TORONTO, ONTARIO--(Marketwired - March 9, 2017) - Bold Ventures Inc. (TSX VENTURE:BOL)("Bold") and Northern Superior Resources Inc. (TSX VENTURE:SUP)("Northern Superior") are pleased to announce the results of the recent diamond drilling program at the Black Phoenix area within the Lac Surprise Property.
An approximately 10 line-km Induced Polarization, ("IP") and Magnetic survey over the Black Phoenix area of the property yielded four priority anomalous trends. This area of the property is also interpreted to be the source of one of three gold-in-till dispersal train(s). In addition, prospecting completed in the Black Phoenix area yielded a grab sample containing 19.9 g/t Au, (see Bold-Northern Superior news releases dated October 29, 2014 and October 20, 2016). The gold grain and gold geochemical train(s) and grab sample appear to be associated with structures that extend east off the Lac Surprise property onto the adjacent Vanstar Mining Resources Inc. (Vanstar) property. Vanstar reported elevated gold values in diamond drilling including a drill intersection of 10.34m grading 4.43 g/t Au (see Vanstar news release dated June 30, 2016). The Black Phoenix grid is located approximately 4 km west of the Nelligan gold discovery on the adjacent Vanstar property.
The Black Phoenix Drill Program Completed in February 2017
In order to test the anomalies located by the IP survey described above, a drill program consisting of 5 drill holes and 1185 m has been completed. The results indicated that at least one of the anomalous trends is gold bearing and confirms that a hydrothermal gold bearing system exists. The elevated gold values that were encountered in Hole BP-17-04 and BP-17-05 occur on the most southerly IP trend in this locale.
Hole BP-17-04 intersected two intensely altered, silicified and sericitized sedimentary horizons from 202 m to 224.72 m, and from 229.2 m to 247.56 m downhole. Pyrite was the only observed sulphide, and varied from 2-6% throughout the zones. The best intersection encountered was 6.34 metres of 1.12 g/t Au including 0.73 metres of 4.50 g/t Au within that interval.
Hole BP-17-05 intersected a slightly less altered and mineralized zone from 75 m to 80.9 m, and again from 93 m to 96.72 m downhole. The zone from 75 m to 80.9 m was associated with mm to cm bands of up to 40% pyrite and minor quartz veins. The zone from 93 m to 96.72 m was associated with bleaching, moderate deformation and minor quartz veining. Pyrite content was generally < 2%. The best values encountered in this hole were 5.9 metres of 0.62 g/t Au including 1.4 metres of 1.48 g/t Au within that interval. This IP anomaly is open to the west and east. Additional surveys are needed to determine if the anomalies extend beyond the current Black Phoenix IP survey limits. Link: Black Phoenix, Winter 2017, Drill Program and Regional Geology.
Holes BP-17-01, BP-17-02 and BP-17-03 returned no significant assay values in gold.
Bold management considers the results of this program to be very encouraging and makes the following observations:
1) there is a Au-bearing hydrothermal system associated with a deformation corridor that would appear to explain the Au grain-in-till dispersal train and the 19.9 g/t Au grab sample in the Black Phoenix area;
2) the Black Phoenix IP trends, delineated from a limited ground survey, were successful in outlining horizons of intense alteration associated with pyrite;
3) the Black Phoenix area warrants additional drilling and IP surveys based on the favourable results received to date. See the table below for results.
Black Phoenix 2017 Drilling Highlights
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| Drill Hole | | UTM_N | | UTM_E | | Azimuth | | Dip | | Length | | From | | To | | Length (m) | | Au g/t |
| BP-17-04 | | 5473317 | | 519506 | | 350 | | -58 | | 273 | | 233 | | 239.34 | | 6.34 | | 1.12 |
| | | | | | | | | | | including | | 236 | | 236.73 | | 0.73 | | 4.50 |
| BP-17-05 | | 5473746 | | 519833 | | 350 | | -54 | | 186 | | 75 | | 80.9 | | 5.9 | | 0.62 |
| | | | | | | | | | | including | | 79.5 | | 80.9 | | 1.4 | | 1.48 |
The Bold technical team is currently reviewing the project data base in order to prioritize the next phase of work. Drill targets within the Amber and Black Phoenix grids and the Fox gold showings are currently being considered. Geophysical (IP) surveys have been recommended to further extend the Amber and Black Phoenix gold bearing horizons to the east and to the west.
Overview
Management is pleased that with the limited drilling carried out to date on both the Amber and Black Phoenix grids three new gold bearing trendsthat are associated with IP anomalies have been discovered. Two have been located at the Amber grid and one at the Black Phoenix grid. The anomalies and associated gold horizons remain open in all directions at both grids. A third anomalous IP trend at the Amber grid remains to be drill tested.
The Fox and Fox North zones remain a high priority target. Link: Fox Showing Compilation Map.
Amber 2016 Drilling Results
The spring 2016, 12 hole, 1700m diamond drilling program at the Amber area (located in the extreme south-east corner of the Lac Surprise property) was successful in identifying 2 new gold bearing structures in that area (see news release dated July 11, 2016). Link: Lac Surprise Project Presentation.
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Hole
Number | | Az | | Dip | | From | | To | | Metres | | Au g/t | | Zone |
| BA-16-02 | | 24 | | -45 | | 37.00 | | 39.00 | | 2.00 | | 0.26 | | South Trend Trench |
| BA-16-02 | | | | | | 68.00 | | 72.85 | | 4.85 | | 2.26 | | |
| including | | | | | | 68.00 | | 68.82 | | 0.82 | | 11.55 | | |
| and | | | | | | 72.41 | | 72.85 | | 0.44 | | 2.98 | | |
| | | | | | | 113.00 | | 113.74 | | 0.74 | | 1.75 | | South Trend new zone |
| BA-16-03 | | 21 | | -45 | | 13.00 | | 15.00 | | 2.00 | | 0.24 | | South Trend new zone |
| BA-16-05 | | 34 | | -45 | | 48.17 | | 64.00 | | 15.83 | | 0.27 | | South Trend Trench |
| BA-16-06 | | 25 | | -45 | | 28.85 | | 29.20 | | 0.35 | | 1.24 | | Central Trend new zone |
| BA-16-07 | | 27 | | -45 | | 33.81 | | 36.00 | | 2.19 | | 0.94 | | Central Trend new zone |
| including | | | | | | 33.81 | | 34.40 | | 0.59 | | 3.11 | | |
| | | | | | | 66.50 | | 69.35 | | 2.85 | | 0.46 | | |
| BA-16-08 | | 33 | | -45 | | 89.29 | | 91.47 | | 2.18 | | 2.52 | | South Trend Trench |
| including | | | | | | 89.29 | | 89.80 | | 0.51 | | 6.87 | | |
| and | | | | | | 90.47 | | 91.00 | | 0.53 | | 2.73 | | |
| BA-16-09 | | 23 | | -45 | | 83.20 | | 83.60 | | 0.40 | | 0.75 | | |
| BA-16-12 | | 17 | | -45 | | 12.64 | | 15.95 | | 3.31 | | 0.31 | | Central Trend new zone |
| | | | | | | 82.00 | | 90.00 | | 8.00 | | 0.81 | | |
| including | | | | | | 87.00 | | 90.00 | | 3.00 | | 1.56 | | |
The Lac Surprise property is centrally located within a highly prospective area of the Chapais- Chibougamau gold- copper camp, an area currently experiencing aggressive mineral exploration. The Lac Surprise property is strategically located over major regional structures associated with recent gold mineralization discoveries. These include the: a) Geomega Resources Inc.'s Anik Gold property, located directly north of and tied onto the Lac Surprise property (see Geomega press release, February 23, 2015 and September 28, 2015); b) Vanstar Mining and IAMGOLD Corporation's Nelligan property, located directly east of and tied onto, the Lac Surprise Property (see Vanstar press release, February 23, 2015 and June 30, 2016); and c) Toma Gold and IAMGOLD's Monster Lake Property, located 10 km to the north- northeast of the Lac Surprise property (see Toma Gold press release, February 25, 2015 and June 15, 2016).1
In addition, these same structures over which the Lac Surprise Property occurs host several gold mines and gold deposits which include the: a) Lac Short Mine and Fenton Deposit to the west; b) Joe Mann Mine and Philibert Deposit to the east; and c) Chevrier Deposit to the northeast.
The Lac Surprise Property 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. Bold is the "Operator" of the project.