Bold Ventures Inc.

Bold Ventures Inc.

July 17, 2012 16:30 ET

Bold Ventures Provides Drilling Results, Mobilizing to Area 53

TORONTO, ONTARIO--(Marketwire - July 17, 2012) - Bold Ventures Inc. (TSX VENTURE:BOL) ("Bold Ventures" or the "Company") is pleased to announce that it expects to be drilling its Area 52,53,54 and 56 claim groups commencing within the next week. The drill targets to be tested with this program are located within the Attawapiskat First Nation traditional lands. An MOU was executed with Attawapiskat First Nation in April of this year.

Scott Hogg and Associates Ltd. geophysical consultants carried out the interpretation of the VTEM airborne survey that located the anomalies that will be tested on this drill program. Excerpts from their report indicate a favourable comparison to the geophysical anomaly related to the Eagle One nickel-copper-platinum group element discovery that led to the location of the Noront Eagles Nest massive sulphide, Blackbird chromite and Thunderbird vanadium deposits. Subsequent developments within the immediate area include the highly regarded Cliffs Natural Resources and KWG Resources chromite deposits. These massive sulphide and chromite deposits are all subject of feasibility studies in various stages within an area now dubbed the "Ring of Fire" in the James Bay Lowlands of Northern Ontario.

Recommendations from the Scott Hogg report relating to the claim blocks that host the drill targets include the following:

"In general, anomalies within the Ring of Fire Area that have a significant time constant have proven to be associated with sulphide mineralization. The Eagle One nickel deposit had an associated time constant of just under 4 msec. Anomaly 53-A has a longer time constant of about 4.5 msec and presents an exceptional target from an airborne electromagnetic perspective. This anomaly should be the first priority for drill testing.

The conductors 52-A and 52-B that also have time constants of about 4 msec and clearly warrant investigation. These two target areas are strongly recommended for drill testing. There are multiple conductors in this group and each may reflect a different type of mineralization."

The anomalies 54-A and B warrant investigation but on a lower priority relative to the other higher conductance anomalies identified.

The anomalies 56-A and 56-C are recommended for follow up investigation.

The Company reports that the winter drilling program at its REN 8 claims returned no significant values. Seven holes totalling 860.5 metres were drilled on the REN 8 claims. On the Area 55 claim group, three holes totalling 467 metres were drilled. Anomalous copper, zinc, silver +/- gold, platinum and cobalt values were encountered in hole B55-12-02 which was collared to test VTEM Anomaly B55E. A second hole (B55-12-03) drilled underneath hole B55-12-02 failed to encounter similar mineralization. The Company is assessing these results.

Pursuant to Bold Ventures ongoing reconnaissance work in the Ring of Fire area a VTEM airborne survey that incorporates the geological information derived from our drilling programs is currently being finalized for initiation in the coming months.

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 geologist 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 Accurassay Laboratories, an accredited assay laboratory, in Thunder Bay, Ontario. The samples were accompanied from the field to the laboratory by geologists under contract to Bold Ventures. Samples are analysed for gold, platinum and palladium using standard fire assay procedures with an AA/ICP finish. The samples were also run for multi-element geochemical analysis using an Aqua Regia Digestion with an ICP-OES finish. For samples containing a concentration of greater than 10,000 ppm of any element is re-analysed for an "ore grade" assay for that element(s). The assay procedure is similar to the geochemical procedure but uses a greater sample size. In addition to the standard quality control of the laboratory, a series of blanks and standards are inserted in every shipment for quality control purposes.

Sample preparation, analyses and security on Bold Venture's Ring of Fire Projects are carried out under the supervision of Mr. Bruce W. Mackie, P. Geo., Mr. Mackie, a professional geologist, has reviewed and approved the technical content of the information contained in this release and qualifies under the definition of "Qualified Person" set out in National Instrument 43-101.

Richard E. Nemis, President and Chief Executive Officer

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.

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.

Contact Information

  • Bold Ventures Inc.
    Richard E. Nemis
    President and Chief Executive Officer
    (416) 864-1456