Elephant Hunt for Mineral Deposits
THUNDER BAY – Mining – Bold Ventures Inc. are headed on an elephant hunt. The company announced the commencement of a helicopter borne VTEM electromagnetic and magnetic geophysical survey in the Ring of Fire area of Northern Ontario. The survey is being carried out to detail previously surveyed blocks as well as to investigate new areas that have not been surveyed. This ongoing hunt for “elephant sized” mineral deposits is being carried out as part of a systematic ongoing (since 2010) reconnaissance of under explored areas that have not been subject to the current technology of Vertical Loop Time Domain Electro Magnetic survey systems in the past. The Company is taking the opportunity to fly the survey at this time in order to manage the timing of this activity with local First Nation activities.
Richard E. Nemis, President and Chief Executive Officer shares, “The “elephant hunt” is being financed through an option Agreement between Bold and a subsidiary of Dundee Corporation wherein the Dundee Sub may earn a 1/3 working interest in the Bold Ventures Inc. and Rencore Resources Ltd. (a wholly owned subsidiary of Bold) Ring of Fire properties by expending $5million in exploration expenses”.
Under this agreement a VTEM airborne geophysical survey flown in the fall of 2012 resulted in Bold staking 26 claims in seven separate blocks (Area 57 – Area 63) totaling 6,656 hectares or 16,440 acres. A 13 hole, approximately 2000 metre diamond drilling program has been recommended to test at least thirteen different geophysical anomalies that were encountered. Exploration Permits for this drilling program have been received and the program is being scheduled for 2014.
In other news, the company is also pleased to report that it has completed a summer prospecting and sampling program on its four Quebec claim groups. Located in the Abitibi Greenstone Belt of Northwestern Quebec, these properties are situated in areas that are prospective for gold and base metals. The results of the summer prospecting on the four project areas are currently being reviewed in context with the Data Compilations Studies and Airborne surveys that Bold carried out in 2011 and 2012.
Additionally, the company reports that it is in possession of the Exploration Permit required to carry out a drilling program at the Wilcorp Project located approximately 14 km east northeast of Atikokan, Ontario within the Thunder Bay Mining Division. As a result of prospecting, sampling and geophysical surveys carried out over the past two years the Wilcorp Project is now at the drilling stage and a program is currently being planned.
Visit www.boldventuresinc.com for additional project details.