Ring of Fire Drilling Ramps Up
THUNDER BAY – Mining – Bold Ventures Inc. (TSX-V:BOL) (“Bold”) and KWG Resources Inc. (TSX-V:KWG) (“KWG”) are reporting that KWG is funding a further $2 million program under its agreement to earn from Bold an 80% interest in any chromite discovered within the claims optioned by Bold from Fancamp Exploration Ltd. hosting the Black Horse chromite occurrence.
KWG may also earn a 20% interest in any other metals discovered on the property.
As recommended in the 43-101 report commissioned by KWG and prepared to document the inferred chromite resource following last winter’s drilling program, the possible down-dip extension of the resource will be tested with a series of deep holes. Orbit Garant Drilling Services Inc. has been awarded the drilling contract to utilize up to three drills. Mobilization is underway and drilling is anticipated to commence shortly.
Metallurgical test work which is ongoing has produced encouraging results to indicate that the Black Horse chromite appears to be amenable to reduction into metalized chrome and iron using natural gas. These results dictated that a number of transportation and underground mining trade-off studies be undertaken and those are currently underway.