TORONTO, ONTARIO--(Marketwired - April 5, 2013) - KWG Resources Inc. (TSX VENTURE:KWG) ("KWG") and Bold Ventures Inc. (TSX:BOL) ("Bold") have launched their exploration programs under the option agreements between them and Fancamp Exploration Ltd. (TSX VENTURE:FNC).
Two drills are testing the horizon of the Black Horse chromite discovery in which KWG may earn up to an 80% joint venture interest. A third drill is focusing on exploration for magmatic massive sulphides type mineralization (copper-nickel sulphides and PGMs) similar to that discovered on the northwesterly adjacent Noront property. All three drills were initially drilling deep targets and only one was nearing the target zone of the Black Horse chromite horizon when operations were halted. It had recovered core from a 50 meter intersection of quartz veining in talc schist similar to Noront's Triple J gold discovery on their adjacent claim. Based on the strike orientation of the Triple J zone, its extension onto the Koper Lake project claims is being further investigated.
Operator Bold Ventures was required to cease drilling activities on March 31, 2012 for amendments to the Mining Act coming into force the following day. These amendments require that such activities may only be undertaken pursuant to a permit issued by a Director of Exploration from the Ministry of Northern Development and Mines ("MNDM"). To issue an exploration permit the Director must be satisfied that appropriate consultation with identified Aboriginal communities has taken place. The Director's intention to issue a permit also must be filed on the Environmental Registry and is subject to a 30 day comment period. The comment period for Bold Ventures' permit application will end on April 13, 2013. Discussions with MNDM are ongoing with respect to the issuance of the required permit at which time drilling can resume. In the meantime, geophysical data is being acquired and compiled before the spring break-up commences.
About KWG: KWG has a 30% interest in the Big Daddy chromite deposit and the right to earn 80% of the Black Horse chromite where resources are being defined in a drilling program this winter. KWG also owns 100% of Canada Chrome Corporation which has staked claims and conducted a $15 million surveying and soil testing program for the engineering and construction of a railroad to the Ring of Fire from Exton, Ontario.
M. J. (Moe) Lavigne, Vice-President Exploration & Development, is KWG's designated Qualified Person under NI 43-101 and has reviewed the technical disclosures made herein.
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, the actual results of current exploration programs, the general risks associated with the mining industry, the price of gold, chromium 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.
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