Bold Ventures Inc. (TSXV:BOL) (the “Company” or “Bold”) is pleased to announce it has signed the formal Option Agreement to acquire the Farwell Gold and Base Metal property (“Farwell”).
The Farwell claims are located approximately 55 km northwest of Wawa, Ontario. They are road accessible and consist of 103 Cell claims, 6 Multi-Cell claims and 6 Boundary claims comprising approximately 3993 ha or 9867 acres. Wesdome Gold Mines Mishi Open Pit operation, part of the larger Eagle River Complex that includes the Eagle River underground gold mine, lies 5 km south of the Farwell claim group. The Eagle River Mine is situated approximately 25 km to the south of the subject claims (see Bold news release dated January 6, 2020).
The Farwell Property exhibits several desirable attributes. It is a large road-accessible property in a proven gold camp with gold-bearing quartz veins in iron formation along the western extension of a major deformation zone. The presence of deformed ‘Timiskaming’ style conglomerates along the gold mineralization trend (i.e. Kirkland Lake, Geraldton) is an attractive exploration target. Volcanogenic Massive Sulphide (VMS) mineralization of anomalous copper (Cu), zinc (Zn), lead (Pb) and gold (Au) is associated with a mafic to felsic volcanic sequence.
The claims are host to several gold and base metal anomalies and occurrences that have yet to be fully explored. The latest recorded exploration work on the property occurred in 2008. A report and maps describing the property, geology and historical work can be found atwww.boldventuresinc.com within the Project Details section, Farwell, Ontario.
Bold has the option to earn a 100% interest in the Farwell claims by paying the aggregate sum of $225,000 in cash option payments, issuing an aggregate of 1,650,000 common shares of Bold and completing a total of $1,000,000 of exploration work on the claims over a four year period. On closing, the Company will pay the vendors $20,000 cash and 200,000 shares. The first year’s exploration work expenditure is $90,000. The vendors will retain a 3% net smelter royalty in the Farwell Property. Bold will have the right to buy back a 1.5% net smelter royalty in consideration for the payment of $2 million. The Company also has the right of first refusal to purchase the remaining 1.5% NSR. The Option Agreement is subject to TSX Venture Exchange approval. Any common shares issued pursuant to the Option Agreement will be subject to a statutory four month hold period from the date of issuance.
For a full description of the Option agreement visit www.boldventuresinc.com and select the Farwell Project Details on the Farwell, Ontario projects page.
The Company also announces the closing of the final tranche of its non-brokered private placement that was announced in a Bold news release dated February 5, 2020. The Company placed 300,000 working capital units (the “WC Units”) for proceeds of $15,000. Each WC Unit was priced at $0.05 and comprises one (1) common share of the Company and one (1) common share purchase warrant (each a “WC Warrant”), with each WC Warrant entitling the holder to acquire one (1) common share at a price of $0.10 until March 25, 2022. The Company placed an aggregate of 2,745,000 WC Units pursuant to the Offering for total gross proceeds of $137,500. The securities issued pursuant to the final closing are subject to a hold period expiring on July 26, 2020. The proceeds from the Offering will be used for general working capital, property acquisitions, exploration and expenses of the Offering.
Bold management and personnel are following the mandated health advisories during the current coronavirus pandemic. The Company is currently planning the 2020 exploration program for the Farwell Project and will monitor the current Covid-19 crisis to ascertain the most appropriate schedule for field activities. The Company and its projects, including the Farwell Gold and Base Metal Project, may be viewed at www.boldventuresinc.com.
About Bold Ventures Inc.
The Company explores for Base and Precious metals in Canada. Bold has options to earn a 100% interest in the Farwell Gold Base Metals project located approx. 55km northwest of Wawa, Ontario and the Wilcorp Gold Project located 14 km east northeast of Atikokan, Ontario. Bold and its subsidiary Rencore Resources Ltd. have extensive holdings comprised of over 15 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 all chromite resources and a 40% working interest in all other metals at the Koper Lake Project and has the option to earn an additional 10% carried interest in chromite and 40% of all other metals. The Koper Lake Project is located within the Ring of Fire and directly adjacent to the Eagles Nest nickel-copper massive sulphide deposit currently in the permitting stage.