TORONTO, ONTARIO–(Marketwired – Oct. 5, 2015) – Bold Ventures Inc. (TSX VENTURE:BOL) (the “Company” or “Bold”) and Northern Superior Resources Inc. (TSX VENTURE:SUP) (“Northern Superior”) are pleased to announce that the 2015 summer field program at the Lac Surprise property, under option from Northern Superior Resources Inc., has been completed. The property is located within the historical Chapais-Chibougamau gold camp of west central Québec, Canada.
2014 Program re-cap
During Bold’s previous 2014 summer/fall work program, numerous and promising gold occurrences were sampled and trenched, (see Bold/Northern Superior joint press release, February 17, 2015) for results. The 2014 program was successful in locating and exposing a number of new gold showings, as well as upgrading gold values in two areas of interest that had been previously explored. The gold values encountered from the 2014 program include high grade values that warranted further investigation. The companies chose to focus on the Amber zone in the south-west portion of the property during 2015.
2015 Gold Exploration Results
During the spring and summer of 2015, a 28.1 line – km survey grid was established over the Amber Zone in order to explore the gold mineralized area in more detail. A shallow penetrating, Frequency Domain, Induced Polarization (IP) survey was carried out over the grid by Rémy Bélanger Geophysics of Québec. The results of the survey were reviewed and interpreted by G. Lambert, P. Eng., geophysicist.
Eight hundred and thirty-five (835) soil samples and 28 new rock samples were collected during this program over the Amber grid. All eight hundred and thirty-five soil samples collected were analyzed by the 1A2 Fire Assay (Au) & 1F2 Total Digestion ICP (36 trace element) analytical package, and all twenty-eight (28) grab samples collected during the prospecting phase were analyzed by the 1A2 Fire Assay (Au) analytical package by Activation Laboratories at its Timmins, Ontario facility. The results of this analysis have been received and the results indicate anomalous values of gold in both the rock and soil samples.
Additionally, Bold’s prospecting crew carried out soil sampling over the grid and prospected in anomalous areas as indicated from the IP survey.
Several first and second order IP anomalies were outlined beneath the shallow overburden with the majority of the anomalies occurring along three main zones oriented in a WNW-ESE trending direction over the Amber grid. All three zones were interpreted by their expressions as potentially economic gold carriers due to their low resistivity, low magnetic signature, size potential and high conductivity (IP effect) usually characteristic of shear hosted gold deposits found elsewhere in the Chapais- Chibougamau gold camp.
The anomalously high soil and rock sample results over shallow overburden are coincident with the favourable IP anomalies, and confirm that the presence of gold and sulphide mineralization is associated, at least in part, with these anomalies. The IP survey results have resulted in the identification of three main zones:
- To the north for a distance of at least 400 meters, a zone of heavily disseminated sulphides at or near surface. At its widest, it is approximately 280-300 m;
- In the center for a distance of at least 1100 meters, a very significant zone of semi-massive to massive sulphides at or near surface. It is a very significant feature, with good potential for width and abundant pyrite content;
- In the south for a distance of up to 1100 meters, a significant zone of disseminated to locally semi-massive or massive sulphides at or near surface. It is a significant feature, with good potential for width and sulphide content.(1)
These three zones remain to be further tested with mechanical stripping where possible.
Richard Nemis, President and CEO of Bold Ventures Inc. states that, “These results have provided our technical team additional knowledge of the orientation and potential size of the Amber Zone gold showings.”
Thomas Morris, President and CEO of Northern Superior further states that “The data from this latest exploration program continues to re-enforce the positive potential that both companies recognize on the Lac Surprise property. Northern Superior looks forward to advancing that potential for the property with the next exploration program.”
The Company is currently compiling the results of the 2015 program with the goal of refining the highest priority targets for drill testing.
Further exploration on the Lac Surprise property, including the equally important Phoenix and Fox gold showings (see Bold/Northern Superior joint press release, February 17, 2015) has been recommended and will be resumed when financing to explore those additional showings becomes available. For the immediate future the companies’ priority focus at Lac Surprise will be on the Amber zone.
About The Lac Surprise Project
The property is situated in an active exploration area where a number of other mining companies are currently exploring important new gold deposits. Notable projects include the ongoing Monster Lake Project currently being explored by TomaGold and Iamgold Corporation located approximately 10 km north-northeast of the Lac Surprise property. On September 17, 2015 Tomagold announced a 4,000 metre drill program to commence at Monster Lake in September.
Immediately adjacent to the Lac Surprise property, to the east-and southeast is the Nelligan Project, operated by Iamgold Corp. under option from Vanstar Resources Inc. that has had recent success discovering gold in diamond drilling programs (see Vanstar Mining Resources Inc. news releases dated November 26, 2013, May 28, 2014 and February 23, 2015 at vanstarmining.com).
Geomega Resources’ Anik Property, located adjacent to the Lac Suprise property on the north and northeast has reported gold discoveries in several locations on surface and in diamond drilling (see news releases dated February 23 and September 28, 2015 at ressourcesgeomega.ca). (2)
The Lac Surprise project is under option from Northern Superior whereby Bold may earn a 50% interest in the property by expending an aggregate of $2,000,000 and issuing to Northern Superior a total of 350,000 common shares of Bold over a three year period. A further 10% interest may be earned if Bold delivers a positive feasibility study within 5 years of execution of the formal option agreement.
The technical information in this news release was reviewed and approved by Tracy Armstrong P. Geo., a qualified person (QP) for the purposes of NI 43-101.
Richard E. Nemis,
President and Chief Executive Officer
David B Graham
Executive Vice President
Northern Superior Resources Inc.
Thomas F. Morris
President and Chief Executive Officer,
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.
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
(1) Lac Surprise Property AMBER Grid, Report on Phase Domain Induced Polarization Surveys, authored by G. Lambert, P.Eng. dated July 27, 2015.
(2) All of the information regarding exploration on adjacent properties has been obtained directly from the various companies’ websites. Mineralization as described for each project is not necessarily indicative of the mineralization on the Lac Surprise Property and it is not Bolds’ intention to suggest otherwise.
Northern Superior Resources