- Oops!Something went wrong.Please try again later.
TORONTO, ON / ACCESSWIRE / October 25, 2021 / Bold Ventures Inc. (TSX.V:BOL) (the "Company" or "Bold") is pleased to report that its geological team has completed a prospecting, geological mapping, stripping and sampling program and have demobilized from the Traxxin Gold Project, east of Atikokan. Having inspected historical trenching on the claims at both the Main Zone and the Teardrop Zone, specific locations were cleaned and/or extended for mapping and sampling. Additionally, prospecting focussed on areas adjacent to and south of the Main Zone (see project details and maps). As a result, 5 new exposures have been cleaned, mapped and channel sampled for the first time.
Of particular note, is the presence of two new surface showings that exhibit prominent shearing and quartz flooding with associated sulphide mineralization varying from 1% to 10%. These showings have not been sampled in the past. A total of 103 samples have been taken from various locations within the claims and will be submitted for gold analysis to an accredited lab. A map showing the location of the new showings can be accessed here.
Historical geophysical surveys are being re-interpreted in order to improve the understanding of the relationship between the geophysical signature and the known gold mineralization. This will assist in determining the optimal survey system and coverage to identify and trace out possible gold-bearing horizons more clearly. Current geological interpretation indicates that multiple shear zones occur subparallel to the Main Zone. The character, orientation, continuity, and intensity of the shearing remains a focus of the exploration effort.
A study of polished thin section samples from historical drill core has been initiated. This is designed to improve the technical team's understanding of the mineralogical relationships with the gold mineralization encountered at the property. The work is being carried out under the supervision of Professor James Mungall, PhD, Carleton University, who is a member of Bold's Advisory Board.
Additional exploration work at the Traxxin property is being planned as the results from the current work are received and evaluated. For a view of the technical merits of the Traxxin Gold Project and our other properties please visit our website at www.boldventuresinc.com.
The technical and scientific disclosures in this news release have been reviewed and approved by Gerald D. White, B.Sc., P.Geo., a qualified person (QP) under National Instrument 43-101.
Traxxin Extension Joint Venture
In April 2017, Lac des Mille Lacs First Nation (LDMLFN) and Bold entered into a joint venture to explore the northeastern extension of the Traxxin Gold discovery. Pursuant to the Traxxin Extension Joint Venture Agreement, LDMLFN has the right to earn a 50% interest in the Traxxin Gold Property from Bold by paying to Bold 50% of the cash option payments, 50% of the expenditure requirements and reimbursing Bold for 50% of the value of the shares issued pursuant to the Option. If the Option is earned and both parties maintain their interest in the Traxxin Gold Property, Bold and LDMLFN will form a joint venture for the further exploration and development of the Traxxin Gold Property.
About Bold Ventures Inc.
The Company explores for Gold and Base Metals in Canada. Bold is exploring properties located within active gold camps of Northern Ontario. Bold also holds significant assets located within and around the emerging multi-metals district dubbed the Ring of Fire region, located in the James Bay Lowlands of Northern Ontario.
As a result of the current COVID-19 virus concerns, the Company's management and contractors are following public guidelines and taking recommended steps to protect the health and safety of all personnel while carrying out operations. As a result of the COVID-19 pandemic giving rise to local and national anti-virus measures, the scheduling of activities is subject to change. COVID-19 impacts may affect timing and availability of goods and services for the foreseeable future.
"David B Graham"
President and CEO
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.
SOURCE: Bold Ventures Inc.
View source version on accesswire.com: