TORONTO, ONTARIO--(Marketwired - Dec. 11, 2014) - Bold Ventures Inc. (TSX VENTURE:BOL) (the "Company" or "Bold") and Northern Superior Resources Inc. (TSX VENTURE:SUP) ("Northern Superior") are pleased to report results from the 2014 fall mechanized stripping, trenching, sampling and bedrock mapping programs conducted at the Lac Surprise Gold Property in west-central Québec.
Highlights include:
- exposing the gold-bearing shear zone associated with the Amber gold showing;
- discovery of two additional parallel shear zones in the vicinity of the Amber gold showing;
- exposing a shear zone associated with the Fox gold occurrence, and upgrading the Fox gold "occurrence" to a gold "showing" and
- exposing a new shear zone ("Fox North") in the vicinity of the Fox Showing.
The Lac Surprise property is located within an active gold exploration area, situated south of the Chibougamau-Chapais mining camp. Recently, renewed exploration activity in the area has yielded several new gold discoveries made by Toma Gold/IAMGOLD (at Monster Lake); Vanstar (at Nelligan) and Soquem (at MOP II). All three of these companies are carrying out major drilling programs. Directly east of the Lac Surprise property IAMGOLD has optioned the Nelligan property and plans to drill this new gold discovery in 2015.
The 2014 fall trenching program builds on the successful 2014 summer prospecting program, highlighted by the discovery of the Amber and Black Phoenix Gold showings and the expansion of the Fox Gold occurrence. Altogether, 489 channel samples ranging 0.3 to 1.3m in length were collected during the program.
A detailed description of the trenches and the assay values have been posted on the websites of Bold Ventures and Northern Superior. Please refer to the Trenching Summary, Property Map and Assay Tables by clicking on the links provided.
THE AMBER GOLD SHOWING
In total, 8 trenches were excavated in the Amber area yielding an aggregate of 339 samples.
Trenches AZT-1, AZT-2, AZT-3, and AZT-7 were focused on the gold-bearing shear zone associated with the Amber gold showing. A WNW-trending 20m-wide gold-bearing shear zone associated with the Amber gold showing was exposed in AZT-1 with samples returning gold values up to 26.1 g/t gold over 0.50m. This shear zone was also exposed 125m along strike to the WNW (AZT-7). Shearing was also observed in trenches AZT-2 and AZT-3 to the ESE of AZT-1 (30m, and 165m respectively), however further work is required in order to determine the distribution and controls on the gold mineralization along strike in this direction. Mapping and channel sampling completed to date suggests that most of the gold mineralization occurs in strongly sheared silicified carbonitized gabbro, diorite, and quartz-feldspar porphyry.
This effort resulted in a significant expansion of the mineralized area and confirmed its association with a 20m-wide WNW-ESE striking shear zone, and its association with a cross-cutting ENE-trending shear.
The trenching program was also successful in locating the source of two gold-in-till anomalies defined by Northern Superior in 2011. Two new parallel shear zones were discovered approximately 325m (trench AZT-6) and 550m (trenches AZT 4, AZT-5) north of the Amber showing (trench AZT-1). The southern shear zone (trench AZT-6) returned values up to 2.89 g/t gold over 1.0m, and the northern shear zone (trenches AZT-4, AZT-5) up to 2.44 g/t gold over 0.85m. Mapping and channel sampling completed to date suggests that most of the gold mineralization is associated with a strongly sheared silicified carbonitized gabbro and diorite.
THE FOX GOLD SHOWING
Four new trenches were excavated and yielded an aggregate of 111 samples.
Two new 1-2m wide, E-W oriented shear zones were encountered in the Fox North and Fox Main trenches, with channel samples returning up to 6.76 g/t gold over 1.0m, and 2.95 g/t gold over 1.0m, respectively. As a result, this "occurrence" has now been designated the Fox gold "showing". The on-strike extension of both shear zones has yet to be tested. Mapping and channel sampling completed to date suggests that most of the gold mineralization at Fox Main trench occurs in a strongly sheared silicified dacite, and at the Fox North trench in a sheared and strongly silicified biotite wacke.
A number of historic trenches situated approximately 225m west of the Fox showing were mapped and sampled, yielding an aggregate of 39 samples. The objective of the sampling was to validate gold concentrations reported in historic grab samples and in an attempt to establish correlations with gold-bearing rocks at the Fox showing. The results of the sampling validated the reported historical gold values.
Black Phoenix Gold Showing
Due to access and ground conditions in the vicinity of the Black Phoenix Gold Showing the trenching program did not include this area. During the summer 2014 prospecting program 24 grab samples returned anomalous gold values ranging from 0.029 g/t up to 19.9 g/t gold.
GEOPHYSICAL PROGRAM
A ground geophysical program commencing with walking-MAG with integrated GPS has been initiated over the three gold showings. The primary goal of the geophysical program will be to further enhance the understanding of the gold bearing shears, their orientation and any mineralizing controls that may become evident.
FUTURE WORK
Based on the additional geophysical surveys and the data compiled to date a follow up program, including diamond drilling, will be developed.
The Qualified Persons ("QP") for the Lac Surprise property are Robert J. Tremblay, H.B.Sc., P.Geo and Scott R.G. Parsons, M.Sc., MBA, P.Geo. for Bold and Northern Superior respectively. As the QP's, Mr. Tremblay and Mr. Parsons have prepared or supervised the preparation of the scientific and technical information for this program and have reviewed and approved the technical data disclosed in this press release.
Channel samples were transported in sealed bags by commercial transport to ALS Minerals' Val d'Or, Quebec analytical facilities. Gold analyses are obtained via industry standard fire assay with atomic absorption finish using 30 g aliquots. For samples returning greater than 3.00 g/t follow-up fire assay analysis with a gravimetric finish is completed. Altogether, 19 commercial standards and blanks were inserted randomly in the sampling series. In addition, the laboratory completed its own QC checks on numerous standards, blanks and duplicates
Richard E. Nemis,
President and Chief Executive Officer, Bold Ventures Inc.
Thomas F. Morris
President and Chief Executive Officer, Northern Superior Resources Inc.
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.