Attawapiskat First Nation and Bold Ventures Sign Memorandum of Understanding

Attawapiskat Band Office
Band Office in Attawapiskat.

Ring of Fire KWG ResourcesATTAWAPISKAT – MINING NOW – The efforts toward boosting the local economy in Attawapiskat continues. The First Nation has worked with several mining companies, including De Beers Canada. These agreements have generated help and assistance for the community. In 2010, De Beers Canada funded consultant work on behalf of Attawapiskat First Nation to undertake a comprehensive study into their housing situation. This work included identifying the housing needs and deficiencies as well as the development of a plan for the community to address its housing shortage. This was later submitted by Attawapiskat First Nation to the federal government.

Attawapiskat and Bold Ventures

Now, Bold Ventures Inc. (BOL:TSX.V) reports that it has entered into a Memorandum of Understanding (“MOU”) with Attawapiskat First Nation (“ATFN”) to cover the initial drilling program of its Area 52,53,54 and 56 claim groups located within 100 kilometres of the area dubbed “The Ring of Fire” in Northern Ontario.

The MOU allows for Bold’s initial drill program in that area to commence while respecting the environment and the traditional activities of the local people and addresses benefits for the local economy and job creation. The initial diamond drilling program will consist of approximately 2000 metres of NQ sized core drilling.

In late 2010 Bold Ventures staked the Area 52, 53, 54 and 56 claims to cover a number of high potential VTEM anomalies. Numerous anomalies were encountered with at least ten that are recommended for follow up drill testing. Three separate VTEM anomalies are favourably compared to the anomaly at Noront Resources Eagle One Ni-Cu-PGM discovery.

Mr. Scott Hogg, a consultant and advisor to the Board of Bold concluded in his report dated November 23rd 2010 (which may be accessed by visiting the Company’s new web site) that: “In general, anomalies within the Ring of Fire Area that have a significant time constant have proven to be associated with sulphide mineralization. The Eagle One nickel deposit had an associated time constant of just under 4 milliseconds (“msec”). Anomaly 53-A has a longer time constant of about 4.5 msec and presents an exceptional target from an airborne electromagnetic perspective”.

“This anomaly should be the first priority for drill testing. The conductors 52-A and 52-B that also have time constants of about 4 msec and clearly warrant investigation. These two target areas are strongly recommended for drill testing. There are multiple conductors in this group and each may reflect a different type of mineralization. The anomalies 54-A and B warrant investigation but on a lower priority relative to the other higher conductance anomalies identified. Anomaly 55-A, B and C are recommended for investigation with initial focus directed to the more conductive zone 55-A. Anomaly 55-E is also recommended for follow up investigation. The anomalies 56-A and 56-C are recommended for follow up investigation.”

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