Bold Ventures Receives Permission From Marten Falls First Nations to Explore on Its Koper Lake Project in the Ring of Fire Which Contains the Blackhorse Chromium Deposit Optioned From Fancamp
TORONTO, ONTARIO--(Marketwire - Oct. 31, 2012) - Bold Ventures Inc. (TSX VENTURE:BOL) ("Bold" or the "Company") is pleased to report that in keeping with its policy of positive First Nations relations, has signed a Memorandum of Understanding ("MOU") with Marten Falls First Nation ("MFFN"). Marten Falls is a First Nation community located proximal to the Company's Koper Lake project optioned from Fancamp Exploration Ltd. ("FNC").
The Koper Lake project is located in the Ring of Fire area of the James Bay Lowlands, northeastern Ontario. The MOU outlines an understanding between the parties to compensate MFFN for any impacts created by the project work within MFFN traditional territory. The MOU also provides for local job creation, respectful stewardship of the land and environment as well as the promotion of business partnerships with MFFN and local service providers.
About The Koper Lake Project
The property contains a known occurrence of massive chromite called the Black Horse occurrence. One drill hole intersected massive chromite interpreted to have a true thickness of approximately 35 to 55 m; a second drill hole intersected intercalated chromitite and peridotite beds followed by massive chromite over interpreted true thicknesses of 20 to 25 m. (Please refer to Fancamp press release dated December 27, 2011.)
Composite samples taken at strict regularly spaced intervals throughout the massive chromite intersections had average Cr203 grades of 43 and 45%, respectively. This occurrence was encountered at depths of approximately 850 m vertically below surface. There is a prominent gravity anomaly south of the chromite intersection, at a position along the 4 km strike length between Noront Resources Ltd's Blackbird Cr deposit and KWG/Cliffs Resources Big Daddy deposit, both of which are marked by similar gravity anomalies. (Please visit the Company's web site www.boldventuresinc.com to view the sketches of the claim group and their relation to the other Company's occurrences.)
Core angles in the deep chromite intersection support an interpretation of the gravity anomaly as the up-dip extension of the chromite zone, suggesting that it represents a significant chromite deposit with size potential similar to the neighbouring deposits.
An exploration program is being planned to further detail and test the gravity anomaly and chromite horizon with a number of diamond drill holes. The original composite samples will be supplemented by infill sampling to ensure that the entire chromite body has been assayed comprehensively in both holes.
In addition to chromite mineralization, FNC had encountered several narrow intersections of interesting copper-nickel mineralization within ultrabasic intrusive rocks in their previous exploration drilling programs. Of particular interest for further testing within the Fancamp property is a north-south striking magmatic conduit, possibly a feeder dike for the chromium mineralization but also a possible host rock for copper-nickel mineralization similar to the Eagle's Nest copper-nickel-PGM deposit in a similar north-south striking magmatic conduit approximately 2 km to the west on Noront Resources Ltd.'s property.
The Company can earn up to 60% of the Koper Lake project previously described as the BVO project by completion of those terms contained in the Option Agreement with FNC, more particularly described in the Company's press release dated May 7, 2012.
Hunting For Elephants
In further news, the Company reports that a further 896 km airborne VTEM survey has recently been completed in the Ring of Fire area of the James Bay Lowlands. Interpretation is underway and the Company will review the results and plan for future follow up diamond drilling to explain any significant anomalies encountered in the survey. This survey is a continuation of Bold's program of searching in underexplored areas for large base and precious metals deposits. Anomalies that are encountered during these airborne surveys serve to replace those anomalies that have previously been eliminated by way of diamond drill testing. It is management's belief that persistence is the key to effectively employing this strategy of searching for elephant-sized deposits.
The technical information contained in this press release has been reviewed and approved by Dr. James Mungall, Ph.D, P.Geo, Consulting Geologist and Associate Professor, University of Toronto, where he holds the Keevil Chair In Ore Genesis. who is a qualified persons under National Instrument 43-101.
Richard E. Nemis, President and CEO
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Bold Ventures Inc.
416 864 1456
416 864 1443 (FAX)