Bold Ventures Inc.

TSX VENTURE : BOL


Bold Ventures Inc.
KWG Resources Inc.

TSX VENTURE : KWG


KWG Resources Inc.

May 07, 2014 10:00 ET

Bold Ventures Inc. and KWG Resources Inc.: Drill Program Successfully Extends Black Horse Chromite Deposit and Discovers Gold on Koper Lake Project in Ring of Fire

TORONTO, ONTARIO--(Marketwired - May 7, 2014) - Bold Ventures Inc. (TSX VENTURE:BOL) ("Bold") and KWG Resources Inc. (TSX VENTURE:KWG) ("KWG") are pleased to jointly announce the following drilling results from the second diamond drill program on their Koper Lake Joint Venture in the Ring of Fire Northeastern Ontario, which is under option by Bold from Fancamp Exploration Ltd. (see Bold's press release dated January 7, 2013). In turn KWG has optioned the property from Bold on terms that are described in a Bold press release dated March 4, 2013. If KWG fulfills all of the optional commitments to earn the 100% working interest in the Koper Lake Property under the agreement with Fancamp, then, in the case of chromite resources, KWG would hold an 80% working interest and Bold would hold a 20% working interest in the development of the chromite resources in accordance with the Chromite Interest feasibility study required to be produced to earn the interest in the property. Furthermore, at the completion of the earn in requirements Bold would have an 80% working interest in any and all metals other than chromite and KWG would have a 20% working interest in any and all metals other than chromite.

Preparations of the camp and drills began January 1, 2014 and the first hole was collared on January 18th, and the second on January 22nd. First Nations people were employed on site, with Haveman Bros. from Kakabeka Falls near Thunder Bay providing procurement and camp services and Orbit Garant Drilling Inc. of Val-d'Or, Québec providing the contract drills.

During the program, 6 holes were completed (FN-14-038 to 043) totaling 4,645 metres. (see Table below for drill-hole statistics and the maps below for location)

HOLE EASTING NORTHING ELEVATION AZIMUTH PLUNGE LENGTH
FN-14-038 549180.0 5843635.0 169 m 0 -55 223 m
FN-14-039 549179.8 5843534.4 169 m 0 -55 312 m
FN-14-040 547550.0 5843225.0 169 m 148 -82 1233 m
FN-14-041 549285.0 5843545.0 169 m 0 -45 363 m
FN-14-042 547436.3 5843279.2 169 m 172 -71 1131 m
FN-14-043 547550.0 5843225.0 169 m 170 -67.5 828 m

Program Objectives:

The primary objective of the program was to increase the size of the inferred resource contained by the Black Horse chromite deposit. The drilling plan was designed such that the chromite intercepts were optimally spaced with respect to existing intercepts to permit the designation of the delineated chromite mineralization as an inferred resource. As such, drill holes were laid out to intercept the downward projection of the previously defined chromitite.

The secondary objective was to test an east-west trending gravity anomaly delineated by a detailed ground gravity survey conducted during the 2013 drilling program. The anomaly is located 1 kilometer northeast of the Black Horse chromite deposit, a location previously designated as the C-6 target on the basis of a prominent north-south trending magnetic anomaly that resembles the anomaly associated with the Eagles Nest nickel-copper-PGE deposit on the neighbouring Noront Resources mining claims.

Maps and a cross-section can be viewed on the Bold and KWG websites: www.boldventuresinc.com, www.kwgresources.com

Drill results - Black Horse:

Three holes, FN-14-040, 042 and 043, intercepted chromite mineralization confirming the continuity of the Black Horse chromite deposit. Also reported here is the assay results of drill-hole FNCB-13-031, a hole drilled during the 2013 program. This hole, drilled sub-parallel to the north-south boundary with the neighbouring Noront Resources property, crossed the boundary due to an unusually high degree of curvature. Noront took possession of all drill-core from that portion of the hole that was within their property. Noront proceeded to document the core and submit it for assay. These assay results were subsequently released to Bold and KWG.

Assay Highlights:

HOLE From
(metres)
To
(metres)
Interval
(metres (feet))
Cr203
%
FNCB-13-031 795.28 925.5 130.22 (427.23) 25.31
including 795.28 840.09 44.81 (147) 32.08
including 869.2 895.07 25.87 (84.87) 35.6
FN-14-040 1053 1182 129 (423.23) 37.63
including 1111.5 1182 70.5 (231.3) 42.02
including 1111.5 1131 19.5 (63.98) 45.78
FN-14-042 901.07 1055.14 154.07 (505.48) 25.04
including 918.99 954.77 35.78 (117.39) 31.92
FN-14-043 712 800.52 88.04 (288.84) 24.71
including 756.26 792.69 36.43 (119.52) 36.43
The interval reported is not true width. True width will be determined during resource modeling.

Hole FNCB-13-031 intersected 130.22 metres (427 ft.) of chromite mineralization, from 795.28 to 925.5 metres, in a well layered sequence of heavily disseminated, semi-massive and massive chromitite. This 130.22 metre interval has a weighted average grade of 25.31% Cr2O3. It includes higher grade intervals, 44.81 metres, from 795.28 to 840.09 metres, grading 32.08% Cr2O3; and 25.87 metres, from 869.2 to 895.07 metres grading 35.60% Cr2O3. This intercept is 25 to 50 metres west of the claim boundary at a depth ranging from 710 to 830 metres from surface.

Hole FN-14-040 intersected 129 metres (423 ft.) of massive chromite mineralization containing silicate clast, from 1053 to 1182 metres with an average grade of 37.63% Cr2O3. This includes higher grade intervals of 70.5 metres (231 ft.), from 1111.5 to 1182 metres grading 42.02% Cr2O3, and 19.5 metres (63 ft.), from 1111.5 to 1131 metres grading 45.78% Cr2O3. This intercept is located at the midpoint of the known strike extent of the deposit in the vicinity of hole FN-10-26, at a depth of 1040 to 1185 metres (3,412 to 3,887 ft.) from surface. This hole confirms that chromite distribution transitions from being well layered in the southwest to consolidating as thick massive beds to the northeast.

Hole FN-14-42 intersected 174.96 metres (574 ft.) of chromite mineralization, from 896.55 to 1071 metres, in a well layered sequence of heavily disseminated, semi-massive and massive chromitite. A 154.07 metre (505 ft.) interval from 901.07 to 1055.14 metres has an average grade of 25.04% Cr2O3, including a 35.78 metre (117 ft.) interval from 918.99 to 954.77 metres with an average grade of 31.92% Cr2O3. This intercept is 50 metres (164 ft.) east of the claim boundary at 845 to 995 metres (2,772 to 3,264 ft.) from surface.

Hole FN-14-43 intersected 88.04 metres (288 ft.) of chromite mineralization, from 712 to 800.52 metres with an average grade of 24.71% Cr2O3, in a layered sequence of heavily disseminated, semi-massive and massive chromitite. A 36.43 metre (119 ft.) interval, from 756.26 to 792.69, has an average grade of 36.43% Cr2O3.

In summation, the 2014 drilling campaign has not only demonstrated the continuity of the chromite mineralization, it found that it is substantially thicker than anticipated.

Drill results; C-6 target, gold discovery:

Three holes, FN-14-038, 039 and 041 tested the east-west gravity anomaly at the C-6 target area, one kilometer northeast of the Black Horse chromite deposit, for potential chromite mineralization.

Hole FN-14-038 was collared south of the anomaly and drilled northwards where it intersected chromite bearing pyroxenites and peridotites from 40.62 to 214.22 metres. The chromite is irregularly dispersed as fine and heavy disseminations and short intervals of semi-massive chromite. Assays ranged up to 19.29% Cr2O3 over 0.67 metres.

Hole FN-14-039 was collared 100 metres (328 ft.) south of hole 038, and drilled northwards underneath hole 038. Chromite bearing pyroxenite was intersected from 170.9 to 302.05 metres with assays ranging up to 7.92% Cr2O3 over one meter. The pyroxenite from 170.9 to 302.05 was subjected to shearing, alteration and veining resulting in a quartz-magnesite-talc breccia with occasional disseminated sulphides and fuchsite. From 223.97 to 224.47 metres, a 0.5 meter quartz vein containing 15% chalcopyrite, 1% pyrrhotite assayed 8.85 grams per tonne gold. A re-assay of this sample was 12.20 grams per tonne gold.

A one meter sample from 198 to 199 metres was assayed in duplicate as a result of the QA/QC protocol. These two assays were 2.2 and 2.45 grams per ton gold. A re-assay of this sample was 3.25 grams per ton gold. This sample was of a sulphide poor quartz-magnesite-talc breccia.

Hole FN-14-041 was collared 105 metres east of hole 039. It intersected the quartz-magnesite-talc breccia from 71.5 to 177.5 metres, all of which was assayed, the highest gold assay being 143 ppb. The remainder of the hole, to 363 metres, consisted of altered pyroxenite without chromite.

The quartz-magnesite-talc breccia intersected in holes FN-14-039 and 041 is interpreted to be the extension of the same breccia zone intersected 15 times in the vicinity of the Black Horse chromite deposit and which is interpreted to be the extension of the gold bearing JJJ zone on the adjacent Noront property.

Future Work:

A revised 43-101 compliant resource calculation will benefit from the three significant new chromite intercepts produced during this program. The better understanding of chromite distribution in the Black Horse deposit will focus future drilling towards the higher grade northeastern portion of the deposit which remains open at depth and on strike to the northeast. An evaluation of previous geophysical surveys will be undertaken in context of potential sulphide rich gold mineralization.

Sample Preparation, Analyses and Security:

The assay and sample information as well as geological descriptions are taken from drill logs as prepared by the project geologists for the drill program. All drill core was NQ in size and assays are completed on split or sawed half-cores, with the second half of the core kept for future reference. The samples are put into rice bags which are sealed with security locks for shipping directly to Activation Labs ("Actlabs"), an accredited assay laboratory, in Thunder Bay, Ontario.

Stringent QAQC procedures are followed. Samples are shipped to the laboratory in batches of 35 samples. Each sample batch includes 2 standards, 1 blank, and 1 duplicate that are inserted on site, plus a duplicate coarse reject and 1 duplicate pulp that are prepared at the laboratory and inserted. In addition, Actlabs also employs a rigorous in-house QAQC regime which includes standards, blanks and duplicates.

Once the final assays are received from Actlabs and prior to any data being released to the public, a review of all QAQC data is conducted by an independent qualified person to ensure that the data released are within predetermined norms.

All samples are analyzed by Actlabs at either their main laboratory in Ancaster, Ontario or at their Thunder Bay, Ontario facility. Both laboratories are ISO accredited. All samples are assayed for:

  • Au, Pd & Pt by fire assay with an ICP/OES finish (Actlabs code 1C-OES).
  • 15 major element oxides, including Cr2O3 by fusion-XRF (Actlabs code 4C).

M.J. (Moe) Lavigne, P.Geo., is the Qualified Person (QP) with respect to this project and has reviewed and approved the related information within this press release.

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.