TORONTO, ONTARIO--(Marketwire - Oct. 10, 2012) - Bold Ventures Inc. (TSX VENTURE:BOL) (the "Company") wishes to announce that it has received all of the gold assay results from its recently completed diamond drilling program in the Ring of Fire area of the James Bay Lowlands. Multi-element results from three holes are still pending.
The program entailed 1,616 metres of drilling in nine holes to test anomalies 52, 53, 54 and 56. These anomalies were interpreted to host sulphide bearing rocks with a geophysical signature comparable to the geophysical signature related to the Noront Resources Ltd. Eagle One discovery that hosts nickel/copper bearing massive sulphides.
Visual observation of the drill core from all nine holes indicated the presence of sulphides in the form of magnetite and/or pyrite, pyrrhotite and arsenopyrite. In all cases the technical team is satisfied that the source of the geophysical anomalies has been explained. The conductive Anomaly 53 A, the highest priority target of this program, was caused by the presence of a greater than 80 metre thick sequence of sulphide (pyrite and pyrrhotite) bearing iron formation. Summary details are as follows:
AREA 53 CLAIM GROUP
Four holes; B53A-12-01 (abandoned in overburden) and 02, B53B-12-03, and B53C-12-04 totalling 508 metres were drilled on the Area 53 Claim Group to test three VTEM Anomalies. No economically significant mineralization was encountered. The VTEM Anomalies were explained by sulphide (pyrite, pyrrhotite) bearing iron formation.
AREA 56 CLAIM GROUP
Three holes B56C-12-01, 02 and 03 totalling 564 metres where drilled on the Area 56 Claim group. Drill hole B56C-12-01 encountered a zone of semi-massive to massive pyrite-pyrrhotite mineralization hosted within a quartz sericite schist unit between 163.6 and 169.9 metres that contained anomalous gold values of 0.8 gpt/2.3 metres.
Drill hole B56C-12-02 intersected several bands of chert-magnetite iron formation. Between 118.0 and 126.0 metres the iron formation was found to contain up to 3-5% arsenopyrite and pyrrhotite. Elevated gold values up to 0.6 gpt/2.0 metres (between 124.4 and 126.4 metres) were associated with this zone. Hole B56C-12-03 was subsequently collared to test the arsenopyrite bearing zone approximately 50 metres below B56C-12-02. It again encountered anomalous gold values associated with the arsenopryite bearing sections of the iron formation (0.4 gpt over 5.7 metres, from 174.8 to 180.5 metres).
AREA 52 CLAIM GROUP
On the Area 52 Claim Group, two holes B52A-12-01 and B52B-12-02 (279 metres) were drilled to test two VTEM Anomalies. Hole B52A-12-01 returned strongly anomalous gold values of 1.0gpt/5.6 metres between 66.95 to 73.50 metres. The gold values where associated with a zone of strong quartz veining. Hole B52B-12-02 returned a narrow zone of 0.7gpt gold between 109.3 and 109.6 metres associated with a zone of arsenopryite bearing quartz veins.
This drill program was a continuation of the Company's ongoing campaign of airborne surveys followed by diamond drill testing of anomalies that meet Bold's target evaluation criteria. The technology employed in these surveys is an airborne vertical loop transient electromagnetic system that has the capacity to penetrate deeper than previously developed electromagnetic survey systems of this type. The noise to signal ratio is of a sufficiently clear nature so as to allow for the accurate positioning of diamond drill holes to test select anomalies that are encountered in the survey. This normally eliminates the need for ground follow up in advance of drilling and therefore accelerates the focus on drill testing.
This strategy continues to be employed by the Company in under-explored territories aimed at the discovery of large, economic, base and precious metal deposits. The technical team that is managing these surveys includes the majority of the exploration team that discovered the Noront Resources Ltd., Eagle One high grade nickel, copper, platinum, palladium, gold and silver discovery as well as the Eagle Two nickel, Blackbird chromite deposits and the Thunderbird Iron/ Vanadium showing.
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. Samples containing a concentration of greater than 10,000 ppm of any element are 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.
Mr. Bruce W. Mackie, P. Geo., 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.
APPOINTMENT OF NEW CFO
Bold Ventures is also pleased to announce that it has appointed Rodger Roden C.A. as Chief Financial Officer of the Company. Mr. Roden is a Chartered Accountant with more than 25 years of industry experience. He has worked as Vice President of Finance/Chief Financial Officer with public and private companies in a broad range of industries including the mineral sector. His experience includes all aspects of corporate finance, mergers and acquisitions, IT implementations, tax, and business systems and process analyses and implementation. Mr. Roden replaces Amy Stephenson who remains a consultant to the Company.
Bold also wishes to disclose that it has granted to Mr. Roden 100,000 stock options exercisable at $0.20 per share for five years pursuant to the Company's stock option plan, subject to Exchange approval.
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.