Bold Ventures Inc.

TSX VENTURE : BOL


Bold Ventures Inc.

December 07, 2012 08:00 ET

Bold Ventures Receives Compilation Reports for Joutel and Lac Agisko Projects. Results Identify Gold and Base Metal Potential in the Abitibi Greenstone Belt-Diamond Drill Programs Recommended

TORONTO, ONTARIO--(Marketwire - Dec. 7, 2012) - Bold Ventures Inc. (TSX VENTURE:BOL) ("Bold" or the "Company") is pleased to announce that it is in receipt of the recently completed geological data compilation reports relating to two of the Company's four projects located in the prolific Abitibi Greenstone Belt of Northwestern Quebec. The claim groups were acquired in areas that Bold management deemed to be prospective for base and precious metals due to the geological environment and location with respect to recent and historical discoveries. Bold Ventures employs new technology over areas that have seen little recent exploration work in hopes of locating previously unrecognized mineral deposits. The compilation work was carried out by Mr. Robert J. Tremblay, P.Geo., a member of the Quebec Order of Geologists and a Fellow of the Geological Association of Canada.

Bold management views the Quebec mineral exploration sector to be an advantageous locale for carrying out mineral exploration for base and precious metals. The investment incentives and industry infrastructure provide a favourable work environment.

Bold staked four claim groups in 2011 and flew VTEM electromagnetic airborne surveys to cover these four claim blocks named Lac Grasset, Lac Blondel, Lac Agisko and Joutel. As a result of the 2011 airborne survey a 100% interest in twenty claims adjoining the Joutel property to the south was purchased for cash. In 2012, additional claims were acquired and additional VTEM surveys were carried out to complete the survey coverage and to detail areas of interest arising from the airborne surveys and the geological compilation work.

The first two studies covering the Lac Grasset and Lac Blondel claim blocks were described in a news release dated November 27, 2012. The studies carried out relating to the Joutel and Lac Agisko projects are described below:

Joutel Project

The Joutel project is located within Poirier and Dalet Townships and consists of 151 mining claims comprising approximately 7,584 hectares (18,734 acres) in the central portion of the Abitibi region of northwestern Quebec. The mining and lumber town of Matagami is located approximately 60 km northeast of the property. Due to historical timber operations access is provided by lumber roads throughout the property. There has been very limited work on the property itself over the last 25 years.

The results of studying historical drilling, geological data bases, structural interpretations and airborne geophysical reports indicate that the property has a number of areas of focus for both base and precious metal mineralization. Three areas with potential for gold mineralization, one area with nickel potential and twelve targets for polymetallic sulphides were identified.

Based on a review of historical drill holes on the property and an evaluation of the target areas from a geophysical perspective, an initial program of diamond drilling is recommended. Additional follow up work will depend on the results of the first phase drilling program.

Lac Agisko project

The Lac Agisko project is found within the Townships of Collet, Dieppe and Laberge. The property is made up of 127 mining claims that cover approximately 7,077 hectares (17,480 acres). All claims were acquired by map staking in late 2011. Located in the west-central portion of the Abitibi region of northwestern Quebec, the town of La Sarre lies 50 km to the south. Access to the property is via numerous lumber trails and roads. The claim group has a maximum north south distance of almost 9km and east west span in excess of 8 km at its widest. Please visit our web site for maps at www.boldventuresinc.com.

Relatively little historical work has been carried out on the property. Mr. Tremblay reviewed a 2011/12 VTEM electromagnetic and magnetic survey in conjunction with the nine drill holes on the property and 13 drill holes off the property but located proximal to the claim group. Combined with Government geological data this information formed the basis of this study.

The main structural features noted in the study were the presence of the northwest trending Laberge regional deformation-alteration zone, two large fold structures and a number of northeast and northwest trending cross cutting faults which locally disrupt and deform the main tectonic fabric and stratigraphy. As a result, 14 targets for gold and one target for base metals have been identified for follow up exploration and diamond drilling.

Mr. Robert J. Tremblay, 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.

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
    416 864 1443 (FAX)
    www.boldventuresinc.com