Toronto, Ontario MINING – Bold Ventures Inc. (BOL: TSX.V) (the “Company” or “Bold”) is pleased to provide an update of Bold’s Koper Lake Project that is located contiguous to the mining claim hosting the Noront Resources Ltd. (“Noront”) Eagles Nest Nickel-Copper-PGE deposit. The Koper Lake Project hosts the Black Horse Chromite Resource that is contiguous to the east end of Noront’s Blackbird Chromite deposit. The Black Horse Chromite Resource has a published inferred resource containing 85.9 million tonnes grading 34.5% Cr2O3 (Aubut 2015, see *Note below).
Recently, two competing offers have emerged for control of Noront Resources Ltd.
“Being located as close to the Eagles Nest and Blackbird deposits as we are, it is encouraging that the value of this emerging multi-metals, district scale, camp is coming back into focus. Having been involved from the outset, our team is quite aware of the potential of the Ring of Fire and that it has been extremely undervalued over the past decade.” commented Bold CEO David Graham. “With our understanding of the chromite, battery and precious metals known to exist there, we feel the value of our Koper Lake Project and the Ring of Fire camp will only grow in time. The upside is substantial.”
The Bold-Fancamp Option Agreement
Bold optioned the Koper Lake claims from Fancamp Exploration Ltd. in 2012 and has the right to earn up to a 100% interest in the claims, subject to certain royalties (see Bold news release dated January 7, 2013).
In turn, the Company optioned a portion of its right to earn up to a 100% interest in the Koper Lake claims to KWG Resources Ltd. (“KWG”). At that time, the property interests were divided into two commodity streams for the purposes of the KWG option. The two streams consist of chromite and “all other metals”.
The Bold-KWG Option Agreement
By fulfilling the optional terms of the Bold-Fancamp Option Agreement, KWG has the right to earn up to 80% of Bold’s interests in chromite found within the claims, while Bold retains up to a 20% carried interest. Concurrently, KWG has the right to earn up to a 20% working interest in “all other metals” and Bold will earn up to an 80% working interest in “all other metals” (see Bold news release dated March 6, 2018).
At this time, KWG has fulfilled the terms required for Bold’s first 50% earn-in interest and as a result KWG has earned a 40% working interest in chromite and Bold retains a 10% carried interest in chromite. Bold holds a 40% working interest in “all other metals” and KWG holds a 10% working interest in “all other metals”. KWG is the Operator of the chromite exploration work. Fancamp Exploration Ltd. owns the remaining 50% interest in the claims.
A Dundee Resources Ltd. subsidiary is Bold’s co-venturer in its Ring of Fire regional exploration project and holds a one-third interest in Bold’s interests within an area of interest that includes the Ring of Fire and is part of an option agreement signed in 2011 (see Bold news release dated April 12, 2011).
*Note: The Black Horse Chromite inferred resource is quoted as 85.9 million tonnes grading 34.5% Cr2O3 as described in the report titled: National Instrument 43-101 Technical Report, Koper Lake Project Chromite Deposit, McFauld’s Lake Area, Ontario, Canada, Porcupine Mining Division
NTS 43D16, Updated Mineral Resource Estimation Technical Report
UTM: Zone 16, 548460m E, 5842511m N, NAD83
Prepared For KWG Resources Inc. and Fancamp Exploration Ltd.
By Alan Aubut P.Geo., December 15, 2015
The technical information found within this news release has been reviewed and approved by Gerald D. White, B.Sc., P.Geo., a qualified person (QP) for the purposes of NI 43-101.