THUNDER BAY – Bold Ventures Inc. (“Bold”) and KWG Resources Inc. (“KWG”) announce jointly the following update of drilling results from their Koper Lake Joint Venture in the Ring of Fire (ROF) Northeastern Ontario, under option from Fancamp Resources Inc. (FNC).
Drilling with three drill machines commenced early in March, 2013 and was halted from April 01 to April 21, 2013 when an Exploration Permit was issued by the Ontario Ministry of Natural Resources pursuant to the revised Ontario Mining Act. Drilling continued with two holes completed to date, a third almost completed and 2 further holes planned to further outline the Black Horse zone along strike and up-dip.
Chromite Intersected on Drill Holes
The two holes completed, 300 metres apart at the collars, to further explore the Black Horse chrome mineralization previously discovered by FNC (see Fancamp’s press release dated May 24th, 2011) were successful at intersecting chromite Hole FNCB-13-30 intersected chromite from 658.2 to 701.3 metres (43.1 metres) consisting of massive and heavily disseminated chromite. Hole FNCB-13-31 intersected chromite from 795.3 to 914.6 metres (119.3 metres) consisting of massive, semi massive and heavily disseminated chromite. True widths of these intersections are not discernible at the present time. The core is being prepared for assay. These holes will also be subjected to down-hole electromagnetic surveys as follow-up to numerous geologically interesting intercepts of copper-nickel mineralization at depth.
A third drill is completing a steep hole to approximately 1200 meters in the northwest corner of Fancamp’s western most claim to provide a platform for down hole geophysical surveying in a northerly orientated ultrabasic conduit feeding the Ring of Fire (ROF) ultrabasic complex. A similar north-south striking conduit further west hosts the Eagle’s Nest copper-metal deposit previously discovered by Noront Resources Ltd. in 2008. Thus far this third drill has advanced to 1019 metres paralleling a steeply dipping granodiorite-ultrabasic contact similar to one hosting the Eagle’s Nest deposit. Minor amounts of sulphide mineralization have been encountered thus far and any anomalies outlined from the eventual bore hole surveys will be tested from this master hole by wedging or with a new hole from surface as recommended.
Bold Ventures is the project operator leading a technical team consisting of several geologists and geophysicists, from Bold and KWG. First Nations people are being employed on site, with Haveman Bros. from Kakabeka Falls near Thunder Bay providing procurement and camp services and Cyr Drilling of Winnipeg, Manitoba and Orbit Drilling of Val d’Or, Quebec providing the contracted drills.