Bold Ventures Teams up with KWG on Key Chromite Discovery in Ring
One of the companies hoping to develop properties in the Ring of Fire is Bold Ventures Inc.
Happily, Bold is working with a key play in the area, KWG Resources Inc.
The two companies conducted diamond drilling in 2014 on their Koper Lake Joint Venture, which is under option by Bold from Fancamp Exploration Ltd.
In turn KWG has optioned the property from Bold.
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.
Bold Ventures is a mineral exploration company in Ontario focused on the acquisition and development of highly prospective projects within Canada.
The company’s main emphasis is on chromite and nickel-copper-platinum elements on its Koper Lake Black Horse discovery in the Ring of Fire.
Black Horse in 2014 had 77.9 million tonnes at a grade of 35.3% Cr2O3 of Inferred Resources.
The company has other properties located in and around the Ring of Fire and James Bay Lowlands with defined V-Tem drill targets.
Bold Ventures’ president, Richard Nemis, along with his team of geologists and mining executives, John Harvey, David Graham and Mac Watson, set off a mineral staking and exploration rush into the James Bay Lowlands in 2005 when Noront Resources, then managed by Nemis and team, discovered a series of mineral rich ore bodies.
Bold is working closely with First Nations in the area.
“Consultation with First Nations is part of the day-to-day business for the management team of Bold Ventures,” says David Graham, Bold Ventures director and VP of operations.
Bold Ventures and Northern Superior Resources Inc. report positive results from the 2014 fall mechanized stripping, trenching, sampling and bedrock mapping programs conducted at the Lac Surprise Gold Property in west-central Québec.
Highlights include:
1) Exposing the gold-bearing shear zone associated with the Amber gold showing;
2) Discovery of two additional parallel shear zones in the vicinity of the Amber gold showing;
3) Exposing a shear zone associated with the Fox gold occurrence, and upgrading the Fox gold ‘occurrence’ to a gold ‘showing’; and
4) Exposing a new shear zone (Fox North) in the vicinity of the Fox Showing.
Bold Ventures also has a project in Northwestern Ontario near Atikokan.
The Lac Surprise property is located within an active gold exploration area, situated south of the Chibougamau-Chapais Mining Camp.
Recently, renewed exploration activity in the area has yielded several new gold discoveries made by Toma Gold/IAMGOLD (at Monster Lake); Vanstar (at Nelligan) and Soquem (at MOP II).
All three of these companies are carrying out major drilling programs. Directly east of the Lac Surprise property IAMGOLD has optioned the Nelligan property and plans to drill this new gold discovery in 2015.
The 2014 fall trenching program builds on the successful 2014 summer prospecting program, highlighted by the discovery of the Amber and Black Phoenix Gold showings and the expansion of the Fox Gold occurrence.
Altogether, 489 channel samples ranging 0.3 to 1.3m in length were collected during the program.
Trenches AZT-1, AZT-2, AZT-3, and AZT-7 were focused on the gold-bearing shear zone associated with the Amber gold showing.
A WNW-trending 20m-wide gold-bearing shear zone associated with the Amber gold showing was exposed in AZT-1 with samples returning gold values up to 26.1 g/t gold over 0.50m. This shear zone was also exposed 125m along strike to the WNW (AZT-7).
Shearing was also observed in trenches AZT-2 and AZT-3 to the ESE of AZT-1 (30m, and 165m respectively), however further work is required in order to determine the distribution and controls on the gold mineralization along strike in this direction.
Mapping and channel sampling completed to date suggests that most of the gold mineralization occurs in strongly sheared silicified carbonitized gabbro, diorite, and quartz-feldspar porphyry.
This effort resulted in a significant expansion of the mineralized area and confirmed its association with a 20m-wide WNW-ESE striking shear zone, and its association with a cross-cutting ENE-trending shear.
The trenching program was also successful in locating the source of two gold-in-till anomalies defined by Northern Superior in 2011.
Two new parallel shear zones were discovered approximately 325m (trench AZT-6) and 550m (trenches AZT 4, AZT-5) north of the Amber showing (trench AZT-1).
The southern shear zone (trench AZT-6) returned values up to 2.89 g/t gold over 1.0m, and the northern shear zone (trenches AZT-4, AZT-5) up to 2.44 g/t gold over 0.85m.
Mapping and channel sampling completed to date suggests that most of the gold mineralization is associated with a strongly sheared silicified carbonitized gabbro and diorite.
Bold has announced that it has signed a Memorandum of Understanding with the Lac Des Milles Lacs First Nation (LDMLFN) concerning the Wilcorp Gold Project located approximately 14 kms northeast of Atikokan.
Located proximal to the Quetico fault system in the Superior Geologic Province of Northwestern Ontario, the project work has identified a number of drill targets as a result of prospecting, sampling and Induced Polarization geophysical surveys.
The Memorandum of Understanding encompasses environmental stewardship, business and job opportunities for the LDMLFN.
As well, it contemplates a longer term exploration agreement should the initial drilling program be successful and warrant additional work on the project.
|