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Bold Ventures Options Stover Gold Property

Nov 17, 2017 @ 13:45

 

Bold Ventures Inc. is pleased to announce the signing of a letter of intent giving Bold the option to acquire a 100% interest in the Stover Gold Property. The property is located approximately 85 km northeast of Wawa, Ontario on the Trans-Canada Highway and is road accessible. The property consists of 28 staked claims comprising 406 units totaling approximately 6,496 hectares or 16,051 acres occupying portions of six townships (Stover, Rennie, West, Meath, Riggs and Glasgow).

The Stover Property lies along a 20 km segment of what is known locally as the Goudreau–Missanabie Shear Zone, which is part of the much more extensive Larder Lake–Cadillac shear zone.  The eastern portion of this major structure is host to several gold camps and deposits in the Abitibi Subprovince such as Kirkland Lake, Cadillac and more recently Goldcorp’s Borden Lake gold deposit, located 75 km southeast of the Stover Property near Chapleau, Ontario. 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.

Gold was first discovered in this area in the late 1800s within the southeastern portion of Riggs Township, southwest of the current property.  Many of the known gold occurrences on the Stover Property were discovered in the 1940s.  However, exploration work since this time has been sporadic and isolated. There has never been an integrated systematic exploration program conducted across this extensive claim group area.

The area covered by the Stover claims includes known gold occurrences and exhibits several styles of mineralization. An examination of the assessment files on record with the Ontario Ministry of Northern Development and Mines indicates three main styles of mineralization (historical assay values are also included):

  1. Lode-gold quartz veins including the Guarnaccio Occurrence that yielded 19.9 gpt Au over a 1.8 m wide trench sample and the Pileggi West Occurrence that was reported to host grab samples ranging up to 11.2 gpt Au.
  2. “Hemlo Style” quartz-eye sericite schist such as the Pileggi Southeast Occurrence yielding a grab sample assaying 27.4 gpt Au and the Pileggi Main trench that recorded values of 1.3 gpt Au over 29 m and 1.5 gpt Au over 12 m.
  3. Iron Formation-hosted gold at the Kent Occurrence trench recording 15.5 gpt Au over 2 m.

The Company can earn a 100% working interest in the Stover Gold Property, subject to a 2.5% net smelter returns royalty retained by the Optionors, by issuing 2 million common shares of Bold and paying $30,000 in cash on the execution of the formal option agreement. Over the next three years the option agreement calls for aggregate cash payments of $75,000, plus a further $600,000 in a combination of cash payments and/or share issuances, at the sole discretion of Bold. Exploration expenditures totalling an aggregate of $600,000 over the three year period complete the earn-in.  The Company has the right to purchase a 1.5% net smelter returns royalty from the Optionors in consideration for the payment $1,500,000. The transaction is subject to regulatory approval.

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.

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 Northwestern Ontario. 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.

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