TORONTO, ONTARIO--(Marketwired - Feb. 17, 2015) - Bold Ventures Inc. (TSX VENTURE:BOL) ("Bold" or the "Company") and Northern Superior Resources Inc. (TSX VENTURE:SUP) ("Northern Superior") are pleased to report progress at Lac Surprise in west central Quebec. The Lac Surprise project is under option from Northern Superior Resources Inc. whereby Bold may earn up to a 60% 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 by delivering a positive feasibility study within 5 years of execution of the formal option agreement. The property is located approximately 50 km (30miles) south of Chapais and within the historic Chibougamau -Chapais copper-gold camp.
The Company has completed the final report and interpretation of the recent gold discoveries that were made during an extensive prospecting, trenching and sampling program carried out between August and December of 2014. A detailed ground magnetometer survey has recently been completed in the areas in and around the new gold discoveries, the results of which are pending.
Highlights are as follows:
Prospecting and trenching work completed on the Lac Surprise Property in 2014 was successful in discovering new gold occurrences and in identifying specific areas on the property that exhibit greater gold potential. The 5-man field crew discovered seven (7) new gold showings, providing excellent focus points for future exploration on the property.
Altogether, 973 grab samples were collected during the prospecting program, and 489 channel samples ranging from 0.3 - 1.3 m in length were collected from the 8 trenches which followed. Gold assay results obtained from the 2014 program are the highest ever reported on the property. Values reported from each new showing are as follows:
Amber Showing: ranging from 0.81 to 28.6 g/t Au (grab sample), and 0.02 up 10 g/t Au/ 1.0 m, including 26.1 g/t Au/ 0.5 m (channel sample).
Till-39 Showing: ranging from 0.106 up to 2.89 g/t Au/ 1.0 m (channel sample).
Till-68 Showing: ranging from 0.016 up to 2.44 g/t Au/ 0.85m (channel sample).
Tonalite-1 Showing: ranging from 0.023 up to 1.07 g/t (grab sample).
Fox Showing: ranging from 0.084 up to 2.95 g/t Au/ 1.0 m (channel sample).
Fox North Showing: ranging from 0.097 up to 6.76 g/t Au/ 1.0 m (channel sample).
Black Phoenix Showing: ranging from 0.14 up to 19.9 g/t Au (grab sample).
In some instances, the mineralized shears remain only partially exposed and could only be sampled to the limits of the exposure. As a result of the presence of free gold at the Amber Showing and possibly, at the Black Phoenix Showing, the standard fire assay procedure applied to all samples will be reviewed with an eye to improving the recovery of gold through metallic sieve analysis.
The 2014 work program confirmed the general structural importance of the various regional fault systems and the associated controls on the distribution of gold mineralization on the property. Focusing on these structures, a comprehensive follow up exploration program is proposed for 2015. This will include additional compilation work, a review of the recently completed magnetometer survey report (pending) and a re-analysis of some of the 2014 channel samples by metallic sieve analysis. The resulting geological and geophysical review will lead to a program to refine existing targets and provide additional targets for a first stage of diamond drilling.
President and CEO Richard Nemis commented that "I am very excited about the results of this program. Combined with our previous success in Quebec when this team discovered the Windfall Lake deposit to the southwest (currently published resource estimate of 744,000 ounces at 9.75 g/t gold in the indicated category, and 731,000 ounces at 7.37 g/t gold in the inferred category, see Eagle Hill Exploration Corporation at www.eaglehillexploration.com) this demonstrates the strength and experience of our technical people. They and the Northern Superior Resources Inc. personnel, who were intimately involved, should be commended for the sheer volume of good technical data they were able to acquire through their efforts in the field! This is a strong start for the gold potential of this project."
Additional activity within the area has seen some very compelling results. Directly adjacent and to the east of the Lac Surprise project, Geomega Resources Inc. has completed a 22 hole drill program, the results of which are currently being compiled. In its news release dated January 28, 2015, Geomega reported visible gold within a few metres of surface in drill hole AK-15-16 and received an assay value of 12.06 g/t over 1 metre within that section.
Directly adjacent and to the Northeast of the Lac Surprise Project, Vanstar Mining and its option to joint venture partner IAMGOLD Corporation have commenced a 1,700 m drill program to verify the lateral and depth extensions of the Liam gold zone discovered in 2013 (see Vanstar news release dated December 3, 2014). Results are expected in the first quarter of 2015.
Recently Iamgold and Toma Gold announced the results of an ongoing drilling program on their Monster Lake property located approximately 10km to the east-northeast of the Lac Surprise property. Their highlights from a news release dated February 5, 2015 included: " Drillhole ML14-130: 9.18 metres grading 46.33 g/t gold, -- Includes: 2.2 metres grading 182.8 g/t gold -- Drillhole ML14-131: 3.42 metres grading 18.68 g/t gold -- Drillhole ML14-132: 7.1 metres grading 6.74 g/t gold".
Bold Venture's main focus is on its two Quebec projects at Lac Surprise located in west central Quebec, approximately 50 km (30miles) south of Chapais and within the historic Chibougamau -Chapais copper-gold camp and at its 100% owned Lac Grasset project that straddles the Sunday Lake Deformation Zone within the historically prolific Abitibi Greenstone belt of North-western Quebec. Balmoral Resources Ltd. has seen success over the past few years in locating and expanding several gold and base metal discoveries proximal to the Sunday Lake Deformation Zone and has expanded its land position to surround Bold's property (see Bold news release dated September 30, 2014).
The Qualified Person ("QP") for the Lac Surprise property for Bold Ventures Inc. is Robert J. Tremblay, H.B.Sc., P.Geo. As the QP Mr. Tremblay prepared or supervised the preparation of the scientific and technical information for this program and has reviewed and approved the technical data disclosed in this press release.
Prospecting grab samples were transported in sealed bags 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 gold follow-up fire assay analysis with a gravimetric finish is completed.
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.
On Behalf of the Board of Directors
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