 700 m NW of the historic Kent Mines Occurrence returned assay values ranging from <2 ppb Au up to 194 ppb Au. Of additional note at this location, a sample that returned 39 ppb Au also contained 30.6 g/t Ag (Silver), 215 ppm (parts per million) Cu (Copper), 3500 ppm Pb (Lead) and 80 ppm Bi (Bismuth).
The Pileggi Main Occurrence: Grab samples from partially exposed trenches proximal to the historically documented Pileggi Main Occurrence returned values ranging from 7 ppb up to 3.37 g/t Au. Host rocks in the vicinity of the Pileggi Main Showing consist of quartz stringers within highly sheared mafic to intermediate metavolcanics and iron formation (Historical documents record trench samples returning 29.0 m @ 1.25 g/t Au and 12.0 m @ 1.5 g/t Au in this vicinity).
New Pileggi Occurrence: Grab samples collected along strike 100 m east of the historic Pileggi west trenches returned assay values ranging from <2 ppb Au up to 4.21 g/t Au. The historic Pileggi West trench area returned 11.2 g/t Au from a grab sample taken in 2017. Local geology consists of quartz veining and disseminated pyrite in sheared metavolcanics and iron formation.
Road Zone: Located in the central portion of the property, grab samples collected in sheared, intermediate metavolcanics, and granodiorite returned assay values ranging from <2 ppb Au up to 308 ppb Au. This site is located south of the historic "Maisondor Gold Occurrence" which lies just north of the Stover property.
Road Zone Extension: Located approximately 180 m west of the "Road Zone" this area exhibits similar geology and shearing. Sulphide mineralization up to 15% pyrite is hosted in a 3 to 4 m wide rusty fracture zone within mafic to intermediate metavolcanics rocks.
The results are being added to the project database and will be utilized in planning the next phase of exploration.
Rock grab samples were shipped to AGAT Laboratories in Thunder Bay, where the rocks were dry-crushed to 75% passing a 2 mm split to 250-g and pulverized to 85% passing 75 microns. AGAT Laboratories then shipped the pulps to their Toronto laboratory for gold and multi-element analyses. The gold assaying method uses a standard Fire Assay with AAS finish technique on a 30-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. The samples were also tested for 43 other trace elements using an ICP-OES finish by 4-acid digestion.
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.
In other news, the Company would like to congratulate Marten Falls First Nation and the Ontario Government on their progress with the continued advancement of permitting for the all-weather road to the Marten Falls First Nation Community (see Marten Falls First Nation news release dated November 22, 2018, source: CNW news and KWG Resources news release dated November 23, 2018). This progress is a significant step for improved access to the northern regions of the Province and particularly into the James Bay Lowlands. Bold Ventures has significant mineral assets in and around the Ring of Fire area located north of the Community of Marten Falls First nation.
About Bold Ventures Inc.
The Company explores for minerals in Ontario and Québec. In Ontario, 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. The Company has also earned a 10% carried interest in the Koper Lake Project centrally located within the Ring of Fire and directly adjacent to the Eagles Nest nickel-copper massive sulphide deposit currently in the permitting stage. Bold has the option to earn a 100% interest in the Wilcorp gold property (subject to a 1% NSR) located approximately 14 km east of the town of Atikokan in the Thunder Bay Mining Division. 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 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.
